3Q Review
Analyst David Toung noted that the company delivered strong third-quarter results, beating on the bottom line and upwardly revising its 2017 earnings per share guidance by $0.03 at the mid-point of the range. Dissecting the results, the analyst noted that pharma and medical device businesses showed solid growth in the third quarter.
Remicade Risk
Argus believes a biosimilar version of Remicade will have only a modest impact on Remicade sales. Pfizer Inc. PFE is set to launch Inflectra, the biosimilar in late November. Even if it has any, the firm believes Johnson & Johnson's robust pipeline that has the potential to deliver innovative new drugs could offset any possible slowdown in Remicade sales.
Raising Estimates, Reaffirming Rating, Price Target
Citing strong third-quarter results and the updated guidance, Argus raised its adjusted earnings per share for 2016 to $6.77 from $6.74 and that for 2017 to $7.08 from $7.05.
Argus reaffirmed its Buy rating and $145 price target on the shares of Johnson & Johnson.
At last check, the shares of Johnson & Johnson were down 0.42 percent at $114.92.
Full ratings data available on Benzinga Pro.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.