J&J Tops Quarterly Profit Estimates on Cancer Drug Sales [BNN Bloomberg (Canada)]
Intra-Cellular Therapies Inc. (ITCI)
Last intra-cellular therapies inc. earnings: 3/2 07:30 am
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US:NASDAQ Investor Relations:
ir.intracellulartherapies.com/investor-relations
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Source: BNN Bloomberg
J&J is grappling with a multibillion-dollar patent cliff as its second-biggest drug, Stelara, faces off-brand competition in the US and Europe. The company is counting on newer medicines, including its best-selling cancer drug Darzalex, to make up for the psoriasis drug's decline. Adjusted earnings were $2.04 a share and revenue was $22.5 billion in the quarter, slightly ahead of analyst projections compiled by Bloomberg. The shares rose as much as 1.9% before US markets opened Wednesday. Darzalex brought in $3.08 billion, a greater than 20% increase from a year earlier, the company said in a statement. Revenue from the medtech division was in-line with expectations, while sales of the autoimmune drug Tremfya were almost 10% below the Street. Earlier this month, J&J agreed to pay nearly $15 billion for Intra-Cellular Therapies Inc., which makes an approved medicine for bipolar depression. The drug, Caplyta, could be a “wonder pill,” Chief Financial Officer Joe Wolk said in an
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