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Johnson & Johnson beats earnings estimates, downplays obesity drugs’ impact on its med-tech business

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Johnson & Johnson on Tuesday posted better-than-expected third-quarter earnings and raised its profit guidance while downplaying concerns about how popular obesity drugs could affect its med-tech business.

The quarterly results are the company’s first since spinning off its consumer-health business earlier this year into a separate company called Kenvue KVUE, +0.32%. Kenvue includes a host of household brands, including Tylenol, Listerine, Band-Aid, Neutrogena and Nicorette. Johnson & Johnson reported third-quarter med-tech sales of $7.458 billion, up 10% from the year-earlier period. Procedure volumes in 2024 are expected to be on par with elevated 2023 levels, Chief Financial Officer Joseph Wolk said on the call Tuesday.

It expects full-year EPS to range from $10.02 to $10.08, compared with prior guidance of $9.90 to $10. The company expects adjusted EPS to range from $10.07 to $10.13, compared with prior guidance of $10 to $10.10.

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