Johnson & Johnson forecasts as much as 6% sales growth in 2024 By Reuters

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© Reuters. Johnson & Johnson company offices are shown in Irvine, California, U.S., October 14, 2020. REUTERS/Mike Blake

(Reuters) – Johnson & Johnson (NYSE:) on Tuesday forecast revenue growth of 5-6% for the next year, as it banks on strong demand for cancer treatments Darzalex and Carvykti and resilient sales of blockbuster drug Stelara.

The company has narrowed its focus on its drugs and medical devices business since it hived off its consumer health unit earlier this year.

Sales of blockbuster psoriasis treatment Stelara in Europe are expected to come under pressure as early as next year as a key patent on the drug expires. It is also expected to face competition in the United States beginning in 2025.

“We think we’re very well positioned, even in spite of what will be the beginning of some biosimilar entrants to Stelara outside the US in mid to second half of 2024,” Chief Financial Officer Joseph Wolk told Reuters.

Sales of the drug largely come from its use as a treatment for inflammatory bowel diseases (IBD), Wolk said.

“And when you have a successful treatment for an IBD patient, neither the patient nor the physicians really wants to change that dramatically,” he added.

Ahead of a meeting of investors scheduled later on Tuesday, J&J said it was expecting sales in its pharmaceutical unit to grow at a compounded annual rate of 5-7% between 2025 and 2030.

J&J, which plans to launch at least 20 new therapies by 2030, said over 10 of its products had the potential to generate more than $5 billion in peak year sales – including newer cancer treatments Talvey and Tecvayli.

The company expects full-year adjusted operational profit of $10.55 to $10.75 per share in 2024, including a 15-cent impact from its recent acquisition of private medical device maker Laminar.

J&J’s 2024 revenue growth forecast excludes sales of its COVID vaccine.

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