J&J's Medical Device Sales Fall Short, Cancer Drugs Seen Growing
Due in part to lower-than-expected sales of its popular psoriasis medication Stelara, Johnson & Johnson's first-quarter revenue for medical devices fell short of Wall Street projections. Due in large part to the high demand for Abiomed heart pumps and equipment used in wound closure procedures, the business reported $7.82 billion in sales for the quarter. This fell short of the $7.88 billion analysts had predicted. China-related concerns appeared to be a restraint on the poor performance of both divisions. J&J's stock was down 1.3% at $145.71, while the stocks of Medtronic, Stryker, and Zimmer Biomet—three major manufacturers of medical devices—were down roughly 1% as well. Wall Street predictions of $200 million for sales of the cancer medication Carvykti, which uses cell therapy, were not met. Since 2023, J&J has increased its cell processing manufacturing capacity by twofold. The company anticipates that Carvykti sales will continue to rise this year, especially in the second half. Sales of Stelara remained stagnant at $2.45 billion, missing experts' forecast of $2.6 billion.