Johnson & Johnson reports 5.2% sales growth in third quarter 2024

By Tamara Parker • Tuesday, October 15 15:18 • Permanent Link

Johnson & Johnson (J&J) has reported its third-quarter 2024 results, with reported sales growing by 5.2% to $22.5 billion compared to the same period last year. The operational growth was even stronger at 6.3%, and adjusted operational growth was 5.4%. However, earnings per share (EPS) saw a significant decrease, with reported EPS dropping by 34.3% to $1.11, and adjusted EPS decreasing by 9.0% to $2.42.

The company also noted a 13.3% decrease in adjusted net earnings to $5.876 billion. Despite these declines, the company's free cash flow for the year-to-date period is estimated to be around $14 billion, a substantial increase from the previous year's $11.974 billion.

In terms of regional sales, the U.S. market saw a reported sales increase of 7.6%, while international markets experienced a 2.2% reported sales growth. The company's segment sales for innovative medicine and medtech both showed positive growth, with operational sales increasing by 6.3% and 6.4% respectively.

The company highlighted significant pipeline progress, including regulatory approvals for several key drugs and the submission of an investigational device exemption for their general surgery robotic system, Ottava.

Looking ahead, J&J has increased its full-year 2024 operational sales guidance and updated its adjusted operational EPS guidance to reflect improved performance and the acquisition of V-Wave, despite costs associated with the acquisition more than offsetting the performance improvement.

Notable announcements during the quarter included regulatory submissions and approvals for various drugs across different therapeutic areas. The company also made significant product launches and completed the acquisition of V-Wave.

These results reflect J&J's commitment to delivering healthcare innovation, despite the challenges posed by the one-time special charge and acquired intangible assets impacting the financial metrics. The market has reacted to these announcements by moving the company's shares 1.2% to a price of $163.58. If you want to know more, read the company's complete 8-K report here.

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