Johnson & Johnson on Tuesday cautioned investors over the lingering impact of inflation-driven costs this year as the healthcare conglomerate issued a conservative full-year profit forecast, and its shares fell more than 2%.
on Tuesday cautioned investors over the lingering impact of inflation-driven costs this year as the healthcare conglomerate issued a conservative full-year profit forecast, and its shares fell more than 2%.
The company was "responsibly optimistic" about 2023, Chief Financial Officer Joseph Wolk said on a conference call, pointing to fierce competition for cancer drug Imbruvica and inflation as some of the challenges it was facing. The company reported overall sales of $24.7 billion for the quarter, but posted a net loss of $68 million due to a $6.9 billion charge related to aby its LTL Management unit as it attempts to settle more than 38,000 lawsuits claiming its talc products cause cancer. The company has said the products are safe and do not cause cancer.
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