Shares in Puma dropped 15% as the market opened on Thursday after the German sportswear brand reported lower than expected fourth-quarter sales and a decline in annual profit.

J&J has been on an acquisition spree to boost its drugs and device businesses after spinning off its consumer unit in 2023. Last week, it announced the Intra-Cellular acquisition - its biggest deal in two years - to boost its portfolio of psychiatric drugs.

Darzalex, which treats multiple myeloma, has become the first Johnson & Johnson drug to ever top $3 billion in quarterly sales.

Associated British Foods downgraded the annual sales guidance for its Primark budget clothing business on Thursday after disappointing results in the Christmas quarter in its main UK and Ireland market.

The conglomerate lowered its sales-growth expectations for Primark —its clothing retailer that accounts for the lion’s share of earnings—amid a challenging retail environment.

Primark, the international fashion retailer, has cut its sales forecast for this year after a weak performance in its core UK market. Associated British Foods, the parent of Primark, said in a trading update on Thursday it was now targeting “low” single-digit sales growth for the fashion chain in 2025.