Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Korea, republic of
  4. Korea Stock Exchange
  5. Celltrion, Inc.
  6. News
  7. Summary
    068270   KR7068270008

CELLTRION, INC.

(068270)
SummaryNewsRatingsCalendarCompany 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Celltrion : J&J cuts full-year forecast due to strong dollar

04/14/2015 | 03:18pm EDT

(Reuters) - Healthcare conglomerate Johnson & Johnson (>> Johnson & Johnson) cut its full-year profit forecast on Tuesday, saying it expected a strong dollar to keep hurting its international business.

(Reuters) - Healthcare conglomerate Johnson & Johnson (>> Johnson & Johnson) cut its full-year profit forecast on Tuesday, saying it expected a strong dollar to keep hurting its international business.

J&J, which reported higher-than-expected quarterly results, warned in January that the dollar's strength could reduce earnings by 42 cents per share this year. The company gets half of its revenue from abroad.

The dollar <.DXY> gained nearly 9 percent against a basket of major currencies in the first quarter after rising 13 percent in 2014. A stronger dollar lowers the value of sales in foreign markets.

J&J lowered its full-year profit forecast to between $6.04 and $6.19 per share from its prior outlook of $6.12 to $6.27. It earned $5.97 last year.

"Every large multinational healthcare company will be affected this quarter by the stronger dollar, along with the rest of corporate America," said Stifel Nicolaus & Co analyst Rick Wise.

J&J's sales of medical devices and consumer products fell sharply in the first quarter, hurt by rival brands and the strong dollar.

The bright spot in J&J's earnings report was U.S. sales of pharmaceuticals, which jumped 17 percent on demand for new treatments for diabetes, blood cancers, prostate cancer and blood clots.

Global pharmaceutical sales rose 3 percent to $7.7 billion (5 billion pounds) even as the stronger dollar held them back by 7.2 percent.

Investors have been concerned that Celltrion Inc (>> Celltrion, Inc.) might get U.S. regulatory approval of a cheaper "biosimilar" form of J&J's $6 billion-a-year Remicade arthritis treatment before the branded drug loses patent protection in September 2018.

J&J has appealed the U.S. Patent and Trademark Office's recent rejection of Remicade's basic patent. Chief Financial Officer Dominic Caruso on Tuesday said the company would be entitled to a series of appeals that could assure Remicade's marketing exclusivity for almost three years.

"It was encouraging to hear their confidence that they can continue to delay the biosimilar's launch," said Edward Jones analyst Ashtyn Evans.

J&J's quarterly net profit fell to $4.32 billion, or $1.53 per share, from $4.73 billion, or $1.64 per share, a year earlier.

Excluding special items such as writedowns of intangible assets, J&J earned $1.56 per share, beating the analysts' average estimate of $1.54, according to Thomson Reuters I/B/E/S.

Sales fell 4.1 percent to $17.37 billion but still topped analysts' expectations of $17.31 billion.

Shares of J&J were up 7 cents at $100.62 in afternoon trading.

(Additional reporting by Vidya Nathan in Bengaluru; Editing by Lisa Von Ahn)

By Ransdell Pierson

Stocks treated in this article : Johnson & Johnson, Celltrion, Inc.

ę Reuters 2015
Stocks mentioned in the article
ChangeLast1st jan.
JOHNSON & JOHNSON -0.27% 171.35 Delayed Quote.9.16%
All news about CELLTRION, INC.
07/22Inhalon Biopharma, Inc. Collaborates with Celltrion, Inc. to Develop Nebulize..
CI
07/19EU evaluates Sobi arthritis drug to treat COVID-19 with pneumonia
RE
07/14KOSPI COMPOSITE INDEX : South Korean Stocks End Two-Day Winning Streak over Infl..
MT
07/13MARKET CHATTER : Celltrion's COVID-19 Antibody Treatment Lowers Severe Infection..
MT
06/30EU Adds Eli Lilly's Antibodies, Four Other Drugs in COVID-19 Therapeutics Por..
MT
06/29EU picks antibody treatments, arthritis drug as preferred COVID-19 therapies
RE
06/15AstraZeneca antibody cocktail fails to prevent COVID-19 in large trial
RE
06/15MARKET CHATTER : Celltrion's COVID-19 Treatment Reduces Viral Load
MT
06/14Celltrion Rallies After Positive Data on Covid-19 Treatment
DJ
06/13CELLTRION : says trial shows antibody COVID-19 treatment to be safe and effectiv..
RE
More news
Managers and Directors
Wu-Sung Ki Chief Executive Officer & Director
Ho-Seop Lee Finance Director
Jung-Jin Seo Chairman
Sung-Han Lee Head-Legal & Compliance Support
Dong-Il Kim Independent Director
Sector and Competitors
1st jan.Capi. (M$)
CELLTRION, INC.32 170
MODERNA, INC.233.90%88 312
LONZA GROUP AG24.05%53 538
IQVIA HOLDINGS INC.39.02%47 022
CELLTRION, INC.-25.21%32 170
SEAGEN INC.-16.87%28 525