Johnson & Johnson's Strong Q3 Results Drive Profit Outlook and Stock Surge

Johnson & Johnson has raised its 2023 profit forecast due to strong demand for its anti-inflammatory drug Stelara and a $21 billion gain from the spin-off of its consumer health unit. The company's third-quarter sales exceeded analysts' estimates, with Stelara bringing in sales of $2.86 billion. However, the drug is set to face competition from copycat versions in 2025. Sales of Johnson & Johnson's medical devices unit fell short of expectations, impacted by a slowdown in demand for certain procedures and increased competition. The company now expects an adjusted profit of $10.07 to $10.13 per share for 2023.