Johnson & Johnson forecasts profit decline this year on competition
Its hepatitis C drug Olysio faces competition from Gilead Sciences' Harvoni that combines two drugs in one pill
New York
JOHNSON & JOHNSON (J&J), the world's biggest maker of healthcare products, forecast lower earnings in 2015 as competition cuts into revenue for some of its best-selling drugs. The shares slumped the most in three months.
Adjusted profit this year will reach US$6.12 to US$6.27 a share, the company said on Tuesday. That figure excludes an estimated charge of 32 cents a share for intangible amortisation costs - an expense J&J previously included in its pro forma results. Incorporating that figure, 2015 earnings would be US$5.80 to US$5.95 a share, compared with 2014 adjusted profit of US$5.97 a share.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Spotify sued over alleged unpaid royalties
Under Armour forecasts downbeat annual sales and profit, shares slump
J&J to acquire Proteologix for US$850 million
Watches of Switzerland sees used watch sales double
Consumer groups accuse Temu of manipulating online shoppers
OUE Healthcare proposes sale of mixed commercial site for RM125 million