What's Going On Johnson & Johnson Stock Today?
Portfolio Pulse from Vandana Singh
Johnson & Johnson (NYSE:JNJ) reported Q4 2023 earnings with adjusted EPS of $2.29, beating consensus by $0.01, and sales of $21.4 billion, surpassing expectations. The stock closed down 1.67% despite the positive earnings report. JNJ's MedTech division, bolstered by the Abiomed acquisition, saw a 12.4% growth in sales. The company expects continued demand for nonurgent surgeries into 2024. JNJ also announced a tentative $700 million settlement over talc safety allegations. Additionally, JNJ's Stelara patent expired, but agreements delay biosimilar competition until 2025, with Amgen Inc (NASDAQ:AMGN) releasing Wezlana next year.
January 24, 2024 | 12:54 pm
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POSITIVE IMPACT
Johnson & Johnson beat Q4 earnings expectations and reported strong sales growth, particularly in its MedTech division. The company anticipates continued demand for surgeries and has reached a tentative settlement in talc litigation.
Positive earnings and sales growth, along with the resolution of legal issues, are likely to instill investor confidence and could lead to a short-term positive impact on JNJ's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Amgen Inc is set to release its biosimilar product Wezlana in 2024 following the expiration of a key JNJ Stelara patent, with agreements delaying competition until 2025.
The news is indirectly related to Amgen as it pertains to the future release of its product and the competitive landscape. The impact on AMGN's stock is neutral short term as the market has likely already priced in the delayed competition.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50