J&J tones down M&A hype — downshifts to 'neutral position' while trimming sales guidance
When Johnson & Johnson’s Joaquin Duato stepped into the CEO role in January, he had promised a very aggressive M&A hunt to boost sales, telling analysts that the company would be looking at all types of opportunities. He told investors the same thing on the Q1 call a few months later in April.
Now, however, action on that front may not materialize.
Duato told investors and analysts in the company’s quarterly earnings call Tuesday that the pharma giant is slimming its earnings guidance by about $1.5 billion after what Duato said on the company’s Q1 call. Duato initially said J&J expects 4-5% sales growth in 2022 — and now that number has fallen to around 3%.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.
