(Bloomberg) -- Johnson & Johnson expects operational sales growth to slow in 2024 as its top-selling psoriasis drug starts to face generic competition outside the US.

The company forecasts between 5% to 6% operational sales growth next year, compared with its 8.5%-to-9% outlook for this year. The company released 2024 guidance ahead of its investor day in New York on Tuesday. J&J’s shares were little changed at 10:20 a.m. in New York.

The pharma and medical devices giant will soon lose its exclusivity with psoriasis treatment Stelara, which accounted for a fifth of its drug sales in the third quarter. J&J won a reprieve in the US this year after legal settlements with generic drugmakers gave it exclusivity until at least early 2025. The company faces competition elsewhere though. Executives said in October that its European patent expires in mid-2024.

Over the long term, J&J expects a 5%-to-7% rate for operational sales growth from 2025 to 2030. The company cited potentially 20 new drugs that will help drive sales, J&J said in its statement.

The longer-term growth figures are well ahead of consensus, making the presentations at investor day key, Bloomberg Intelligence’s John Murphy said in an email message. 

Operational earnings are expected to rise to $10.55 to $10.75 a share next year, J&J said. 

(Updates with shares and more information from J&J.)

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