Deals
J&J's Weak First-Quarter Sales Show Why It Made a Megadeal
- Remicade revenue down 6%; three key drugs miss estimates
- Shares drop as much as 3.7% after Q1 results released
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Johnson & Johnson’s disappointing first-quarter sales highlighted why the world’s largest health-care company made its biggest-ever deal earlier this year.
Three key drugs fell short of analysts’ estimates. And while the blockbuster arthritis treatment Remicade avoided a major slump, sales still dropped 6 percent from a year earlier during the first full quarter in which the treatment faced competition from a copycat version of a drug known as a biosimilar. J&J’s stock declined as much as 3.7 percent, the biggest drop in more than a year.