Johnson & Johnson posted another solid quarter of healthy growth — and another productive year of free-cash-flow generation — despite a slight miss on sales. The health-care company and Club holding on Tuesday reported sales for the fourth quarter of $23.706, down 4% from a year earlier and missing the $23.706 billion consensus estimate provided by Refinitv. On an adjusted operational basis, which excludes the impact of acquisitions and divestitures and currency, sales rose 0.8%.
4% growth in the United States and 6% from the rest of the world. Even though JNJ's drug business is up against the loss of exclusivity of Stelara late next year, management expects 2023 will be its 12th consecutive year of above-market growth, driven by Darzalex, Erleada, Tremfya, Invega, Sustenna, and Uptravi, along with the continued uptake of recent launches such as Carvykti, Spravato, and Tecvayli.
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