Johnson & Johnson (JNJ.N) on Tuesday reported fourth-quarter profit above Wall Street expectations, helped by demand for its blockbuster psoriasis treatment Stelara and strength in its medical device unit.
It expects higher revenue from its multiple myeloma drug Darzalex and newer oncology drugs such as Carvykti and Tecvayli to help it meet its 2025 pharmaceutical sales target of $57 billion.
The company is expected to face fresh competition that year from the first biosimilar versions of its blockbuster psoriasis treatment Stelara.
Anti-inflammatory drug Stelara brought in sales of $2.75 billion for the quarter compared with analysts' average estimate of $2.63 billion, according to LSEG data. A key patent for Stelara expired in the United States last year but J&J struck deals with competitors to delay the launches of their biosimilars until 2025.
Analysts have said they expect the delay to make Stelara a larger contributor to J&J's 2024 and 2025 sales than previously anticipated.
Amgen's (AMGN.O), opens new tab Wezlana is expected to be the first near-copy of Stelara to launch in the U.S. next year. Stelara biosimilars outside the U.S. are expected to launch in mid-to-second half of 2024. J&J's medical device business also benefitted last year from a resurgence in demand for joint replacement and other surgeries that were delayed during the pandemic. The drug and medical device maker posted an adjusted profit of $2.29 per share, slightly beating Wall Street expectations of $2.28 per share.
Quarterly revenue was $21.40 billion, above market expectations of $21.01 billion.
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