Johnson & Johnson Boosts 2024 Outlook on Strong Oncology Drug Sales

Johnson & Johnson raised its 2024 profit and sales forecasts following strong sales of its oncology drugs. The healthcare giant surpassed Wall Street expectations with its third-quarter results, driven by the success of cancer drug Darzalex. However, the company faced challenges in its medtech sector, particularly in China.

Johnson & Johnson has raised its 2024 profit and sales forecasts, spurred by robust sales of its oncology drugs. The New Jersey-based healthcare conglomerate reported quarterly results that exceeded Wall Street expectations, thanks to the strong performance of cancer treatment Darzalex, which saw a revenue boost of more than $500 million compared to last year.

Despite a decline in profits from the previous year, J&J's quarterly earnings per share surpassed analyst estimates, coming in at $2.42 on an adjusted basis against expectations of $2.21. The company now projects annual sales to range between $89.4 billion and $89.8 billion, revising its previous estimate of $89.2 billion to $89.6 billion.

J&J's medtech sector showed a moderate increase in sales but did not meet analyst projections, partly due to challenges faced in the Asia Pacific market, including China. Chief Financial Officer Joe Wolk acknowledged short-term difficulties in the region but remained optimistic about future growth.

(With inputs from agencies.)