Johnson & Johnson Reports H1 2023 Revenue of $50.3 Billion, Driven by Stelara Exceeding $5.2 Billion and Darzalex Growing 22%

On July 20, Johnson & Johnson announced its H1 2023 performance, with total revenue of $50.276 billion, a year-on-year increase of 6%. Q2 revenue reached $25.530 billion, marking a 6.3% year-on-year growth. R&D investment amounted to $7.392 billion, reflecting a 3.2% year-on-year increase.

In terms of business segments, pharmaceuticals revenue reached $27.144 billion in the first half of the year (+3.7%), with Q2 revenue at $13.731 billion (+3.1%); medical devices revenue was $15.269 billion (+10.1%), with Q2 revenue at $7.788 billion (+12.9%); consumer health revenue amounted to $7.863 billion (+6.4%), with Q2 revenue at $4.011 billion (+5.4%).

Notably, in May this year, Kenvue, a subsidiary of Johnson & Johnson's consumer health business, went public on the NYSE through an IPO, with a current market value exceeding $45 billion.

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In terms of pharmaceuticals business, Johnson & Johnson's products mainly focus on immunology, oncology, neuroscience, anti-infectives, pulmonary hypertension, as well as cardiovascular & metabolic treatment areas. Among them, immunology and oncology are the main sources of Johnson & Johnson's performance. In the first half of this year, they contributed $8.608 billion (+0.9%) and $8.510 billion (+6.5%), respectively. In Q1, the figures were $4.496 billion (+1.9%) and $4.398 billion (+8.8%), respectively.

Next are the neuroscience and anti-infective fields, with revenues of $3.594 billion (+3.5%) and $2.707 billion (+3.6%) respectively in the first half of the year. The pulmonary arterial hypertension as well as cardiovascular & metabolic treatment fields generated revenues of $1.844 billion (+8.8%) and $1.877 billion (-0.3%) respectively.

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Specifically, in the oncology field, Darzalex (daratumumab), Erleada (apalutamide), and Carvykti (ciltacabtagene autoleucel) showed strong growth, with revenues of $4.695 billion (+22.2%), $1.109 billion (+30.4%), and $189 million, respectively, in the first half of the year. Due to intense competition, Imbruvica (ibrutinib) sales in markets outside the United States, managed by Johnson & Johnson, declined by 16.9% year-over-year in the first half of the year ($1.668 billion).

In the autoimmune field, Stelara (ustekinumab) generated revenue of $5.241 billion in the first half of the year (+7.2%), and is expected to join the billion-dollar club by the end of the year. Tremfya (guselkumab) sales continued to grow ($1.346 billion, +13.4%).

In addition, Johnson & Johnson has cut its pipelines for hepatitis B (JNJ-3989, JNJ-7744, JNJ-3283), hepatitis D (JNJ-3989), influenza (JNJ-0953), and HIV (VAC89220, an ultra-long-acting HIV drug in Phase I clinical trials).

In the pharmaceutical field, Johnson & Johnson will face several key milestones in the second half of 2023, such as the European and American regulatory approvals for the GPRC5D/CD3 bispecific antibody talquetamab and the U.S. regulatory approval for the hypertension drug aprocitentan.

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Overall, Johnson & Johnson achieved strong business growth in the first half of the year. Based on this, Johnson & Johnson has raised its 2023 revenue forecast from the original $97.9-$98.9 billion to $99.3–$100.3 billion.

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