Johnson & Johnson Reports Q1 2024 Earnings: $21.4 Billion Revenue, Carvykti Sales Reach $160 Million

On April 16, Johnson & Johnson announced its 2024 Q1 financial report, with total revenue of $21.383 billion, a year-on-year increase of 2.3%. R&D investment was $3.542 billion, a year-on-year increase of 2.5%.

In 2023,After completing the divestiture of its consumer health business, Johnson & Johnson integrated its pharmaceuticals (formerly Janssen, now renamed "Johnson & Johnson Innovative Medicine") and medical technology businesses. Johnson & Johnson Innovative Medicine focuses on areas such as oncology, immunology, neuroscience, cardiovascular diseases, pulmonary hypertension, and retinal conditions; while the medical technology sector is dedicated to surgical, orthopedic, ophthalmic, and interventional solutions.

Financial reports show that Johnson & Johnson's innovative pharmaceuticals business achieved $13.562 billion in revenue (+1.1%) in the first quarter, while its medical technology business generated $7.821 billion in revenue.

Among them,Innovative Drug BusinessMain revenue sources: Oncology revenue $4.814 billion (+17.1%) and Immunology revenue $4.247 billion (+3.3%).

The growth of the anti-tumor business is mainly due toCarvykti（Cilta-cel）Sales driven by Darzalex (daratumumab), Erleada (apalutamide), and Tecvayli (teclistamab).

Among them, the BCMA CAR-T therapy developed in collaboration with Legend BiotechCarvyktiIn its second year on the market, sales reached $500 million in 2023. With the drug's recent successful promotion to second-line treatment earlier this month, achieving $1 billion in sales this year is not out of the question.

Also,BCMA×CD3Tecvayli, a bispecific antibody, successfully expanded its new indication in February this year, forHave achieved and maintained complete remission (CR) for at least six monthsR/R Multiple Myeloma (MM）Patients, rapid scaling will continue.

InMMThisIn terms of indications, Johnson & Johnson has deployed various products such as anti-CD38 monoclonal antibodies, CAR-T, BCMA×CD3 bispecific antibodies, and CD3×GPRC5D bispecific antibodies, aiming to redefine their treatment models.

It is worth noting that, in contrastJohnson & JohnsonPipeline in December 2023, at the beginningIn the updated pipeline, the Phase I projects for two tumors, JNJ-8114 (PSMA/CD3) and JNJ-4916 oncolytic virus, are no longer visible.

The autoimmune business has not seen significant growth, mainly because its star product, Stelara (ustekinumab), lost patent protection in the U.S. in September 2023 and is now facing competition from numerous biosimilars. According to statistics from the Pharma ONE database, a total of 78 companies globally are involved.StelaraResearch on biosimilars, of which 8 have been approved for marketing, 3 are in the marketing application stage, and 24 have entered phase III clinical trials.

In addition, Remicade (Infliximab), a TNF-α inhibitor of the same target as Humira, experienced a double-digit sales decline. This drug, first approved in 1998, has still shown relatively strong performance.

What prevented Johnson & Johnson's immunology business from experiencing an overall decline was the performance growth of its new star product, Tremfya (Guselkumab). This IL-23 monoclonal antibody was first approved in 2017 for the treatment of adult patients with moderate to severe plaque psoriasis and has since expanded to include indications such as palmoplantar pustulosis and psoriatic arthritis in regions including the United States and Japan.

Tremfya Global Sales Reached $3.146 Billion in 2023, Can It Fully Sustain?Stelara's $10 Billion Sales Milestone, a Relay Worth Anticipating.

Moreover, it is the first quarter of 2024.Johnson & Johnson's BDTrend. On January 8, Johnson & Johnson announced a $2 billion deal to acquire Ambrx, gaining access to multiple ADC candidates, including ARX517 (PSMA ADC) for the treatment of metastatic castration-resistant prostate cancer. This move not only compensates for the loss of Zytiga (abiraterone)) The decline in performance also helps Johnson & Johnson pave the way for the subsequent development of other solid tumors such as breast cancer.

IfThe acquisition of Ambrx is for Johnson & JohnsonThe enhancement of the innovative drug business, then the $13.1 billion acquisition of Shockwave is for its medicalTherapy technology business enhancement. Shockwave owns the only currently commercialized intravascular lithotripsy (IVL) technology for the treatment of calcified peripheral artery disease and calcified coronary artery disease.

This is another major acquisition in the cardiovascular field by Johnson & Johnson, following its $400 million upfront payment for Laminar, a developer of left atrial appendage closure devices for atrial fibrillation treatment, in November 2023, and the $16.6 billion acquisition of heart pump giant Abiomed in November 2022. With this, Johnson & Johnson will take a leading position in various cardiovascular disease areas, including atrial fibrillation, heart failure, vascular calcification, and angina.

Finally, Johnson & Johnson raised its 2024 full-year growth forecast to "5.5%-6%”（887-891Billion US dollars), previously expected to be5%-6%（882-$890 billion）。

The following isJohnson & Johnson Innovative Medicine Pipeline2024Key Events.

Cover image source:123rf

ODAC Unanimously Approves! MRD Poised to Become Accelerated Approval Endpoint for Multiple Myeloma Trials

How many BD deals will be generated after AACR?

Caught Between "Turning a Blind Eye to Death" and "Feeding on Empty Promises": The Accelerated Approval of Oncology Drugs

Click to read the original text and learn more!