(Reuters) -Johnson & Johnson beat estimates for second-quarter profit and revenue on Wednesday. J&J strong sales of its drugs, including cancer treatment Darzalex and blockbuster psoriasis drug Stelara.
Stelara has long been a key driver of revenue growth for J&J, with analysts forecasting sales of over $10 billion this year. But this could fall to about $7 billion in 2025 when as many as six close copies of the drug are due to launch in the U.S. #JnJDrugSales
J&J’s CFO, Joe Wolk, anticipates finalizing contracts within three months to secure favorable U.S. insurance coverage for Stelara in 2025.
“I’ll remind you that we are still calling for growth in our pharmaceutical business despite the biosimilar competition that we intend to encounter next year,” he said.
In the second-quarter, Stelara sales rose 3.1% to $2.89 billion, topping analysts’ estimate of $2.77 billion according to LSEG data. Sales of blood cancer drug Darzalex rose 18.4% to $2.88 billion, edging past LSEG estimates of $2.86 billion. #JnJDrugSales
Total revenue of $22.4 billion surpassed the consensus estimate of $22.3 billion, according to LSEG data. Adjusted earnings of $2.82 per share beat analysts’ expectations of $2.70 per share.
Johnson & Johnson revised its 2024 sales forecast to $89.2 billion to $89.6 billion, up from prior estimates.
Johnson & Johnson revised its annual per-share forecast to $10 to $10.10, down from $10.60 to $10.75. This adjustment factors in costs from recent deals, including the acquisition of Shockwave for $13 billion.
As J&J announces these earnings, it faces intensified competition in the Stelara market. However, the company remains optimistic about its ability to maintain market share.
The strong drug sales by J&J highlight its ability to maintain market position through effective sales strategies and ongoing pharmaceutical innovation.
