J&J raises annual profit forecast on strong cancer drug demand

Johnson & Johnson on Tuesday raised its 2023 profit forecast, banking on growing demand for its newer cancer treatments such as Carvykti and Tecvayli and recorded a $21 billion gain from the spin off of its consumer health unit. Investors are focused on how Johnson & Johnson, now a standalone pharmaceutical and medical devices company, will reach its goal of $57 billion in drug sales by 2025. Excluding its consumer health unit, the company now expects 2023 adjusted profit of $10.07 to $10.13 per share, compared with its previous outlook of $10.00 to $10.10 per share.