J&J beats quarterly sales and profit estimates on cancer drug sales (updated)

Intra-Cellular Therapies

22/01/2025 11:40

(Adds background on deals in paragraph 7)
    By Patrick  Wingrove and Bhanvi Satija
       Jan 22 (Reuters) - Johnson & Johnson  JNJ.N , fresh off
a $14.6 billion deal to buy neurological drugmaker
Intra-Cellular  ITCI.N , reported fourth-quarter sales and
profit above Wall Street estimates on Wednesday, driven by
strong sales of its cancer treatments. 
    The New Jersey-based drugmaker also said it expects 2025
sales of between $90.9 billion and $91.7 billion and to earn
between $10.75 and $10.95 per share on an adjusted basis.
Analysts were expecting sales of $90.98 billion and a profit of
$10.56 per share for 2025, according to data compiled by LSEG.
    J&J's fourth-quarter sales stood at $22.52 billion, up 5.3%
from a year ago and above analysts' expectations of $22.42
billion, according to LSEG data. 
    On an adjusted basis, the company earned $2.04 per share in
the quarter - which includes a 22 cents charge related to its
acquisition of medical device-maker V-Wave - nearly 11% lower
than the previous year but above analysts' estimates of $2.01
per share. 
    Quarterly sales of J&J's cancer drugs rose 19% worldwide,
driven by more than $3 billion for multiple myeloma treatment
Darzalex, which was up 20.9% from a year ago.
    "Darzalex continues to be a pillar brand with respect to
performance," said J&J Chief Financial Officer Joe Wolk in an
interview, noting that sales from Shockwave Medical  SWAV.O 
also helped drive growth. 
    J&J has been on an acquisition spree to boost its drugs and
device businesses after spinning off its consumer unit in 2023.
Last week, it announced a $14.6 billion deal for Intra-Cellular
- its biggest deal in two years - to boost its portfolio of
psychiatric drugs. 
        Last year, J&J bought heart device maker Shockwave
Medical for 
    $13.1 billion
    . Shockwave generated $258 million in sales for the quarter
and $564 million for the year, according to J&J. 
    J&J's innovative medicine unit brought in fourth-quarter
sales of $14.33 billion while its medtech unit generated $8.19
billion, up 4.4% and 6.7% respectively compared to a year ago. 
    Sales of J&J's blockbuster psoriasis treatment Stelara fell
14.7% to $2.35 billion in the fourth quarter. Analysts were
expecting sales of $2.25 billion, according to LSEG data. 
    Close copies of Stelara launched in Europe, Canada and a few
other markets last year. Several Stelara biosimilars are
expected to launch in the U.S. this year. 
    For the full year, Stelara brought in revenue of $10.36
billion, making up more than 18% of J&J's total drug sales of
$56.96 billion for 2024. Analysts were expecting sales of $10.59
billion for Darzalex.  
        Annual sales of the drug are expected to fall to about
$7 billion this year. 
    Darzalex brought in annual sales of $11.67 billion, making
it J&J's biggest-selling drug. Analysts were expecting sales of
$11.11 billion for this year. 
        The company's cancer cell therapy Carvykti brought in
sales of $334 million for the quarter and $963 million for the
full year. Analysts were expecting sales of $280 million for the
quarter and annual sales of $908 million. 
  


 (Reporting by Patrick Wingrove in New York and Bhanvi Satija in
Bengaluru; Editing by Stephen Coates)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))