Johnson & Johnson released its first quarter financial report Monday morning, highlighting a sales growth of 2.3% to $21.4 billion and touting an 8.3% growth in worldwide innovative medicine sales driven by Darzalex and Carvykti, among others.
Sales of its cancer drug Darzalex hit $2.69 billion for the quarter and was ahead of most consensus, with $1.4 billion coming from the US and $1.22 billion in the rest of the world, according to a press release from licensing partner Genmab.
Jefferies analysts wrote Monday morning that Darzalex sales were 2% above Genmab’s consensus (which earns royalties on the drug) and 6% ahead of Jefferies’ expectations.
J&J also increased its operational sales growth expectation for the full year — from 5.5% to 6% ($88.7 billion to $89.1 billion), compared to the previous expectations of 5% to 6% ($88.2 billion to $89 billion).
In the first quarter of 2024, when compared to the same period last year, J&J saw a 7.8% increase in US sales to $11.6 billion while outside the US, sales dipped slightly by 3.4% to $9.7 billion.
Medtech worldwide operational sales grew 6.3%, driven primarily by electrophysiology products and its subsidiary Abiomed, a piece of its recent strategy to focus on medtech for acquisitions. Earlier this month, J&J paid $13.1 billion in cash to buy Shockwave Medical, adding that to a $400 million buyout of Laminar last November and the $16.6 billion takeover of Abiomed in November 2022.