J&J raises annual profit forecast on cancer drug strength

In an effort to offset the impact of declining sales of some of its older medications, Johnson & Johnson increased its 2023 sales forecast on Tuesday. This was done by leveraging its more recent cancer treatments and Darzalex, a multiple myeloma medication.

In 2023, the care company anticipates earning between$ 10.60 and$ 10.70 per share on adjusted terms, up from its previous estimate of between 10.00 and 10.05.65. According to Refinitiv data, analysts were anticipating a profit of$ 10.51 per share.

As older treatments like Crohn’s’s disease drug Stelara face impending competition, J & J is betting on the success of Darzalex and newer cancer medications like Carvykti and Tecvayli to bring it closer to its target of about$ 60 billion in drug sales by 2025.

Additionally, the company is spinning off its individual health division.

The drugmaker also reported better-than-expected first-quarter income of$ 2.68 per share, which was aided by strong business across its divisions, including individual health and medical devices. On average, analysts had anticipated a$ 2.50 per share profit.

( Reporting from Bengaluru by Bhanvi Satija and Manas Mishra, with Sriraj Kalluvila editing )

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