(CercleFinance.com) – Johnson & Johnson suffered the second biggest drop in the Dow Jones index on Wednesday, penalized by the disappointing forecasts revealed by Pfizer and by a downgrade from Wells Fargo analysts.
A little less than an hour after the opening, the title of the American health giant dropped almost 1.4%, within a Dow unchanged or almost.
Pfizer revealed this morning its objectives for the 2024 financial year, which notably take into account the acquisition of Seagen, which is about to be finalized.
The biopharmaceutical group said it targets adjusted earnings per share (EPS) of $2.05 to $2.25 next year, on revenues of between $58.5 billion and $61.5 billion.
The market consensus was nevertheless significantly more ambitious, counting on an EPS of 2.93 dollars, a disappointment which caused Pfizer shares to fall by more than 8% at the start of the session and dragged down all its competitors in its wake.
The J&J stock is also suffering from a deterioration in Wells Fargo, going this morning from ‘overweight’ to ‘weight in line’ on the value.
Although it states that it expects the medical technology sector to outperform on the stock market next year, thanks in particular to a movement of sectoral rotation, the financial intermediary forecasts growth mainly concentrated in the second half of the year due to an unfavorable base effect at the start of the year.
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