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Johnson & Johnson beat Wall Street's expectations on earnings and revenue, with a 5.6% YoY increase in Q1 sales. As a significant player in the health industry, J&J's financial performance is considered a gauge for other companies in the sector. The company raised its full-year forecast and expects 2023 sales of $97.9-98.9 billion, and adjusted earnings of $10.60-10.70 per share.
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J&J's pharmaceutical sales amounted to $13.4 billion, marking a growth of over 4% from the previous year's corresponding quarter. The sales boost was attributed to the sales of Darzalex, a biologic used to treat multiple myeloma, and the popular drug Stelara, which is effective against various immune-mediated inflammatory diseases. However, J&J will lose patent protection for Stelara later this year.
Why it matters
The company headquartered in New Brunswick, New Jersey commenced this quarter's financial reporting period with its stocks surging following the provision of additional details on the protracted legal battle surrounding its talc-derived baby powder merchandise. In a recent development, J&J has suggested a settlement worth almost $9 billion to be paid over the next 25 years to resolve several thousand claims that its talc-based baby powder and other related products resulted in cancer.
