NEW BRUNSWICK, N.J.–(BUSINESS WIRE)–Johnson & Johnson (NYSE: JNJ) today announced results for third-quarter 2024. “Johnson & Johnson’s strong results in the third quarter reflect the unique breadth of our business and commitment to delivering the next wave of healthcare innovation,” said Joaquin Duato, Chairman and Chief Executive Officer. “During the quarter, we advanced our pipeline with regulatory approvals for TREMFYA and RYBREVANT, submitted an IDE for our general surgery robotic system, OTTAVA, and launched VELYS Spine and Shockwave E8 IVL Catheter, further strengthening our confidence in our near-and long-term growth targets.”
Unless otherwise noted, the financial results and earnings guidance included below reflect the continuing operations of Johnson & Johnson.
Overall financial results
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Q3 |
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| ($ in Millions, except EPS) |
2024 |
2023 |
% Change |
| Reported Sales |
$22,471 |
$21,351 |
5.2% |
| Net Earnings/(Loss) |
$2,694 |
$4,309 |
-37.5% |
| EPS (diluted) |
$1.11 |
$1.69 |
-34.3% |
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Q3 |
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| Non-GAAP* ($ in Millions, except EPS) |
2024 |
2023 |
% Change |
| Operational Sales1,2 |
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6.3% |
| Adjusted Operational Sales1,3 |
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5.4% |
| Adjusted Operational Sales ex. COVID-19 Vaccine1,3 |
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5.6% |
| Adjusted Net Earnings1,4 |
$5,876 |
$6,777 |
-13.3% |
| Adjusted EPS (diluted)1,4 |
$2.42 |
$2.66 |
-9.0% |
| Free Cash Flow (YTD)6,7 |
~$14,000 |
$11,974 |
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1 |
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
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2 |
Excludes the impact of translational currency |
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3 |
Excludes the net impact of acquisitions and divestitures and translational currency |
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4 |
Excludes intangible amortization expense and special items |
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5 |
Excludes COVID-19 Vaccine |
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6 |
Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings. |
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7 |
Q3 YTD 2024 is estimated as of October 15, 2024. Q3 YTD 2023 includes approximately 8 months contribution from the Consumer Health segment. |
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| Note: values may have been rounded | ||
Regional sales results
| Q3 |
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% Change |
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| ($ in Millions) |
2024 |
2023 |
Reported |
Operational1,2 |
Currency |
Adjusted |
| U.S. |
$12,909 |
$11,996 |
7.6% |
7.6 |
– |
6.5 |
| International |
9,562 |
9,355 |
2.2 |
4.6 |
-2.4 |
4.0 |
| Worldwide |
$22,471 |
$21,351 |
5.2% |
6.3 |
-1.1 |
5.4 |
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1 |
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
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2 |
Excludes the impact of translational currency |
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3 |
Excludes the net impact of acquisitions and divestitures and translational currency |
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| Note: values may have been rounded | ||
Segment sales results
| Q3 |
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% Change |
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| ($ in Millions) |
2024 |
2023 |
Reported |
Operational1,2 |
Currency |
Adjusted |
| Innovative Medicine |
$ 14,580 |
$ 13,893 |
4.9% |
6.3 |
(1.4) |
6.4 |
| MedTech |
7,891 |
7,458 |
5.8% |
6.4 |
(0.6) |
3.7 |
| Worldwide |
$ 22,471 |
$ 21,351 |
5.2% |
6.3 |
(1.1) |
5.4 |
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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 | ||
Third Quarter 2024 segment commentary:
Operational sales* reflected below excludes the impact of translational currency.
Innovative Medicine
Innovative Medicine worldwide operational sales grew 6.3%. Growth was driven by DARZALEX (daratumumab), ERLEADA (apalutamide), Other Oncology, and CARVYKTI (ciltacabtagene autoleucel) in Oncology, TREMFYA (guselkumab) in Immunology, SPRAVATO (esketamine) in Neuroscience, and OPSUMIT (macitentan) in Pulmonary Hypertension. Growth was partially offset by STELARA (ustekinumab) and SIMPONI/SIMPONI ARIA (golimumab) in Immunology.
MedTech
MedTech worldwide operational sales grew 6.4%*, with net acquisitions and divestitures positively impacting growth by 2.7%. Operational sales growth was driven primarily by electrophysiology products and Abiomed in Cardiovascular, previously referred to as Interventional Solutions, contact lenses in Vision and wound closure products in General Surgery. Growth was partially offset by endocutter products in Advanced 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 from the recent acquisition of V-Wave.
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Non-GAAP* |
2024 |
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July 2024 Adjusted Operational EPS1,2 |
$10.05 |
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Improved performance outlook |
$0.10 |
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October 2024 Adjusted Operational EPS1,2 pre-M&A |
$10.15 |
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M&A impact (V-Wave) |
($0.24) |
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October 2024 Adjusted Operational EPS1,2 |
$9.91 |
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1 |
Non-GAAP financial measure; excludes the impact of translational currency |
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2 |
Non-GAAP financial measure; excludes intangible amortization expense and special items |
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| Note: Adjusted operational EPS figures reflect midpoint of issued guidance | ||
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($ in Billions, except EPS) |
October 2024 |
July 2024 |
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Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point |
5.7% – 6.2% / 6.0% |
5.5% – 6.0% / 5.8% |
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Operational Sales2,5/ Mid-point |
$89.4B – $89.8B / $89.6B |
$89.2B – $89.6B / $89.4B |
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Change vs. Prior Year / Mid-point |
6.3% – 6.8% / 6.6% |
6.1% – 6.6% / 6.4% |
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Estimated Reported Sales3,5/ Mid-point |
$88.4B – $88.8B / $88.6B |
$88.0B – $88.4B / $88.2B |
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Change vs. Prior Year / Mid-point |
5.1% – 5.6% / 5.4% |
4.7% – 5.2% / 5.0% |
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Adjusted Operational EPS (Diluted)2,4/ Mid-point |
$9.86 – $9.96 / $9.91 |
$10.00 – $10.10 / $10.05 |
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Change vs. Prior Year / Mid-point |
(0.6)% – 0.4% / (0.1)% |
0.8% – 1.8% / 1.3% |
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Adjusted EPS (Diluted)3,4 / Mid-point |
$9.88 – $9.98 / $9.93 |
$9.97 – $10.07 / $10.02 |
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Change vs. Prior Year / Mid-point |
(0.4)% – 0.6% / 0.1% |
0.5% – 1.5% / 1.0% |
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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: October 2024 = $1.09 and July 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, and www.factsabouttalc.com.
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Regulatory |
Johnson & Johnson submits application to the European Medicines Agency for DARZALEX (daratumumab) SC-based quadruplet regimen for newly diagnosed multiple myeloma patients1 |
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Johnson & Johnson files for U.S. FDA approval of DARZALEX FASPRO-based quadruplet regimen for newly diagnosed multiple myeloma patients for whom transplant is not planned |
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DARZALEX (daratumumab)-based quadruplet regimen receives positive CHMP opinion for transplant-eligible patients with newly diagnosed multiple myeloma |
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RYBREVANT (amivantamab-vmjw) plus standard of care approved in the U.S. as first and only targeted regimen to cut risk of disease progression by more than half in second-line EGFR-mutated advanced lung cancer |
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Johnson & Johnson seeks first EU approval of nipocalimab to treat a broad population of patients living with antibody-positive generalised myasthenia gravis |
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TREMFYA (guselkumab) receives U.S. FDA approval for adults with moderately to severely active ulcerative colitis, strengthening Johnson & Johnson’s leadership in inflammatory bowel disease |
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Johnson & Johnson seeks first approval of nipocalimab to treat broadest population living with antibody positive generalized myasthenia gravis |
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European Commission approves RYBREVANT (amivantamab) in combination with chemotherapy for the treatment of adult patients with advanced EGFR-mutated non-small cell lung cancer after failure of prior therapy |
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European Commission approves BALVERSA (erdafitinib) for adult patients with unresectable or metastatic urothelial carcinoma |
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RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) approved in the U.S. as a first-line chemotherapy-free treatment for patients with EGFR-mutated advanced lung cancer |
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DARZALEX FASPRO (daratumumab and hyaluronidase-fihj)-based quadruplet regimen approved in the U.S. for patients with newly diagnosed multiple myeloma who are transplant-eligible |
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Johnson & Johnson seeks U.S. FDA approval of SPRAVATO (esketamine) as the first and only monotherapy for adults with treatment-resistant depression |
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Data Releases |
TREMFYA (guselkumab) demonstrates impressive results across biologic-naïve and biologic-refractory patients in Crohn’s disease and ulcerative colitis1 |
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CARVYKTI is the first and only cell therapy to significantly extend overall survival versus standard therapies for patients with multiple myeloma as early as second line |
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DARZALEX (daratumumab)-based maintenance regimens show clinically meaningful deep and durable responses in transplant-eligible patients with newly diagnosed multiple myeloma |
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Novel combination of TALVEY (talquetamab-tgvs) and TECVAYLI (teclistamab-cqyv) suggests high response rates and durable responses in triple-class refractory patients with relapsed or refractory multiple myeloma, including those with extramedullary disease |
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TALVEY (talquetamab-tgvs) and DARZALEX FASPRO (daratumumab and hyaluronidase-fihj) based combination shows deep and durable responses in patients with relapsed or refractory multiple myeloma |
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Johnson & Johnson is transforming solid tumor cancer outcomes with new data at the 2024 World Conference on Lung Cancer and European Society for Medical Oncology Congress |
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Groundbreaking nipocalimab study of pregnant individuals at high risk for early onset severe hemolytic disease of the fetus and newborn published in The New England Journal of Medicine |
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Product Launch |
Johnson & Johnson MedTech Launches VOLT Plating System1 |
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Johnson & Johnson Rolls Out New TECNIS Odyssey Next-Generation Intraocular Lens Offering Cataract Patients Precise Vision at Every Distance in Any Lighting |
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Shockwave Medical Expands U.S. Peripheral IVL Portfolio with Enhanced Catheter |
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DePuy Synthes Launches its First Active Spine Robotics and Navigation Platform |
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Other |
Johnson & Johnson Completes Acquisition of V-Wave1 |
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Johnson & Johnson Announces that its Subsidiary, Red River Talc LLC, has Filed a Voluntary Prepackaged Chapter 11 Case to Resolve All Current and Future Ovarian Cancer Talc Claims |
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Johnson & Johnson’s Executive Vice President, Chief Human Resources Officer Peter Fasolo to Retire; Kristen Mulholland Named Chief Human Resources Officer, Effective October 1, 2024 |
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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.
