NEW BRUNSWICK, N.J.–(BUSINESS WIRE)–Johnson & Johnson (NYSE: JNJ) today announced results for second-quarter 2024. “Johnson & Johnson’s second quarter performance reflects our relentless focus on advancing the next wave of medical innovation and resulted in strong sales and adjusted operational earnings per share growth,” said Joaquin Duato, Chairman and Chief Executive Officer. “With a robust pipeline, upcoming regulatory milestones for RYBREVANT and TREMFYA, the integration of Shockwave, and continued expansion of newly launched products, including ACUVUE OASYS MAX 1-Day contact lenses and our VARIPULSE platform, we have a strong foundation for near and long-term growth.”
Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson.
Overall financial results
| Q2 | |||
| ($ in Millions, except EPS) |
2024 |
2023 |
% Change |
| Reported Sales |
$22,447 |
$21,519 |
4.3% |
| Net Earnings |
$4,686 |
$5,376 |
-12.8% |
| EPS (diluted) |
$1.93 |
$2.05 |
-5.9% |
| Q2 | |||
| Non-GAAP* ($ in Millions, except EPS) |
2024 |
2023 |
% Change |
| Operational Sales1,2 |
6.6% |
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| Adjusted Operational Sales1,3 |
6.5% |
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| Adjusted Operational Sales ex. COVID-19 Vaccine1,3 |
7.1% |
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| Adjusted Net Earnings1,4 |
$6,840 |
$6,730 |
1.6% |
| Adjusted EPS (diluted)1,4 |
$2.82 |
$2.56 |
10.2% |
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1 |
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
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2 |
Excludes the impact of translational currency |
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3 |
Excludes the net impact of acquisitions and divestitures and translational currency |
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4 |
Excludes intangible amortization expense and special items |
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5 |
Excludes COVID-19 Vaccine |
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Note: values may have been rounded |
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Regional sales results
|
Q2 |
|
|
|
% Change |
|
|
|
($ in Millions) |
2024 |
2023 |
Reported |
Operational1,2 |
Currency |
Adjusted Operational1,3 |
|
U.S. |
$12,569 |
$11,657 |
7.8% |
7.8 |
— |
7.6 |
|
International |
9,878 |
9,862 |
0.2 |
5.1 |
(4.9) |
5.3 |
|
Worldwide |
$22,447 |
$21,519 |
4.3% |
6.6 |
(2.3) |
6.5 |
|
1 |
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
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2 |
Excludes the impact of translational currency |
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3 |
Excludes the net impact of acquisitions and divestitures and translational currency |
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Note: values may have been rounded |
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Segment sales results
|
Q2 |
|
|
|
% Change |
|
|
|
($ in Millions) |
2024 |
2023 |
Reported |
Operational1,2 |
Currency |
Adjusted Operational1,3 |
|
Innovative Medicine |
$14,490 |
$13,731 |
5.5% |
7.8 |
(2.3) |
8.0 |
|
MedTech |
7,957 |
7,788 |
2.2 |
4.4 |
(2.2) |
4.0 |
|
Worldwide |
$22,447 |
$21,519 |
4.3% |
6.6 |
(2.3) |
6.5 |
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1 |
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
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2 |
Excludes the impact of translational currency |
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3 |
Excludes the net impact of acquisitions and divestitures and translational currency |
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Note: values may have been rounded |
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Second Quarter 2024 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales, excluding the COVID-19 Vaccine, grew 8.8%*. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), and Other Oncology in Oncology, TREMFYA (guselkumab) and STELARA (ustekinumab) in Immunology, and SPRAVATO (esketamine) in Neuroscience. Growth was partially offset by Other Neuroscience. Including the COVID-19 Vaccine, Innovative Medicine worldwide operational sales grew 7.8%*.
MedTech
MedTech worldwide operational sales grew 4.4%*, with acquisitions and divestitures positively impacting growth by 0.4%. Operational sales growth was driven primarily by electrophysiology products and Abiomed in Cardiovascular, previously referred to as Interventional Solutions, and wound closure products in General Surgery.
Full-year 2024 guidance:
Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson’s results computed in accordance with GAAP.
Johnson & Johnson is updating its 2024 guidance, including adjusted operational EPS guidance, to reflect improved performance and the impact for the recent acquisitions of Shockwave Medical, Proteologix, and NM26 Bispecific Antibody.
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Non-GAAP* |
2024 |
|
April 2024 Adjusted Operational EPS1,2 |
$10.68 |
|
Improved performance outlook |
$0.05 |
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July 2024 Adjusted Operational EPS1,2 pre-M&A |
$10.73 |
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M&A impact |
($0.68) |
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July 2024 Adjusted Operational EPS1,2 |
$10.05 |
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1 |
Non-GAAP financial measure; excludes the impact of translational currency |
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2 |
Non-GAAP financial measure; excludes intangible amortization expense and special items |
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| Note: Adjusted operational EPS figures reflect midpoint of issued guidance | ||
| ($ in Billions, except EPS) |
July 2024 |
April 2024 |
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Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point |
5.5% – 6.0% / 5.8% |
5.5% – 6.0% / 5.8% |
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Operational Sales2,5/ Mid-point Change vs. Prior Year / Mid-point |
$89.2B – $89.6B / $89.4B 6.1% – 6.6% / 6.4% |
$88.7B – $89.1B / $88.9B 5.5% – 6.0% / 5.8% |
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Estimated Reported Sales3,5/ Mid-point Change vs. Prior Year / Mid-point |
$88.0B – $88.4B / $88.2B 4.7% – 5.2% / 5.0% |
$88.0B – $88.4B / $88.2B 4.7% – 5.2% / 5.0% |
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Adjusted Operational EPS (Diluted)2,4/ Mid-point Change vs. Prior Year / Mid-point |
$10.00 – $10.10 / $10.05 0.8% – 1.8% / 1.3% |
$10.60 – $10.75 / $10.68 6.9% – 8.4% / 7.7% |
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Adjusted EPS (Diluted)3,4 / Mid-point Change vs. Prior Year / Mid-point |
$9.97 – $10.07 / $10.02 0.5% – 1.5% / 1.0% |
$10.57 – $10.72 / $10.65 6.6% – 8.1% / 7.4% |
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1 |
Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures |
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2 |
Non-GAAP financial measure; excludes the impact of translational currency |
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3 |
Calculated using Euro Average Rate: July 2024 = $1.08 and April 2024 = $1.08 (Illustrative purposes only) |
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4 |
Non-GAAP financial measure; excludes intangible amortization expense and special items |
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5 |
Excludes COVID-19 Vaccine |
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| Note: percentages may have been rounded | ||
Other modeling considerations will be provided on the webcast.
Notable announcements in the quarter:
The information contained in this section should be read together with Johnson & Johnson’s other disclosures filed with the Securities and Exchange Commission, including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Copies of these filings are available online at www.sec.gov, www.jnj.com or on request from Johnson & Johnson. The reader is also encouraged to review all other news releases and information available in the Investor Relations section of the company’s website at News Releases, as well as Innovative Medicine News Center, MedTech News & Events, www.factsabouttalc.com, and www.LLTManagementInformation.com.
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Regulatory |
CHMP adopts positive opinion for BALVERSA (erdafitinib) for the treatment of adult patients with unresectable or metastatic urothelial carcinoma with susceptible FGFR3 genetic alterations |
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RYBREVANT (amivantamab) in combination with chemotherapy is the first therapy approved by the European Commission for the first-line treatment of patients with advanced non-small cell lung cancer with activating EGFR exon 20 insertion mutations |
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Johnson & Johnson submits application to U.S. FDA seeking approval of TREMFYA (guselkumab) for the treatment of moderately to severely active Crohn’s disease |
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Subcutaneous amivantamab Biologics License Application submitted to U.S. FDA for patients with EGFR-mutated non-small cell lung cancer |
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DePuy Synthes Receives 510(k) FDA Clearance of the VELYS Robotic-Assisted Solution for Use in Unicompartmental Knee Arthroplasty Procedures |
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Johnson & Johnson submits regulatory applications to European Medicines Agency for TREMFYA (guselkumab) for treatment of patients with ulcerative colitis and Crohn’s disease |
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CARVYKTI (ciltacabtagene autoleucel; cilta-cel) is the first BCMA-targeted treatment approved by the European Commission for patients with relapsed and refractory multiple myeloma who have received at least one prior line of therapy |
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Data Releases |
CARVYKTI (ciltacabtagene autoleucel) achieved statistically significant and clinically meaningful improvement in overall survival in landmark CARTITUDE-4 study1 |
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Nipocalimab pivotal Phase 3 trial demonstrates longest sustained disease control in FcRn class for broadest population of myasthenia gravis patients |
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TREMFYA (guselkumab) studies underscore its potential to be the only IL-23 inhibitor to offer both subcutaneous and intravenous induction |
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Johnson & Johnson showcases innovation and leadership in rheumatology at EULAR 2024 Congress |
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Johnson & Johnson pivotal study of seltorexant shows statistically significant and clinically meaningful improvement in depressive symptoms and sleep disturbance outcomes |
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Johnson & Johnson advances leadership in oncology innovation with more than 75 clinical study and real-world presentations at ASCO and EHA |
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TREMFYA (guselkumab) demonstrates superiority versus STELARA (ustekinumab) in Phase 3 Crohn’s disease program |
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TREMFYA (guselkumab) QUASAR Maintenance Study in UC met its primary endpoint and all major secondary endpoints, including highly statistically significant rates of endoscopic remission |
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Biosense Webster Presents Late-Breaking Data from admIRE Clinical Trial at the Heart Rhythm Society Annual Meeting |
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TAR-210 results show 90% recurrence-free survival and 90% complete response in patients with high-risk and intermediate-risk non–muscle-invasive bladder cancer, respectively |
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Johnson & Johnson Highlights Commitment to Transform Treatment of Retinal Diseases at ARVO 2024 |
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Phase 2 data for ERLEADA (apalutamide) plus androgen deprivation therapy following radical prostatectomy in patients with high-risk localized prostate cancer show 100% biochemical free recurrence rate more than two years post-surgery |
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TAR-200 monotherapy shows greater than 80% complete response rate in patients with high-risk non–muscle-invasive bladder cancer |
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Product Launch |
Biosense Webster Launches New Version of CARTO 3 Electro-Anatomical Mapping System |
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Other |
Johnson & Johnson Strengthens Pipeline to Lead in Atopic Dermatitis With the Completion of the Acquisition of Yellow Jersey Therapeutics, Gaining Ownership of NM261 |
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Johnson & Johnson Completes Acquisition of Proteologix, Inc. |
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Johnson & Johnson Completes Acquisition of Shockwave Medical |
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Johnson & Johnson to Obtain Rights to a Clinical-Stage Bispecific Antibody to Address Distinct Patient Needs in Atopic Dermatitis |
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Johnson & Johnson Announces Plan by its Subsidiary, LLT Management LLC, to Resolve All Current and Future Ovarian Cancer Talc Claims Through a Consensual “Prepackaged” Reorganization |
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1 Subsequent to the quarter |
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About Johnson & Johnson:
At Johnson & Johnson, we believe health is everything. Our strength in healthcare innovation empowers us to build a world where complex diseases are prevented, treated, and cured, where treatments are smarter and less invasive, and solutions are personal. Through our expertise in Innovative Medicine and MedTech, we are uniquely positioned to innovate across the full spectrum of healthcare solutions today to deliver the breakthroughs of tomorrow, and profoundly impact health for humanity. Learn more at www.jnj.com.
