NEW BRUNSWICK, N.J.–(BUSINESS WIRE)–Johnson & Johnson (NYSE: JNJ) today announced results for fourth-quarter and full year 2024. “2024 was a transformative year for Johnson & Johnson, marked by strong growth, an accelerating pipeline and industry-leading investments in innovation,” said Joaquin Duato, Chairman and Chief Executive Officer, Johnson & Johnson. “As a healthcare company, with a disease-centric approach, we are improving the standard of care in a broad range of diseases with high unmet need, including multiple myeloma, lung cancer, inflammatory bowel disease, and heart failure. With our strong financial foundation, differentiated portfolio and robust pipeline, we are well positioned to sustain the high pace of growth and innovation that is the hallmark of Johnson & Johnson.”
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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Q4 |
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Full Year |
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($ in Millions, expect EPS) |
2024 |
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2023 |
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% Change |
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2024 |
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2023 |
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% Change |
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Reported Sales |
$22,520 |
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$ 21,395 |
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5.3% |
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$88,821 |
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$ 85,159 |
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4.3% |
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Net Earnings |
$3,431 |
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$4,132 |
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(17.0)% |
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$14,066 |
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$13,326 |
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5.6% |
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EPS (diluted) |
$1.41 |
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$1.70 |
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(17.1)% |
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$5.79 |
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$5.20 |
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11.3% |
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Q4 |
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Full Year |
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Non-GAAP* ($ in Millions, except EPS) |
2024 |
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2023 |
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% Change |
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2024 |
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2023 |
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% Change |
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Operational Sales1,2 |
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6.7% |
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5.9% |
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Adjusted Operational Sales1,3 |
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5.7% |
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5.4% |
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Adjusted Operational Sales1,3 ex. COVID-19 Vaccine |
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5.9% |
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6.5% |
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Adjusted Net Earnings1,4 |
$4,946 |
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$5,562 |
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(11.1)% |
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$ 24,242 |
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$ 25,409 |
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(4.6)% |
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Adjusted EPS (diluted)1,4 |
$2.04 |
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$2.29 |
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(10.9)% |
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$9.98 |
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$9.92 |
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0.6% |
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Free Cash Flow6,7 |
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~$19,800 |
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$18,248 |
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| 1 |
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
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2 |
Excludes the impact of translational currency |
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3 |
Excludes the net impact of acquisitions and divestitures and translational currency |
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4 |
Excludes intangible amortization expense and special items |
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5 |
Excludes COVID-19 Vaccine |
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6 |
Non-GAAP measure; defined as cash flow from operating activities, less additions to property, plant and equipment. Cash flow from operations, the most directly comparable GAAP financial measure, will be included in subsequent SEC filings. |
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7 |
Full year 2024 is estimated as of January 22, 2025. Full year 2023 includes approximately 8 months contribution from the Consumer Health segment. |
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Note: values may have been rounded |
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Regional sales results
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Q4 |
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% Change |
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($ in Millions) |
2024 |
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2023 |
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Reported |
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Operational1,2 |
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Currency |
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Adjusted |
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U.S. |
$13,204 |
$12,009 |
10.0% |
10.0 |
– |
8.6 |
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International |
9,316 |
9,386 |
(0.7) |
2.5 |
(3.2) |
2.0 |
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Worldwide |
$22,520 |
$21,395 |
5.3% |
6.7 |
(1.4) |
5.7 |
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Full Year |
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% Change |
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($ in Millions) |
2024 |
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2023 |
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Reported |
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Operational1,2 |
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Currency |
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Adjusted |
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U.S. |
$50,302 |
$46,444 |
8.3% |
8.3 |
– |
7.6 |
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International |
38,519 |
38,715 |
(0.5) |
2.9 |
(3.4) |
2.7 |
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Worldwide |
$88,821 |
$85,159 |
4.3% |
5.9 |
(1.6) |
5.4 |
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1 |
Non-GAAP financial measure; refer to reconciliations of non-GAAP financial measures included in accompanying schedules |
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2 |
Excludes the impact of translational currency |
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3 |
Excludes the net impact of acquisitions and divestitures and translational currency |
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Note: values may have been rounded |
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Segment sales results
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Q4 |
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% Change |
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($ in Millions) |
2024 |
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2023 |
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Reported |
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Operational1,2 |
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Currency |
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Adjusted Operational1,3 |
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Innovative Medicine |
$14,332 |
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$13,722 |
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4.4% |
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6.1 |
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(1.7) |
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6.3 |
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MedTech |
8,188 |
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7,673 |
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6.7 |
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7.6 |
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(0.9) |
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4.6 |
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Worldwide |
$22,520 |
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$21,395 |
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5.3% |
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6.7 |
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(1.4) |
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5.7 |
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Full Year |
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% Change |
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($ in Millions) |
2024 |
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2023 |
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Reported |
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Operational1,2 |
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Currency |
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Adjusted Operational1,3 |
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Innovative Medicine |
$56,964 |
$54,759 |
4.0% |
5.7 |
(1.7) |
5.8 |
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MedTech |
31,857 |
30,400 |
4.8 |
6.2 |
(1.4) |
4.7 |
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Worldwide |
$88,821 |
$85,159 |
4.3% |
5.9 |
(1.6) |
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 |
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Full year 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 7.5%*. Growth was driven primarily by DARZALEX (daratumumab), ERLEADA (apalutamide), CARVYKTI (ciltacabtagene autoleucel), and Other Oncology in Oncology, TREMFYA (guselkumab) in Immunology, and SPRAVATO (esketamine) in Neuroscience. Growth was partially offset by STELARA (ustekinumab) in Immunology and Other Neuroscience in Neuroscience. Including the COVID-19 Vaccine, Innovative Medicine worldwide operational sales grew 5.7%*.
MedTech
MedTech worldwide operational sales grew 6.2%*, with net acquisitions and divestitures positively impacting growth by 1.5%. 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 2025 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.
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($ in Billions, except EPS) |
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January 2025 |
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Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point |
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2.0% – 3.0% / 2.5% |
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Operational Sales2,5 / Mid-point Change vs. Prior Year / Mid-point |
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$90.9B – $91.7B / $91.3B 2.5% – 3.5% / 3.0% |
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Estimated Reported Sales3,5/ Mid-point Change vs. Prior Year / Mid-point |
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$89.2B – $90.0B / $89.6B 0.5% – 1.5% / 1.0% |
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Adjusted Operational EPS (Diluted)2,4 / Mid-point Change vs. Prior Year / Mid-point |
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$10.75 – $10.95 / $10.85 7.7% – 9.7% / 8.7% |
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Adjusted EPS (Diluted)3,4 / Mid-point Change vs. Prior Year / Mid-point |
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$10.50 – $10.70 / $10.60 5.2% – 7.2% / 6.2% |
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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: January 2025 = $1.04 (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 |
SPRAVATO (esketamine) approved in the U.S. as the first and only monotherapy for adults with treatment-resistant depression1 |
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European Commission approves LAZCLUZE (lazertinib) in combination with RYBREVANT (amivantamab) for the first-line treatment of patients with EGFR-mutated advanced non-small cell lung cancer1 |
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New Drug Application initiated with U.S. FDA for TAR-200, the first and only intravesical drug releasing system for patients with BCG-unresponsive high-risk non-muscle-invasive bladder cancer1 |
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Johnson & Johnson MedTech Announces CE Mark Approval for Dual Energy THERMOCOOL SMARTTOUCH SF Catheter1 |
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Nipocalimab granted U.S. FDA Priority Review for the treatment of generalized myasthenia gravis1 |
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Johnson & Johnson’s Posdinemab and Tau Active Immunotherapy Receive U.S. FDA Fast Track Designations for the Treatment of Alzheimer’s Disease1 |
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European Commission approves RYBREVANT (amivantamab) in combination with LAZCLUZE (lazertinib) for the first-line treatment of patients with EGFR-mutated advanced non-small cell lung cancer |
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Johnson & Johnson submits application to the European Medicines Agency seeking approval of a new indication for IMBRUVICA (ibrutinib) in adult patients with previously untreated mantle cell lymphoma (MCL) who are eligible for autologous stem cell transplant |
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U.S. FDA Expands Indication for Impella Heart Pumps to Treat Pediatric Patients |
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Johnson & Johnson seeks U.S. FDA approval for first pediatric indications for TREMFYA (guselkumab) |
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Johnson & Johnson seeks U.S. FDA approval for subcutaneous induction regimen of TREMFYA (guselkumab) in ulcerative colitis, a first for an IL-23 inhibitor |
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Johnson & Johnson MedTech Receives IDE Approval for OTTAVA Robotic Surgical System |
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Nipocalimab is the first and only investigational therapy granted U.S. FDA Breakthrough Therapy Designation for the treatment of adults living with moderate-to-severe Sjögren’s disease |
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Johnson & Johnson submits applications in the U.S. and EU seeking approval of DARZALEX FASPRO / DARZALEX as subcutaneous monotherapy for high-risk smoldering multiple myeloma |
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DARZALEX (daratumumab)-SC based quadruplet regimen approved by the European Commission for patients with newly diagnosed multiple myeloma who are transplant-eligible |
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Data Releases |
RYBREVANT (amivantamab-vmjw) plus LAZCLUZE (lazertinib) show statistically significant and clinically meaningful improvement in overall survival versus osimertinib1 |
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Johnson & Johnson to showcase strength of its broad hematology portfolio and pipeline at the 2024 American Society of Hematology Annual Meeting |
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Icotrokinra delivered an industry-leading combination of significant skin clearance with demonstrated tolerability in a once daily pill in Phase 3 topline results |
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Johnson & Johnson advances leadership in rheumatic disease innovation with 43 abstracts at ACR 2024 |
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Shockwave Medical Unveils First Clinical Outcomes of New IVL Platform in Late-Breaking Presentation at VIVA 2024 |
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TREMFYA (guselkumab) is the first and only IL-23 inhibitor to demonstrate robust results with a fully subcutaneous regimen in both induction and maintenance in Crohn’s disease |
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New SPECTREM study findings reveal TREMFYA (guselkumab) effectively clears overlooked and undertreated plaque psoriasis |
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Johnson & Johnson highlights innovative neuropsychiatry portfolio and pipeline at Psych Congress |
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Nipocalimab demonstrates sustained disease control in adolescents living with generalized myasthenia gravis in Phase 2/3 study |
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Product Launch |
MENTOR MemoryGel Enhance Breast Implant Receives FDA Approval for Largest Size Breast Implants for Reconstruction |
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Johnson & Johnson MedTech Receives FDA Approval for the VARIPULSE Pulsed Field Ablation Platform for the Treatment of Atrial Fibrillation2 |
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Other |
Johnson & Johnson Strengthens Neuroscience Leadership with Acquisition of Intra-Cellular Therapies, Inc.1 |
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1 |
Subsequent to the quarter |
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2 |
On January 5, 2025, Johnson & Johnson MedTech temporarily paused the U.S. External Evaluation and all U.S. VARIPULSE cases. More information can be found in the Statement on VARIPULSE. |
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.
