Johnson & Johnson's Q3 2023: Over $21.3B In Sales, 'Sharpened Focus' On Innovation & Biotech Solutions

Healthcare company Johnson & Johnson (J&J) JNJ shared its financial outcomes for the third quarter of 2023, reflecting: 

• Total reported sales of $21,351 million, a 6.8% increase compared to the same period in 2022. Of which U.S. sales totaled $11,996 million (11.1% increase from 2022’s comparable period), and the rest of the world $9,355 million (1.6% increase from 2022’s same period.)

• In terms of segments, reported sales owe 65.0% to Innovate Medicine ($13,893 million, a 5.1% growth from 2022’s same period); and 34.9% to MedTech ($7,458 million, a 10.0% growth from 2022’s same period.) 

• In terms of psychedelics, these numbers involve Spratavo (S-ketamine) sales for a total of $154 million in the U.S., a 75% increase compared to 2022’s same quarter and $29 million in the rest of the world.  

See Also: Sales Of Johnson & Johnson Esketamine Drug Spravato Rise Nearly 100% Year Over Year

• Net earnings of $4,309 million, slightly behind 2022’s comparable period of $4,310 million. Yet earnings per share (diluted) increased 4.3% from period to period from $1.62 in 2022 to $1.69 in 2023.

• The cost of products sold was $6,606 million vs. $6,172 million in the same 2022 period.

• R&D expenses totaled $3,447 million, vs. $3,485 million in the same 2022 period.

• Selling, marketing and administrative expenses for a total $5,400 million, an 8% increase from 2022 ($4,975 million.)

The quarter also saw a one-time, non-cash gain of around $21 billion, related to the final separation of J&J’s consumer health business and considered as part of its discontinued operations.

Pipeline, Programs & IP

On the regulatory front, J&J received several treatment approvals from the FDA and the European Commission (2). Additionally, it submitted two applications to the European Medicines Agency, and another supplemental New Drug Application (NDA) to the FDA.

The company also released data on several different development programs, around the multi-targeting bispecific monoclonal antibody RYBREVANT. It as launched the OPTRELL catheter for the mapping of complex cardiac arrhythmias.

CEO and board chairman Joaquin Duato said the quarter’s “strong results” along with “significant pipeline advances” altogether provide “a solid foundation for future sustained growth.” 

“With a sharpened focus on Innovative Medicine and MedTech solutions, Johnson & Johnson is innovating across the spectrum of healthcare and is poised to deliver the medical breakthroughs of tomorrow,” Duato added.

See full financial results, business collaborations and earnings presentation here.

Photo: Benzinga edit with photo by Commons and Pexels.