Johnson & Johnson forecasts 12.5 per cent growth in 2023 profit after Kenvue spinoff

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J&J also said it would present its consumer health business as discontinued operations and record a gain of $20 billion in the third quarter as a result of the spinoff

It expects 2023 adjusted reported earnings per share of $10.00 – $10.10, 12.5% higher at the midpoint compared with 2022.

The separation of Kenvue was the biggest shake-up in the healthcare conglomerate’s history as it sought to focus on its two big businesses – pharmaceuticals and medical devices. J&J completed an exchange offer for its shares to finalize the separation of Kenvue last week, and said it had generated $13.2 billion in cash proceeds as a result of the Kenvue debt offering and initial public offering.

Kenvue, which debuted on the New York Stock Exchange in May, has a market capitalization of about $78.9 billion. J&J retains a 9.5% stake in the company.Checking box will enable automatic data updates.

 

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