Led by Robust Drug Sales, Johnson & Johnson Posts Solid 4Q, Leading to a Raise in FVE
Johnson & Johnson reported fourth-quarter results that were ahead of both our and consensus expectations, and we plan to slightly increase our fair value estimate based on the better-than-expected results. The solid performance of the drug unit (up 8% operationally excluding acquisitions and divestitures) combined with steady growth from the device segment (up 2%) helped mitigate the flat growth in the consumer arm. While the intellectual-property moat source around the drug group and the sw...
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