J&J forecasts strong profit, beats Wall Street estimates on pharma boost

Shares of the drugmaker were up nearly 1% at $170.28 in trading before the bell

Johnson & Johnson on Tuesday forecast annual profit above Wall Street estimates, as strong demand for its drugs such as cancer treatment Darzalex is expected to ease pressure from inflation and a strong dollar.

J&J's large pharmaceuticals business is its major profit engine and the company is betting on it and the devices unit as it prepares to spinoff its consumer health business.
 

Pharmaceutical sales came in at $13.16 billion for the fourth quarter, above analysts' average estimates of $13.14 billion.
 

Quarterly sales of the cancer drug Darzalex were $2.08 billion, beating Wall Street estimates of $2.02 billion, according