Johnson & Johnson Reports Strong Q3 2023 Results with Growth in Pharmaceutical and MedTech Segments, Raises Full-Year Guidance

Oct 17, 2023 22:10 CST Updated 22:10

Johnson & Johnson

Healthcare Product Manufacturers, Health Service Providers

October 17,Johnson & Johnson announced its latest Q3 2023 financial results. Additionally, due to significant growth in sales from its pharmaceutical and medical device businesses,Raised the full-year forecast.

Data shows that Johnson & JohnsonQ3 Revenue $21.35 Billion, Up 6.8% Year-over-Year, higher than the expected $21.04 billion. Net profit of $4.31 billion (flat).

Looking ahead, Johnson & Johnson has raised its full-year performance guidance.Full-year sales for 2023 are expected to be $83.6 billion to $84.0 billion, previously expected to be between 83.2 billion and 84 billion US dollars.

By Business:

Pharmaceutical BusinessRevenue of $13.89 billion, up over 5% year-on-year.

Growth was driven by sales of the biologic Darzalex for the treatment of multiple myeloma, the prostate cancer treatment Erleda, and other oncology drugs.

In addition, Stelara, a blockbuster drug used to treat various immune-mediated inflammatory diseases, also contributed to this growth. However, later this year, Johnson & Johnson will lose patent protection for Stelara.

In addition, the BCMA CAR-T therapy Carvykti, developed in collaboration with Legend Biotech, achieved total sales of $341 million (approximately 2.5 billion RMB) from January to September. It is projected to surpass $500 million in sales this year and is expected to exceed $1 billion next year.

Medical Device BusinessRevenue reached nearly $7.46 billion, a year-on-year increase of 10%.

Johnson & Johnson stated,The growth mainly came from electrophysiology products,The acquisition of artificial heart manufacturer Abiomed in December last year drove the growth of this business.。

Moreover, the orthopedics business revenue was $2.164 billion (+3.4%); the ophthalmology business revenue was $1.256 billion (+4.2%).

It is reported that this is Johnson & Johnson's first quarterly earnings report since the completion of its spin-off from its consumer health subsidiary, Kenvue, in August. Following the spin-off, Johnson & Johnson had temporarily lowered its full-year sales and profit guidance.

However, despite Johnson & Johnson's excellent third-quarter results, investors remain anxious about the thousands of lawsuits the company faces, which claim that Johnson & Johnson's talc products were contaminated with the carcinogen asbestos.Although these products, including Johnson & Johnson's namesake baby powder, now belong to Kenvue, Johnson & Johnson will assume all talc-related liabilities arising in the United States and Canada.

It was reported that in 2021, Johnson & Johnson transferred the talc powder claims to a new subsidiary, LTL Management, and immediately filed for bankruptcy protection. However, in July this year, a federal bankruptcy judge dismissed Johnson & Johnson's second attempt to resolve these lawsuits through bankruptcy.Johnson & Johnson previously stated that LTL Management intends to appeal the decision.

After the earnings report was released, as of press time, Johnson & Johnson's pre-market stock price rose by 1.54%. So far this year, Johnson & Johnson's stock price has fallen nearly 11% cumulatively, with a current market value of approximately $379 billion.

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