J&J forecasts weak annual profit, misses revenue estimates

J&J misses revenue estimates as blockbuster drugs disappoint

- Johnson & Johnson on Wednesday forecast full-year profit largely below expectations, after posting a rare miss on quarterly revenue as sales of some of its major drugs fell short of Wall Street expectations.

J&J’s pharmaceuticals unit, which makes up half of the overall sales and produces blockbuster drugs such as Imbruvica and Stelara, has powered much of the company’s recent growth even as it works to improve the performance of its medical device and consumer health units. Sales of psoriasis drug Stelara rose 17.7% to $1.70 billion, missing Credit Suisse’s estimate of $1.79 billion. Cancer drug Imbruvica’s sales rose 24.5% to $875 million, although they missed the brokerage’s estimate of $907 million.

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