Biosimilar competition cuts Stelara sales by 61.7% despite Johnson & Johnson earnings beat

Johnson & Johnson shares fell 0.5% to $236.78 in premarket trading following first-quarter results. The decline follows a 61.7% drop in sales for Stelara, driven by biosimilar competition and changes in the patient mix. The decline in Stelara created an approximate 540 basis point headwind for worldwide sales. Despite this, the company reported revenue of $24.1 billion and adjusted earnings per share of $2.70, both of which exceeded Wall Street forecasts of $23.61 billion and $2.68, respectively.