Johnson & Johnson's Q2 Earnings: Revenue And Profit Beat On Strong Pharma Sales, Annual Profit Outlook Lowered On M&A Costs

On Wednesday, Johnson & Johnson (NYSE: JNJ ) reported a second-quarter adjusted EPS of $2.82, up 10.2% year-over-year, beating the consensus of $2.70 .

The pharma giant reported sales of $22.45 billion, up 4.3% year-over-year, beating the consensus of $22.31 billion.

Operational growth was 6.6%, and adjusted operational growth was 6.5% . The adjusted operational growth excluding COVID-19 Vaccine was 7.1%.

Also Read: Johnson & Johnson Faces MedTech Challenges But Is ‘On Track’ To Meet 2024 Guidance: Goldman Sachs .

Innovative Medicine sales increased to $14.49 billion, up 5.5% (+8% adjusted operational). Growth was driven by Darzalex (daratumumab), Erleada (apalutamide), Tremfya (guselkumab), Stelara (ustekinumab), and Spravato (esketamine).

Stelara sales rose 3.1% to $2.89 billion. Darzalex sales rose 18.4% to $2.88 billion. The company’s cancer cell therapy, Carvykti, generated sales of $186 million, up around 60% year over year .

MedTech sales increased 2.2% (+4%) to $7.96 billion, driven primarily by electrophysiology products and Abiomed in Cardiovascular, previously referred to as Interventional Solutions, and wound closure products in General Surgery.

“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,” said Joaquin Duato, Chairman and CEO.

Guidance: Johnson & Johnson raises fiscal year 2024 operational sales guidance to $89.2 billion-$89.6 billion versus prior guidance of $88.7 billion-$89.1 billion.

JNJ reaffirms 2024 reported sales guidance of $88 billion-$88.4 billion versus consensus of $88.74 billion.

The company expects fiscal year 2024 adjusted EPS guidance of $9.97–$10.07, down from prior guidance of $10.57–$10.72 versus the consensus of $10.01, to reflect the impact of recent acquisitions of Shockwave Medical, Proteologix, and NM26 Bispecific Antibody.

Price Action: JNJ shares are up 0.12% at $151.20 during the premarket session at the last check on Wednesday.

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This article Johnson & Johnson's Q2 Earnings: Revenue And Profit Beat On Strong Pharma Sales, Annual Profit Outlook Lowered On M&A Costs originally appeared on Benzinga.com

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