TLDR:
- J&J posted better-than-expected Q3 sales and profit, driven by strong cancer drug performance
- The company raised its full-year profit and sales guidance
- Darzalex sales grew 20.7% YoY to over $3 billion
- Stelara sales fell 6.6% to $2.68 billion, with further declines expected due to biosimilar competition
- J&J remains confident in meeting its 2025 pharmaceutical sales target despite Stelara’s patent expiration
Johnson & Johnson (J&J) reported stronger-than-anticipated third-quarter results on Tuesday, October 15, 2024, primarily driven by the robust performance of its cancer drugs.
The healthcare giant also raised its full-year profit and sales forecasts, showcasing confidence in its ongoing business operations despite challenges in some areas.
For the quarter ending in September, J&J posted sales of $22.47 billion, representing a year-over-year growth of 5.2%. This figure surpassed Wall Street expectations, as did the company’s adjusted earnings of $2.42 per share, which were down 9% from the previous year but still beat analysts’ estimates of $2.21 per share.

The star performer in J&J’s portfolio was its cancer drug division, which saw sales rise nearly 19% worldwide. Leading the charge was Darzalex, a treatment for multiple myeloma, which brought in over $3 billion in sales, marking a significant 20.7% increase from the same period last year.
J&J’s Chief Financial Officer, Joe Wolk, attributed this success to the continued adoption of the subcutaneous version of Darzalex, which significantly reduces treatment time, as well as regulatory approvals for additional uses.
Another notable performer in the oncology segment was Carvykti, a cancer cell therapy that generated sales of $286 million, exceeding analyst expectations of $239 million.
However, the company noted that tight supply has been limiting Carvykti’s sales potential and stated that efforts are underway to boost production capacity at plants in New Jersey and Belgium.
While the cancer drugs shone brightly, J&J’s blockbuster psoriasis drug Stelara experienced a 6.6% decline in sales, bringing in $2.68 billion for the quarter.
This drop was expected, as Stelara faces increasing competition from biosimilar versions in various markets, including Canada, the European Economic Area, and Japan. The company anticipates further sales declines for Stelara in the coming year, with as many as six biosimilar competitors potentially entering the U.S. market.
Despite the challenges facing Stelara, J&J expressed confidence in its ability to meet its 2025 pharmaceutical sales target of over $57 billion. This optimism is bolstered by the strong performance of other drugs in its portfolio and ongoing research and development efforts.
In light of the positive quarterly results, J&J revised its full-year outlook upward. The company now expects to post full-year sales between $89.4 billion and $89.8 billion, up from its previous forecast of $89.2 billion to $89.6 billion. Additionally, J&J raised its full-year profit forecast to a range of $9.86 to $9.96 per share, including charges related to mergers and acquisitions.
The medical devices unit of J&J also saw growth, with sales increasing by 5.8% to $7.9 billion. However, this figure fell slightly short of analysts’ expectations of $8.05 billion. The company noted some headwinds in the Asia Pacific region, particularly in China and Japan, which impacted the performance of this division.
It’s worth noting that J&J faced some challenges during the quarter, including the impact of Hurricane Helene on business operations in western North Carolina and Florida. The company is also monitoring potential shortages of IV fluids, which could affect surgical procedures across its portfolio if the situation persists.
In response to these strong quarterly results and the raised outlook, J&J’s shares saw an uptick of nearly 3%, trading at $166.14 amidst a generally down day for the broader market.
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