Johnson & Johnson reported a slightly higher-than-expected profit on Tuesday, driven by strong sales of immune disease treatment Tremfya, but geopolitical issues, including the Middle East conflict, were a drag on its medical-devices business. The company posted third-quarter revenue of $25.4 billion, above analysts' average estimate of $25.28 billion, according to LSEG data. Adjusted earnings of $2.59 per share also topped Wall Street expectations of $2.54. Pharmaceutical sales jumped 7.7% in the quarter to $16.76 billion. Medical technology division sales rose only 2.5% to $8.6 billion overall. Outside the U.S., the division's sales were essentially flat.
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