Johnson & Johnson (J&J) released fourth-quarter and full-year results for 2024, reporting $88.8 billion in sales for 2024.
The company reported a full-year sales growth rate of 4.3%, with the MedTech segment sales growing by 4.8% while the pharmaceutical segment (Innovative Medicine) sales grew by 4%. The total 2024 sales for Innovative Medicine and MedTech segments were $56.96 billion and $31.86 billion, respectively.
Despite J&J reporting sales growth, the company’s share was down by about 2.6% in trading today (22 January), compared to the market close on the previous day. J&J’s market cap currently stands at $347.54 billion.
In the fourth quarter (Q4) of 2024, the MedTech segment reported a sales growth of 6.7%, compared to 5.8% in the previous quarter. J&J attributed the Q4 MedTech sales growth to Abiomed acquisition along with increased sales for electrophysiology and wound closure products.
J&J acquired the heart pump maker Abiomed in a deal worth $16.6 billion at the end of 2022. The New Jersey-based company has been steadily expanding its MedTech division. Last year, it expanded its cardiovascular offerings and acquired Shockwave Medical for approximately $13.1 billion. The same year, it shelled out $1.6 billion to boost its cardiovascular business by acquiring V-Wave.
Pharma sales
J&J’s Innovative Medicine division contributed $14.33 billion in sales in Q4 of 2024. The company stated that the growth in the pharmaceutical segment was primarily driven by its cancer therapies, which raked in $20.78 billion in sales last year. The company’s multiple myeloma treatment Darzalex (daratumumab) was the top revenue-generating drug pulling in $11.67 billion in sales over the year, up 20% from 2023.
Other high-grossing products included its prostate cancer therapy Erleada (apalutamide) along with its B cell maturation antigen (BCMA) directed chimeric antigen receptor (CAR) T-cell immunotherapy Carvykti (ciltacabtagene autoleucel), which generated $3 billion and $963 billion in 2024, respectively.
J&J’ non-oncology drugs included its interleukin-23 (IL-23) targeting monoclonal antibody, Tremfya (guselkumab), which is approved for several immunology indications such as plaque psoriasis, psoriatic arthritis, and ulcerative colitis. The company’s ketamine therapy Spravato (esketamine) also entered the blockbuster territory and grossed $1.07 billion in sales last year.
However, the sales of its previous top performer, Stelara (ustekinumab) dropped by 4.6% from $10.86 billion in 2023 to $10.3 billion in 2024. The drop was driven by the introduction of biosimilar in Europe. AbbVie’s blockbuster Humira (adalimumab), which is approved in similar indications, has previously reported a 31.9% decline in the therapy’s revenue due to biosimilar competition in 2023 compared to the previous year.
2025 forecast
J&J has made moves to expand its neurosciences portfolio. Earlier this month, the company announced its intention to Intra-Cellular Therapies in a deal worth $14.6 billion. Intra-Cellular’s main asset is an anti-psychotic Caplyta (lumateperone), which is approved in the US to treat schizophrenia and bipolar depression.
For 2025, J&J expects a modest operational sales growth of 2.5%-3%, translating to $90.9 -91.7 billion, compared to $88.8 billion it reported for 2024. The company was also conservative in its earnings per share guidance, which are seen in the range of $10.75 to $10.95.
