*

Strong sales of Darzalex drive revenue

*

Stelara sales beat estimates but face future competition

from

biosimilars

*

Medtech unit sales fall short due to headwinds in Asia

Pacific

region

(Adds shares in paragraph 8, graphics)

By Patrick Wingrove and Bhanvi Satija

Oct 15 (Reuters) - Johnson & Johnson ( JNJ ) raised its

2024 profit and sales forecasts on Tuesday after reporting

strong sales of oncology drugs and quarterly results that beat

Wall Street expectations.

Sales of J&J's oncology drugs rose nearly 19% worldwide for

the quarter, driven by more than $3 billion for multiple myeloma

treatment Darzalex, up 20.7% or more than $500 million from a

year ago.

Analysts, who expect Darzalex to bring in revenue of about

$11 billion this year, had forecast sales of $2.92 billion for

the third quarter.

J&J Chief Financial Officer Joe Wolk said continued adoption

of the subcutaneous version of Darzalex, which significantly

reduces treatment time, and regulatory approval for additional

uses helped drive sales.

The New Jersey-based healthcare conglomerate boosted its

profit forecast for the year at the midpoint by 10 cents to

$10.15 per share, excluding a 24-cent charge related to its

purchase of medical device maker V-Wave.

The company also said it expected to post sales of between

$89.4 billion and $89.8 billion for the year, up from its prior

forecast of $89.2 billion to $89.6 billion.

However, it now expects to earn between $9.86 and $9.96 per

share for the year, including charges related to mergers and

acquisitions. The company previously forecast a profit of $10 to

$10.10 per share for 2024.

Shares of the drug and medical device maker fell about 1% to

$159.90 in premarket trading.

Sales of J&J's blockbuster psoriasis drug Stelara fell 6.6%

to $2.68 billion in the third quarter, but beat analyst

estimates of $2.43 billion, according to LSEG data.

Stelara has long been a key growth driver for J&J, with

analysts forecasting sales of over $10 billion this year. Sales

are expected to fall to about $7 billion in 2025, when it could

face competition from as many as six biosimilar versions in the

U.S.

Stelara began facing competition from biosimilar rivals

earlier this year outside the U.S., including in Canada, the

European Economic Area and Japan.

The company's cancer cell therapy, Carvykti, brought in

sales of $286 million, beating estimates of $239 million. Tight

supply has limited Carvykti sales, with the company working to

boost production capacity at its plants in New Jersey and

Belgium.

Quarterly sales for J&J's medical devices unit rose 5.8% to

nearly $7.9 billion for the quarter, but fell short of analysts'

expectations of $8.05 billion, according to LSEG data.

Wolk told Reuters that J&J had hoped for "something better"

in its medical technology performance this quarter but faced

headwinds in the Asia Pacific region, including in China and

Japan.

J&J earned $2.42 per share on an adjusted basis in the third

quarter, falling 9% on the previous year but beating analysts'

average estimates of $2.21, according to LSEG data.

The company's quarterly sales were $22.5 billion, ahead of

analysts' expectations of $22.16 billion.