Johnson & Johnson's Profit Prospects Surge Amid Strong Oncology Drug Sales

Johnson & Johnson has raised its 2024 profit and sales forecasts following robust performance in oncology drug sales, particularly with Darzalex. Positive financial results are attributed to regulatory approvals and the adoption of new drug forms, despite challenges in other product areas and regions.

Johnson & Johnson boosted its 2024 profit and sales projections, crediting strong performance in its oncology drug segment. The healthcare giant reported a near 19% global rise in oncology drug sales for the quarter, driven by the robust performance of Darzalex, which saw sales surge by more than $500 million from last year.

Analysts had predicted $2.92 billion in sales for Darzalex, yet the drug surpassed expectations, partly due to the widespread adoption of its subcutaneous version, which reduces treatment times and has received regulatory approvals for additional uses.

Despite facing some headwinds, particularly in the Asia Pacific medical technology markets, J&J's quarterly earnings of $2.42 per share beat analyst predictions, while overall sales exceeded forecasts, reflecting strong demand across various therapeutic areas.

(With inputs from agencies.)