Johnson & Johnson Reports Over $85 Billion in 2023 Revenue, Driven by Nearly a Dozen Innovative Drugs Growing Over 10%

Jan 25, 2024 06:30 CST Updated 06:30

Johnson & Johnson

Medical Device R&D and Manufacturer

Last night, Johnson & Johnson (Johnson & Johnson）CompanyPublished 2023Q4 and Full-Year Earnings Announcement.Data shows that the company'sSales in the fourth quarter of 2023 reached $21.4 billion, with annual revenue reaching $85.2 billion.Of which, the revenue from new drugs in 2023 was approximately US$54.8 billion, and the revenue from medical devices was US$30.4 billion.

Johnson & Johnson 2023 Q4 and Full-Year Performance Overview

ComeSelf：Johnson & JohnsonOfficial Website

Johnson & Johnson's businesses cover biopharmaceuticals and medical devices,As can be seen from the performance announcement data：

In biopharmaceuticals，Revenue growth affected byThe promotion of products in oncology, immunology, and neuroscience, such as Darzalex (daratumumab), Erleada (apalutamide), Tecvayli (teclistamab), and Carvykti (ciltacabtagene autoleucel) in the field of oncology; Stelara (ustekinumab) and Tremfya (guselkumab) in the field of immunology; and Spravato (esketamine) in the field of neuroscience.
In the aspect of medical devices, Revenue growth was mainly driven by electrophysiology products in the interventional solutions sector, contact lenses in the vision sector, wound closure products in the general surgery sector, and biosurgery products.

As can be seen from the new drug revenue data of Johnson & Johnson, the company'sSuper Heavyweight VarietyUstekinumab Achieved Over $10 Billion in Revenue for the Full Year of 2023, increasing by 11.7% compared to 2022;Daratumumab Revenue Nearly $100 Billion, relatively Growth in 2022 22.2%。

What excites biopharmaceutical professionals in China is that Legend Biotech independently developed the product and later reached a global co-development collaboration with Johnson & Johnson.Cilta-celIn 2023, the total annual sales revenue reached 500 million US dollars.Cilta-celIt is a CAR-T cell therapy product targeting BCMA, used for the treatment of multiple myeloma. Currently, this product has not been approved in China and is in the review and approval stage for marketing application.

Overview of the Cilta-cel Program

ComeSelf：Insight Database Web Version

Johnson & Johnson's new drug annual revenue growth exceeds 10% for the products, includingGuselkumab, Rilpivirine, Methylphenidate, Esketamine, Apalutamide, etc. For these new drugs that experienced over 10% growth throughout 2023, the editor has compiled the following table for readers' convenience.

Johnson & JohnsonOverview of New Drugs with More Than 10% Growth in China in 2023

Data Description: Sales DataSource: Johnson & Johnson Earnings Report(Financial report data not specifiedThe annual growth data of Carvykti, therefore, the drug was not included in this table.）

Behind the strong growth of Johnson & Johnson's innovative drug products, there are also several drugs with negative revenue growth. Below, we have compiled a list of the company’s 2023 full-year revenue blockbuster drugs (exceeding $1 billion) that experienced negative or near-negative revenue growth.

Johnson & JohnsonFull Year 2023Revenue Exceeds $1 Billion but Growth is WeakList of Pharmaceuticals

Data Description:Source: Johnson & JohnsonPerformance Announcement andDXY Insight Database Annual Report Sales DataModule

As is known to all, in the biopharmaceutical industry, when drugs face patent cliffs or patent expiration and the market conditions for the targeted indications change significantly, the revenue status of the related drugs will be greatly altered.As can be seen from the table above, the compound patents for infliximab and rivaroxaban have expired, and they are clearly in a state of negative revenue growth; the core patents for golimumab and ibrutinib will expire in 2026, and they are also in a state of weak growth.

It is worth mentioning that Johnson & Johnson's revenue exceeded 10 billion US dollars in 2023.The Super Heavyweight Variety UstekinumabThe patent for the molecule expired in September 2023. The drug will face fierce competition from later entrants in the market. It is reported that Johnson & Johnson has previously collaborated with Alvotech and Teva Pharmaceuticals (Teva).）Reach a settlement to prevent them from selling before 2025.UstekinumabBiosimilar.

Mr. Joesph Wolk, Chief Financial Officer of Johnson & Johnson, pointed out that "The company is in a very advantageous position to continue accepting various types of transactions.In 2023, the company spent over $3 billion on small deals through licensing or partnerships and signed more than 50 deals.

Johnson & JohnsonChairman and Chief Executive Officer Joaquin Duato said:「Johnson & Johnson's full-year 2023 performance reflects the breadth and competitiveness of our business, as well as our unwavering focus on serving patients.We enter 2024 with a strong momentum, and I am highly confident in our ability to lead the next wave of health innovation.」

References:

1、Insight Database

2、Johnson & JohnsonPublic information such as performance announcements

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