J&J's Restructuring Boosts Medtech and Pharmaceutical Sales

Johnson & Johnson has announced a two-year restructuring program for its orthopedic business after third-quarter medical devices sales fell short of expectations. The company plans to exit certain markets and stop selling some products under its orthopedic business. Without its consumer health business and with ongoing restructuring in its medical devices unit, pressure on J&J's pharmaceutical unit is expected to increase. J&J raised its annual profit forecast, helped by strong sales from its pharmaceutical business and arthritis drug Stelara. However, sales at the medical device unit were below Wall Street estimates.