Johnson & Johnson

JNJ: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$456.00	Mtbb	Xlrhgkj

Johnson & Johnson Earnings: Solid Results Lifted by Immunology and Oncology Drug Sales

Damien Conover

Oct 17, 2023

Johnson & Johnson reported solid third-quarter results slightly above our projections, but we are not changing our fair value estimate based on the minor outperformance. While we recognize that growth in the pharmaceutical division is likely slowing due to upcoming patent pressures, we continue to view J&J as slightly undervalued, with the market likely underappreciating the firm’s solid pipeline, a key factor also supporting the our wide moat rating.

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