Johnson & Johnson Q1 Earnings Top Wall Street Estimates On Strong Medical Devices Sales, Drugmaker Boosts Annual Outlook

On Tuesday, Johnson & Johnson JNJ reported first-quarter adjusted EPS of $2.71, up 12.4% year over year, beating the consensus of $2.64.

The pharma giant reported sales of $21.38 billion, up 2.3% year over year, almost in line with the consensus of $21.39 billion. Operational growth was 3.9%, and adjusted operational growth was 4.0%.

JNJ reported a net profit of $5.35 billion compared to a net loss of $(491) million a year ago, which included litigation charges of $6.9 billion.

Innovative Medicine segment worldwide operational sales, excluding the COVID-19 Vaccine, grew 8.3% to $13.6 billion.

Sales of its psoriasis drug Stelara were flat at $2.45 billion in the first quarter, while sales of Darzalex jumped about 19% to $2.69 billion.

The company’s cancer cell therapy Carvykti, which recently received expanded use FDA approval for patients with a type of blood cancer, brought in sales of $157 million in the first quarter.

Tecvayli, another blood cancer treatment, accounted for $133 million in quarterly sales.

J&J’s medical devices business generated sales of $7.82 billion during the first quarter, up 4.5% Y/Y, driven primarily by electrophysiology products and Abiomed in Cardiovascular and wound closure products in General Surgery.

Dividend: Johnson & Johnson also raised its quarterly dividend by 4.2% from $1.19 per share to $1.24 per share.

Guidance: Johnson & Johnson forecasts fiscal year 2024 operational sales of $88.7 billion-$89.1 billion versus prior guidance of $88.2 billion–$89.0 billion and consensus of $88.43 billion.

The company expects fiscal year 2024 adjusted EPS of $10.57–$10.72 versus consensus of $10.66 and prior guidance of $10.55–$10.75, with adjusted operational EPS of $10.60–$10.75.

Read Next: Johnson & Johnson’s $13B Shockwave Medical Deal Accelerates MedTech Strategy, Analyst Says.

Price Action: JNJ shares are down 1.69% at $145.10 during the premarket session on the last check Tuesday.

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