Johnson & Johnson Posts Steady 3Q, but Patent Losses Will Likely Weigh on Future Growth
While Johnson & Johnson reported third-quarter results slightly ahead of consensus expectations, the results were just below our projections, and we don't expect any major changes to our fair value estimate. Operational sales growth of 6% was once again led by the drug group (up 8%) with additional gains from consumer (up 6%) and devices (up 3%). The steady gains across the group help reinforce its wide moat. However, we view the company as slightly overvalued and expect top-line growth will...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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