J&J Restructures Device Unit After Sales Miss, Raises 2023 Profit View on Pharma Strength

J&J begins restructuring medical device unit after sales miss expectations. Aims to exit some markets and stop selling certain products.

J&J raises 2023 profit forecast, helped by strong pharma sales and arthritis drug Stelara. Sees adjusted EPS of $10.07-$10.13.

Medical device sales fall short of estimates due to slowdown in procedures like bariatric surgery as patients turn to new weight loss drugs.

J&J completed historic shakeup in August with spinoff of consumer health unit, but retained 9.5% stake.

Excluding items, J&J reports Q3 profit per share of $2.66, beating analyst estimates by 14 cents.