Posted 10/17/2023, 10:22:27 AM
J&J Raises 2023 Profit Outlook on Strong Stelara Sales Despite Looming Competition
- J&J raised 2023 profit outlook on strong demand for top-selling arthritis drug Stelara. Stelara brought in $2.86B in Q3 sales.
- Investors focused on J&J reaching $57B drug sales goal by 2025 as it faces new competition.
- J&J recorded $21B gain from spinning off consumer health unit. Now a standalone pharma and medical devices company.
- J&J doesn't expect Stelara U.S. sales decline until 2025. European sales could drop next year after patent expiry.
- Q3 total sales of $21.35B beat estimates of $21.04B. J&J now sees 2023 adjusted profit of $10.07-$10.13 per share.
