Why did JNJ's net profit drop sharply in Q1 2023?

Johnson & Johnson's net profit dropped sharply in Q1 2023 due to a combination of factors:

1. **Revenue Decline**: Total sales dropped by over 4% year-over-year to $23.7 billion, which was attributed to unfavorable foreign exchange rates and a significant drop in COVID-19 vaccine sales. This decline in vaccine sales is a key factor in the revenue decrease.
2. **Pharma and Medtech Decline**: The pharmaceutical and medtech divisions saw declines of over 7% and more than 1%, respectively. This indicates that these segments faced specific challenges that impacted their performance.

In summary, the decline in Johnson & Johnson's net profit in Q1 2023 is primarily due to a decrease in revenue, particularly from COVID-19 vaccine sales and adverse foreign exchange rates, and a decline in key business segments like pharmaceuticals and medtech.