Reporting its Q1 2024 results, Big Pharma’s earnings bellwether, Johnson & Johnson (NYSE:JNJ), revised its full-year outlook below consensus on Tuesday after sales from its MedTech division fell short of Street forecasts.
JNJ shares slipped in the premarket after the results, even as the New Brunswick, New Jersey, pharma giant’s Q1 2024 revenue reached $21.4B with ~2% YoY growth in line with consensus on a reported basis.
However, its updated 2024 revenue guidance of $88.0B–$88.4B indicated $88.2B at the midpoint compared to $88.4B in the consensus. Meanwhile, its adjusted EPS (diluted) outlook of $10.57–$10.72, implying $10.65 at the midpoint, fell slightly short of $10.66 in the consensus.
While J&J’s (JNJ) pharma division, currently known as Innovative Medicine, exceeded forecasts, adding $13.6B to the topline with ~1% YoY growth even as its international sales fell ~7% YoY to $6.0B.
JNJ’s MedTech division generated $7.8B with ~5% YoY growth, thanks to recent acquisitions such as heart pump maker Abiomed but fell short of $7.9B in the consensus, according to Bloomberg data.
In the pharmaceutical segment, blood thinner Xarelto added $518M, and lymphoma therapy Imbruvica brought $784M with ~10% YoY and ~5% YoY declines, respectively.
Multiple myeloma therapy Darzalex, a partnership with Genmab (GMAB), added $2.7B, while Stelara, a treatment indicated for immune disorders, generated $2.5B in sales, largely unchanged from last year, slightly falling short of Street forecasts.
Meanwhile, cancer cell therapy Carvykti, marketed with Legend Biotech (LEGN), and Tecvayli, a bispecific antibody developed with Ligand Pharmaceuticals (LGND), generated $157M and $133M to the topline, respectively.
