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On Tuesday, Johnson & Johnson (NYSE:JNJ) reported first-quarter adjusted EPS of $2.71, up 12.4% year over year, beating the consensus of $2.64.
The pharma giant reported sales of $21.38 billion, up 2.3% year over year, almost in line with the consensus of $21.39 billion. Operational growth was 3.9%, and adjusted operational growth was 4.0%.
After good earnings results, Cantor Fitzgerald remains positive on Johnson & Johnson’s stock.
The analyst writes that numerous positive data releases and approvals for new uses of existing drugs are anticipated to boost Johnson & Johnson stock.
Cantor notes that the market is undervaluing the potential peak sales of Taris, Carvykti, Mariposa, nipocalimab, JNJ-2113, and other products.
Additionally, the pharma/medtech giant aims to lead in Innovative Medicines and MedTech, seeking to become the top player in these fields.
While the market sees Johnson & Johnson as strong in its sectors, it doesn’t yet perceive it as the best.
Cantor maintains the Overweight rating with a price target of $215.
Goldman Sachs noted several variances in pharmaceutical performance compared to their expectations. Stelara fell short by 5% compared to GS estimates and 4% compared to consensus. Xarelto was notably below expectations, with a difference of 9% and 7%, respectively.
However, Tremfya showed a slight upside, surpassing expectations by 3% and 2%.
The Multiple myeloma franchise performed well in the oncology sector, with Darzalex achieving a strong 22% year-on-year growth.
Carvykti, however, was disappointed with flat sequential growth and a decline of 16% compared to GS estimates and 13% compared to consensus. Management attributed this to the phasing of orders, expecting order trends to improve, especially with the recent label expansion.
Price Action: JNJ shares are down 0.13% at $144.26 on the last check Wednesday.
Photo via Wikimedia Commons
Posted In: JNJ
