Johnson & Johnson on Tuesday reported quarterly results that beat analysts’ estimates on strong demand for cancer drug Darzalex and its COVID-19 vaccine, even as the company cut its full-year adjusted profit forecast due to a stronger dollar.
J&J joins other major U.S. multinationals with sizeable international operations, including Microsoft Corp and IBM, in warning that a stronger dollar would hurt overseas sales.
But J&J’s shares rose 1 percent in morning trading as its strong second-quarter profit helped allay some investor concerns around the impact of the strong dollar, which has been driven by a hawkish Federal Reserve and heightened geopolitical tensions….