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Johnson & Johnson Reports Solid First Quarter 2024 Growth Amid Market Challenges
New Brunswick, N.J., April 16, 2024 – Johnson & Johnson (NYSE: JNJ), a global healthcare leader, today announced its financial results for the first quarter of 2024, demonstrating sustained growth across its diverse portfolio. Despite challenges including the phased-out revenue from its COVID-19 vaccine, the company reported a notable increase in sales and earnings.
Financial Performance Highlights
- Revenue Growth: Johnson & Johnson achieved a first-quarter revenue of $21.4 billion, marking a 2.3% increase from the previous year, with operational growth at 3.9% and adjusted operational growth reaching 4.0%. Notably, when excluding the COVID-19 vaccine, adjusted operational growth surged to 7.7%.
- Earnings Per Share: The company saw a significant increase in earnings per share (EPS), with reported EPS rising to $2.20 and adjusted EPS climbing to $2.71, up by 12.4%.
- Full-Year Outlook: Amid these results, Johnson & Johnson has raised the midpoint of its full-year 2024 guidance for both operational sales and adjusted operational EPS.
Operational and Segment Insights
- Innovative Medicine: This segment was a strong performer, with worldwide operational sales, excluding COVID-19 vaccine contributions, growing by 8.3%. Key growth drivers included DARZALEX (daratumumab), ERLEADA (apalutamide), and other oncology products, demonstrating the company’s strength in developing innovative treatments.
- MedTech: The MedTech segment also showed robust growth, with a 6.3% increase in worldwide operational sales, driven primarily by electrophysiology products and contributions from recently integrated operations such as Abiomed.
Strategic Developments and Regulatory Milestones
Johnson & Johnson's quarter was marked by significant regulatory advancements and strategic moves, including:
- FDA Approvals: The U.S. FDA approved several treatments, including OPSYNVI for pulmonary arterial hypertension, and CARVYKTI for multiple myeloma, highlighting the company's ongoing commitment to addressing critical medical needs.
- Acquisitions and Partnerships: Notable strategic developments included the acquisition of Shockwave Medical, which complements the company’s MedTech segment.
Executive Commentary
Joaquin Duato, Chairman and CEO of Johnson & Johnson, commented on the results, "Johnson & Johnson’s solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline. Our impact across the full spectrum of healthcare is unique in our industry, and the milestones achieved this quarter reinforce our position as an innovation powerhouse."
Forward-Looking Statements
The company expects continued growth throughout 2024, supported by strong market demand for its innovative and diversified product offerings. Johnson & Johnson remains focused on delivering comprehensive healthcare solutions that advance patient care and increase shareholder value.
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