J&J shares rise 2% as drugs giant lifts profits outlook

Johnson & Johnson (J&J) boosted its profit forecast for the year after posting better-than-expected quarterly earnings on stronger prescription sales of its psoriasis treatment Stelara and cancer drug Imbruvica. Shares of the company rose over 2%.

J&J shares have been under pressure this year, widely underperforming the S&P healthcare sector in the US, as the company faces more than 13,000 lawsuits tied to antipsychotic drug Risperdal as well as a range of lawsuits involving its baby powder, opioids, medical devices, and other products.