J&J beats 3Q forecasts, exchange rates weigh on forecast

By The Associated Press

Johnson & Johnson topped third-quarter expectations thanks to growth in pharmaceutical sales, but the health care giant continued to tread cautiously with its outlook due to foreign exchange rates. J&J said Tuesday that it was maintaining the midpoint of its 2022 forecast after lowering expectations the previous two quarters due to the impact of currency exchanges. In the third quarter, J&J’s profit climbed 22% to $4.46 billion. Revenue rose 2% to $23.79 billion, and adjusted earnings totaled $2.55 per share.  FactSet says analysts were expecting earnings of $2.48 per share on $23.36 billion in revenue.