Q3 results: Johnson & Johnson beats estimates on demand for cancer drug

The company said it expects some impact of inflation to ease next year but higher costs of inventory manufactured in 2022 could weigh on 2023 profit

Johnson & Johnson on Tuesday beat Wall Street estimates for quarterly revenue and profit on strong demand for its cancer drug Darzalex and Crohn's disease drug Stelara while projecting an easing of the hit from surging inflation.
 

The company, which also sells medical devices and consumer health products such as Band Aids and painkiller Tylenol, tightened its full-year adjusted profit forecast range.
 

J&J is the first drugmaker and medical devices firm to report third-quarter earnings and its shares rose 2.1% to $170.02 in premarket trading.
 

The company said it expects some impact of inflation to ease next year but higher