Jan 23 Reuters Johnson Johnson on Tuesday reported quarterly results just above Wall Street expectations, helped by strong sales of its blockbuster psoriasis drug Stelara, which is expected to face fresh U.S. competition from biosimilar versions next year.

A key patent for Stelara expired in the United States last year, but JJ struck deals with competitors to delay the launches of their biosimilars until 2025. Amgen will be the first to launch its nearcopy, Wezlana, next year.

Analysts have said the delay in biosimilar launches would make Stelara a larger contributor to JJ39;s 2024 and 2025 sales than previously anticipated.

Sales of the drug are expected to be 10.54 billion in 2024, down 3 from the 10.86 billion in 2023. Fourthquarter Stelara sales came in at 2.75 billion, topping analysts39; estimates of 2.63 billion.

JJ said it expects entry of Stelara biosimilars in Europe toward the middle of 2024.

The fourthquarter results did not reveal any major surprises, JP Morgan analyst Chris Schott said, adding that the company39;s pharmaceutical segment was well positioned to generate midsingledigit growth despite pending Stelara competition.

JJ39;s medical device business, which has benefited from a resurgence in demand for joint replacement and other surgeries delayed during the COVID19 pandemic, generated revenue of 7.67 billion, topping estimates of 7.49 billion, according to LSEG data.

Chief Financial Officer Joseph Wolk in an interview said not only had demand…