Johnson & Johnson Posts Solid Third Quarter; Generic and Biosimilar Competition Is Concerning
Johnson & Johnson reported second-quarter results slightly ahead of both our and consensus expectations, but we don’t expect any major changes to our $112 fair value estimate, suggesting the stock looks slightly overvalued. We continue to believe the market is not incorporating enough declines on several complex drugs, including Concerta (2017-18 expected generic competition), Risperdal Consta (2017), Velcade (2016-19), Remicade (2016-18), and Invega Sustenna (2018). While the majority of th...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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