Slowing pharma growth puts blemish on J&J's year
Slowing growth in pharmaceuticals has been blamed for a drop in the share price of Johnson & Johnson (NYSE: JNJ), after the world’s biggest healthcare business published its fourth quarter and full 2016 financial results.
The company's share were 2% down at $111.52 on Tuesday late-morning, with below-estimated sales of the cancer treatments Imbruvica (ibrutinib) and Velcade (bortezomib), and the autoimmune drug Remicade (infliximab), seen as potential contributors to the negative market reaction.
J&J, which in recent weeks has been in talks to buy Swiss firm Actelion (SIX: ATLN), Europe’s largest biotech valued at around $22.5 billion, had beaten analysts’ expectations with its third-quarter 2016 results, but this time around it has been a different story.
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