J&J again boosts full-year outlook as Darzalex, Stelara drive growth

20 Jul 2023
firstwordpharma.com
Financial StatementVaccineBiosimilar
Headline results for the second quarter:
Prescription drug sales: $13.7 billion, up 3.1%
Overall revenue: $25.5 billion (forecasts of $24.6 billion), up 6.3%
Profit: $5.1 billion, up 6.9%
Note: All changes are versus the prior-year period unless otherwise stated
What the company said:
Johnson & Johnson noted that growth in the second quarter was driven by Darzalex, Carvykti, Stelara, Tremfya, Uptravi, Opsumit and Spravato, which was partially offset by Zytiga, Imbruvica, COVID-19 vaccinesCOVID-19 vaccines and Remicade.
CEO Joaquin Duato, who has been in the job for just over a year, said "we are entering the back half of the year from a position of strength with numerous catalysts, including becoming a two-sector company focused on pharmaceutical and medtech innovation."
Other quarterly results:
Immunology product sales: $4.5 billion, up 1.9%
Stelara: $2.8 billion, up 7.6%
Tremfya: $706 million, up 18.3%
Remicade: $462 million, down 28.6%, hit by biosimilar competition
Oncology product sales: $4.4 billion, up 8.8%
Darzalex: $2.4 billion, up 22.4%
Imbruvica: $841 million, down 13.2%, due to "global competitive pressure"
Erleada: $567 million, up 25.9%
Zytiga: $227 million, down 55.1%, following loss of exclusivity
Carvykti: $117 million, up from $24 million in the prior year
Infectious diseases product sales: $1.1 billion, down 14.8%
COVID-19 vaccineCOVID-19 vaccine: $285 million, down 47.7%
Prezista/Prezcobix/Rezolsta/Symtuza: $491 million, up 5.8%
Invega Sustenna/Xeplion/Invega Trinza/Trevicta: $1 billion, down 2.1%
Pulmonary hypertension products: $972 million, up 15.3%
Xarelto: $637 million, up 4.7%
Consumer health: $4 billion, up 5.4%, which was recently split off into a standalone company called Kenvue
Looking ahead:
Johnson & Johnson now expects sales this year of between $98.8 billion and $99.8 billion, with both ends lifted by $900 million from the guidance issued in April. The company added that it sees "slightly higher" operational sales growth in the second half of the year for prescription drugs.
Meanwhile, earnings in 2023 are predicted to be from $10.70 to $10.80 per share, with both ends of the range increased by $0.10 from an earlier estimate. above estimates of $10.65 per share
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