(Reuters) – Johnson & Johnson on Tuesday raised its 2023 profit forecast, banking on its newer cancer treatments and multiple myeloma drug Darzalex to soften the blow from declining sales for some of its older drugs.
The healthcare conglomerate now expects to earn between $10.60 and $10.70 per share on an adjusted basis for 2023, compared with its prior forecast of between $10.45 and $10.65. Analysts were expecting a profit of $10.51 per share, according to Refinitiv data.
J&J is betting on the success of Darzalex and newer cancer drugs including Carvykti and Tecvayli to drive it closer to its goal of about $60 billion in drug sales by 2025, as older treatments such as Crohn’s disease drug Stelara face impending competition.
The company is also in the process of spinning off its consumer health business.
The drugmaker also posted better-than-expected first-quarter earnings of $2.68 per share, helped by strong sales across its businesses, including medical devices and consumer health. Analysts’ on average had expected a profit of $2.50 per share.
(Reporting by Bhanvi Satija and Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila)
