1Q18 highlights Immunology challenges
Overall a solid 1Q18 (4.3% organic sales growth, 5.5% adj. EPS ex-FX), yet pharma growth was dependent on products soon to face generic headwinds and we see evidence of increasing pricing pressure and cannibalisation for core Immunology products Remicade and Stelara. As such, new launches are unlikely to offset a 2H18 pharma fade and although we see improved risk/reward following under-performance, we continue to see sector relative downside. Maintain Underweight.Johnson & Johnson is a holding company engaged in the research and development, manufacture and sale of a range of products in the health care field. The company has three business segments: Consumer, which includes a range of products focused on personal healthcare used in the beauty, over-the-counter pharmaceutical, baby care, oral care, women's health and wound care markets; Pharmaceutical, which is focused on six therapeutic areas: immunology, infectious diseases, neuroscience, oncology, cardiovascular and metabolism and pulmonary hypertension; and Medical Devices, which includes products used in the orthopaedic, surgery, interventional solutions, and eye health fields.
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