Johnson & Johnson has reported a 12.8% decrease in net earnings for the second quarter (Q2) of 2024, with figures falling to $4.6bn from $5.3bn in the same period of the previous year.
The second quarter sales of the company grew by 4.3% to $22.4bn, up from $21.5bn in Q2 2023.
Earnings per share (EPS) saw a decline of 5.9% to $1.9, down from $2.05 per share in the previous year.
On a non-GAAP (generally accepted accounting principles) diluted basis, adjusted EPS grew by 10.2% to $2.8 from $2.5 in Q2 2023.
In the US, reported sales surged by 7.8% to $12.5bn compared to $11.6bn in Q2 2023, while worldwide sales experienced a 4.3% increase to $22.4bn versus $21.5bn in the same quarter of the previous year.
Operational sales growth was led by innovative medicines, with notable performances from DARZALEX, ERLEADA and other oncology products, TREMFYA and STELARA in immunology, and SPRAVATO in neuroscience.
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By GlobalData
These products contributed to an 8.8% growth in worldwide operational sales, excluding the Covid-19 vaccine.
The MedTech division also reported positive growth, with worldwide operational sales increasing by 4.4%, influenced by a 0.4% impact from acquisitions and divestitures.
Johnson & Johnson chairman and CEO Joaquin Duato stated: “Johnson & Johnson’s second quarter performance reflects our relentless focus on advancing the next wave of medical innovation and resulted in strong sales and adjusted operational earnings per share growth.
“With a robust pipeline, upcoming regulatory milestones for RYBREVANT and TREMFYA, the integration of Shockwave, and continued expansion of newly launched products, including ACUVUE OASYS MAX 1-Day contact lenses and our VARIPULSE platform, we have a strong foundation for near and long-term growth.”
Johnson & Johnson has now updated its full-year 2024 operational sales and EPS guidance.
The company expects its operational sales for the full year to be between $89.2bn and $89.6bn, with an adjusted operational diluted EPS forecasted to range from $10.0 to $10.10.
This development comes after the company’s notable financial performance increase in the first quarter of 2024.