Johnson & Johnson boosted its profit forecast for the year on Tuesday after post...
) boosted its profit forecast for the year on Tuesday after posting better-than-expected quarterly earnings on stronger prescription sales of its psoriasis treatment Stelara and cancer drug Imbruvica.
J&J shares have been under pressure this year, widely underperforming the S&P healthcare sector .SPXHC, as the company faces more than 13,000 lawsuits tied to antipsychotic drug Risperdal as well as a range of lawsuits involving its baby powder, opioids, medical devices and other products. J&J’s pharmaceuticals business has in recent years cushioned the impact of relatively slow growth in its other medical device and consumer units even as some of the company’s older drugs face competition from cheaper versions.
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