Johnson & Johnson on Tuesday reported a first-quarter profit that exceeded Wall ...
- Johnson & Johnson on Tuesday reported a first-quarter profit that exceeded Wall Street expectations on higher sales of its prescription medicines, including a double-digit increase for its psoriasis treatment Stelara, even as the company faces fierce competition for some of its other important drugs.
Sales of Stelara, which also treats Crohn’s disease, jumped about 32 percent to $1.41 billion, fueling a 4 percent rise for the pharmaceutical business, which accounts for more than half of the company’s total revenue. Double-digit increases for cancer drugs Darzalex and Imbruvica also contributed to the earnings beat.
J&J also tightened its full-year forecast for adjusted earnings to $8.53 to $8.63 per share from its prior range of $8.50 to $8.65. Sales of prostate cancer drug Zytiga, which is now facing competition from cheaper generic versions as well as from branded rival Xtandi from Pfizer Inc and Astellas Pharma, fell 19.6 percent.
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