J&J bets on cancer drugs and medical devices for strong 2023

Company confident enough to raise its full-year outlook because of growth across the business, CFO says

J&J has placed huge bets on its newer cancer drugs, while trying to bolster growth at its pandemic-hit medical devices business.

Johnson & Johnson (J&J) has forecast 2023 profit above analyst estimates, banking on strong demand for its cancer drugs and a recovery in sales of its medical devices due to an uptick in hospital operations such as hip and knee replacements.

Chief financial officer Joseph Wolk said the company felt confident enough to raise its full-year outlook because of growth across the business.