On Tuesday, Johnson & Johnson (NYSE:JNJ) revised its profit projection for the year 2023, pinning its expectations on the increasing demand for newer cancer treatments like Carvykti and Tecvayli. Additionally, the company recorded a substantial $21 billion gain resulting from the spin-off of its consumer health division.
Investors are closely monitoring Johnson & Johnson’s progress as it operates as an independent entity focused on pharmaceuticals and medical devices. The company’s target of achieving $57 billion in drug sales by 2025 is a key point of interest. However, it faces the potential challenge of reduced sales for its arthritis medication Stelara following the introduction of biosimilars.
Excluding its consumer health segment, Johnson & Johnson now anticipates an adjusted profit range of $10.07 to $10.13 per share for the year 2023, compared to its prior estimate of $10.00 to $10.10 per share.
In the third quarter, J&J reported a profit of $1.69 per share, marking an increase from $1.62 per share in the same period the previous year.