Johnson & Johnson beats on earnings and hikes outlook as medtech, pharmaceutical sales surge

It marks J&J's first quarterly results since the company completed the separation from its consumer health spinoff Kenvue in August.on Tuesday reported adjusted earnings and revenue that topped Wall Street's expectations, driven by a surge in sales in the company's medical devices and pharmaceutical business divisions.The drugmaker raised that revised outlook on Tuesday: J&J expects 2023 sales of $83.6 billion to $84 billion, compared to a previous guidance of $83.

Here's what J&J reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:Shares of J&J have dropped nearly 11% for the year, putting the company's market value at roughly $379 billion.

Those products, including J&J's namesake baby powder, now fall under Kenvue. But J&J will assume all talc-related liabilities that arise in the U.S. and Canada. In 2021, J&J offloaded its talc liabilities into a new subsidiary, LTL Management, and immediately filed for Chapter 11 bankruptcy protections. But a federal bankruptcy judge in JulyMike Trout

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