JNJ reported Q4 2017 results beating consensus expectations, however most of the beat came from non-operational items (currency and lower tax rate). 2018 revenue guidance came below expectations, and the US appeals court ruled JNJ patent on Remicade invalid, causing the stock to consolidate today. Our long-term thesis is intact and we raise our price target to $163. Continue reading “JNJ 4Q17 earnings results good but 2018 revenue guidance disappoints”