Johnson & Johnson's First-Quarter 2024 Financial statements

Johnson & Johnson (NYSE: JNJ) announced its financial results for the first quarter of 2024. Chairman and CEO Joaquin Duato highlighted the company's solid performance and progress in its portfolio and pipeline. Duato stated, "Our impact across the full spectrum of healthcare is unique in our industry, and the milestones achieved this quarter reinforce our position as an innovation powerhouse."

Overall Financial Results

For the first quarter of 2024, Johnson & Johnson reported sales of $21.383 billion, a 2.3% increase from $20.894 billion in 2023. Net earnings were $5.354 billion, up from a net loss of $491 million in the first quarter of 2023. Diluted earnings per share (EPS) were $2.20, compared to a loss of $0.19 per share in the previous year.

On a non-GAAP basis, adjusted net earnings were $6.580 billion, a 3.8% increase from $6.340 billion in 2023. Adjusted diluted EPS rose by 12.4% to $2.71, up from $2.41 in the same period last year.

Regional Sales Results

In the United States, sales increased by 7.8% to $11.620 billion, compared to $10.782 billion in the first quarter of 2023. International sales, however, decreased by 3.4% to $9.763 billion, from $10.112 billion in the previous year. Worldwide, sales grew by 2.3% to $21.383 billion.

Segment Sales Results

Johnson & Johnson's Innovative Medicine segment reported operational sales growth of 2.5%, reaching $13.562 billion. This growth was driven by products such as DARZALEX, ERLEADA, CARVYKTI, TECVAYLI, UPTRAVI, OPSUMIT, TREMFYA, and SPRAVATO.

The MedTech segment experienced a 6.3% increase in operational sales, amounting to $7.821 billion. This growth was primarily driven by electrophysiology products, Abiomed in Cardiovascular, and wound closure products in General Surgery.

Full-Year 2024 Guidance

Johnson & Johnson has updated its full-year 2024 guidance. Adjusted operational sales are now expected to grow by 5.5% to 6.0%, with a midpoint of 5.8%. Operational sales are projected to be between $88.7 billion and $89.1 billion, reflecting a 5.5% to 6.0% increase. Adjusted diluted EPS is expected to be in the range of $10.60 to $10.75, a 6.9% to 8.4% increase.

Highlights

• Johnson & Johnson reported Q1 2024 sales of $21.383 billion, a 2.3% increase.
• Net earnings for the quarter were $5.354 billion, a significant rise from a net loss of $491 million in Q1 2023.
• Adjusted diluted EPS rose by 12.4% to $2.71.
• U.S. sales grew by 7.8% to $11.620 billion, while international sales decreased by 3.4% to $9.763 billion.
• Innovative Medicine operational sales grew by 2.5%, driven by key products in oncology, pulmonary hypertension, immunology, and neuroscience.
• MedTech segment sales increased by 6.3%, with strong performance in cardiovascular and general surgery products.
• Johnson & Johnson raised its full-year 2024 guidance, with adjusted operational sales expected to grow by 5.5% to 6.0%.

Data Source: https://www.jnj.com/media-center/press-releases/johnson-johnson-reports-q1-2024-results