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The pharmaceutical giant also improved its 2023 profit forecast. J&J now sees adjusted earnings per share of between $10.70 to $10.80 this year, up from its previous outlook of $10.60 to $10.70 a share.
With J&J’s best-selling psoriasis treatment Stelara set to go off-patent in 2025 and expected to face a surge in competition from copies, the company has been racing to bolster its cancer drug offerings to help address any possible slowdown in sales. J&J also recently moved to sign agreements to delay the release of biosimilar versions of Stelara.
Meanwhile, the New Jersey-based conglomerate has spun off its consumer health division in order to focus on building out its drug and medical devices pipeline.
Shares in J&J jumped in premarket U.S. trading on Thursday.
