Johnson & \u2060Johnson<\/a> beat Wall Street estimates for second-quarter sales and profit on Wednesday, as strong growth from immunology \u200bdrug Tremfya and cancer blockbuster \u200bDarzalex more than \u200boffset erosion from older products and a drop in sales for heart pumps it picked up in its 2022 acquisition of Abiomed.<\/p>\nJ&J also increased its full-year sales and \u2060profit \u200cforecast. <\/p>\n
The healthcare conglomerate reported second-quarter sales of $25.31 billion, \u2060up 6.6% from a year earlier and above analysts’ average estimate of about $25.05 billion, according to LSEG data. Adjusted earnings were $2.90 per share, up 4.7% from a year ago and topping analyst expectations \u200cof $2.85.<\/p>\n
It now expects sales of about $101.1 billion at the midpoint, from $100.8 billion previously. The company also raised its adjusted earnings per share forecast \u200bto $11.68 at the midpoint, from $11.55 previously.<\/p>\n
The company said its pharmaceutical unit generated $16.38 billion in quarterly sales, ahead of analyst estimates of $16.1 billion.<\/p>\n
Sales of its psoriasis and inflammatory bowel disease drug Tremfya rose 72.5% to $2 billion, compared with \u2060LSEG estimates of $1.74 billion. Tremfya has become increasingly important as J&J works to replace sales lost \u200cfrom Stelara, whose revenue has fallen sharply after losing \u200cits patent protection.<\/p>\n
Second-quarter sales of blood cancer treatment Darzalex were $4.2 billion in the quarter, roughly in line with analyst estimates.<\/p>\n
Sales at J&J’s medical technology unit were $8.93 billion, slightly trailing analyst \u2060estimates.<\/p>\n
CFO Joseph Wolk said in an interview that Abiomed sales in the \u2060quarter were hurt after publication of a U.K. study that raised \u2060questions about the use of Impella pumps during certain high-risk coronary procedures. Abiomed sales in the quarter fell 2% year over year, \u200bcompared with 14% growth in the \u200cfirst quarter.<\/p>\n
He said J&J expects the franchise to return to growth, particularly as the company releases more data showing the utility of the pumps.<\/p>\n
“We have a big data set coming out probably in the first half of next year that should allay any fears,” Wolk \u200bsaid. “When you have 28 platforms that generate \u200cat least $1 billion in revenue on an annual basis, we’re not dependent on one asset.”<\/p>\n
Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Johnson & \u2060Johnson beat Wall Street estimates for second-quarter sales and profit on Wednesday, as strong growth from…\n","protected":false},"author":2,"featured_media":801880,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[64,63,507,174,8551,137,508,500,34166],"class_list":["post-801879","post","type-post","status-publish","format-standard","has-post-thumbnail","category-healthcare","tag-au","tag-australia","tag-biotech-and-pharmaceuticals","tag-business-news","tag-earnings","tag-health","tag-health-care-industry","tag-healthcare","tag-johnson-johnson"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/801879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=801879"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/801879\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/801880"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=801879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=801879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=801879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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