Johnson & Johnson cuts outlook on strong dollar even as sales rise to $24bn in latest quarter

Johnson & Johnson's pharmaceuticals unit, its largest, has helped the company soften the blow from its pandemic-battered medical device business.

In the latest reported quarter, sales at the company's medical devices unit fell 1.1% to $6.9bn, hurt by "Covid-19 related mobility restrictions in certain regions". J&J also reported $544m in sales from its Covid-19 vaccine.

Johnson & Johnson has cut its full-year adjusted profit and sales forecast due to a hit from a stronger dollar, even as the company's pharmaceuticals unit helped it beat second-quarter profit estimates.

J&J joins other major US multinationals, including Microsoft and IBM, in warning of a knock from the strength of the US currency. The dollar has soared 12% this year through July, and is expected to remain strong for at least the next three months, a Reuters poll of analysts showed.