Johnson & Johnson JNJ stock rose 0.9% in premarket trades on Tuesday after the drug company’s profit outlook for 2023 topped analyst estimates. J&J’s fourth-quarter profit fell 25.7% to $3.52 billion, or $1.33 a share, from $4.74 billion, or $1.77 a share, in the year-ago period. The company’s adjusted net income in the latest quarter totaled $2.35 a share, ahead of the Wall Street analyst estimate of $2.23 a share, according to FactSet data. The drug company’s revenue fell 4.4% to $23.71 billion, slightly short of the Wall Street revenue target of $23.896 billion. Looking ahead, J&J said it expects full-year 2023 earnings of about $10.55 a share, or a range of $10.45 to $10.65 a share, ahead of the latest analyst estimate of $10.33 a share. Shares of J&J are up 0.4% in the past 12 months as of Monday’s close, compared to a 2.1% drop by the Dow Jones Industrial Average over the same time period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.