Johnson & Johnson posts a net loss of $68 million in the first quarter of 2023 due to a $6.9-billion charge related to a second bankruptcy filing by its LTL Management unit.
Johnson & Johnson on Tuesday, April 18, cautioned investors over the lingering impact of inflation-driven costs this year as the healthcare conglomerate issued a conservative full-year profit forecast, and its shares fell more than 2%.
Shares were 2.4% lower at $161.71, making it the biggest decliner on the Dow Jones Industrial Average index, which was off about 0.4%. The company was “responsibly optimistic” about 2023, chief financial officer Joseph Wolk said on a conference call, pointing to fierce competition for cancer drug Imbruvica and inflation as some of the challenges it was facing.
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