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J&J surpasses first-quarter profit expectations fueled by strong performance in cancer drug sales

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J&J beats first-quarter profit estimates on cancer drugs strength, ET HealthWorld

Johnson & Johnson (J&J) has reported a first-quarter profit above Wall Street estimates, attributed to strong sales of its cancer drugs, including the blockbuster blood cancer treatment Darzalex. Sales of Darzalex saw a significant jump of about 19% to $2.69 billion, while the sales of the psoriasis drug Stelara remained flat at $2.45 billion in the first quarter.

The blood cancer therapy, Darzalex, launched in 2015, is anticipated to bring in sales exceeding $11 billion for J&J this year, as per analysts’ predictions. To combat competition, J&J has secured deals to delay the U.S. launches of similar drugs to Stelara until 2025, expanding its revenue potential for the years 2024 and 2025.

While biosimilars of Stelara are set to launch in other regions later this year, J&J has already partnered with Alvotech to introduce its close-copy in Japan, Canada, and Europe this year. The company’s adjusted earnings per share for the first quarter stood at $2.71, surpassing analysts’ estimates of $2.64. J&J reported a total revenue of $21.38 billion, slightly below the estimated $21.40 billion.

J&J is now projecting an adjusted operating profit per share between $10.60 and $10.75 for 2024, up from the previous forecast. The company’s sales were also driven by its cancer cell therapies, Carvykti and Tecvayli, with quarterly sales reaching $157 million and $133 million, respectively. These products are part of ten J&J products expected to generate peak sales exceeding $5 billion.

In conclusion, J&J’s strong performance in the first quarter is mainly attributed to the robust sales of its cancer drugs, particularly Darzalex, positioning the company for continued success in the pharmaceutical market. I’m [Your Name] reporting for [Publication Name].

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