Shares of global healthcare major Johnson & Johnson (NYSE:JNJ) are trending marginally lower today despite a better-than-anticipated fourth-quarter performance. Revenue increased by 7.3% year-over-year to $21.4 billion, exceeding estimates by $380 million. Similarly, EPS of $2.29 outpaced expectations by $0.01.
Protect Your Portfolio Against Market Uncertainty
- Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter.
- Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
For the full year, revenue rose by 6.5% to $81.16 billion, and net earnings increased by 6.8% to $25.41 billion. In the fourth quarter, JNJ witnessed an uptick in sales across its Innovative Medicine, MedTech, and Worldwide verticals. Additionally, sales in the U.S. market rose by 11% to $12 billion.
In Innovative Medicines, growth was driven by Darzalex, Erleada, Carvykti, Stelara, and Spavato. Further, the acquisition of Abiomed drove gains in the MedTech segment. Looking ahead to Fiscal Year 2024, JNJ expects revenue to be in the range of $87.8 billion to $88.6 billion. Additionally, EPS for the year is seen landing between $10.55 and $10.75.
Is JNJ Stock a Buy, Sell, or a Hold?
Overall, the Street has a Moderate Buy consensus rating on Johnson & Johnson. Following a nearly 4% gain in the company’s share price over the past month, the average JNJ price target of $178.08 implies a modest 9.6% potential upside in the stock.
Read full Disclosure