Deals
J&J’s Forecast Disappoints as Drugmaker Mulls Diabetes Unit Sale
- CFO Caruso says shortfall is due ‘solely to currency’
- Fourth-quarter EPS beat estimates on drugs, medical devices
J&J’s Forecast Disappoints as Actelion Talks Continue
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Johnson & Johnson forecast lower-than-predicted 2017 profit, blaming the impact of the stronger dollar, as negotiations drag into weeks with Swiss biotechnology company Actelion Ltd., potentially its largest deal ever.
J&J, the world’s biggest health-care company, also said it’s evaluating potential strategic options for its diabetes care business that could include a sale, partnerships or joint ventures, according to a statement Tuesday. The profit for this year will be $6.93 to $7.08 a share, excluding some items, J&J said, lower than the $7.11 average of estimates compiled by Bloomberg. Fourth-quarter earnings were $1.58 a share, topping projections of $1.56.