© Reuters. The U.S. flag is seen over the company logo for Johnson & Johnson to celebrate the 75th anniversary of the company’s listing at the New York Stock Exchange (NYSE) in New York, U.S., September 17, 2019. REUTERS/Brendan McDermid
(Reuters) -Johnson & Johnson on Tuesday forecast annual profit above Wall Street estimates as it bets on stronger demand for its pharmaceuticals products and a recovery in its medical devices business.
J&J (NYSE:) said it was expecting to earn between $10.45 and $10.65 per share on an adjusted basis for 2023, above analysts’ estimates of $10.35 per share profit at midpoint.
The healthcare conglomerate also beat estimates for fourth-quarter profit on Tuesday as increased sales of pharmaceutical products helped it weather a hit from a stronger dollar
Excluding items, J&J earned $2.35 per share, above analysts’ average estimates of $2.23 per share, according to IBES data from Refinitiv.
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