Johnson & Johnson reported second-quarter sales of $25.31 billion, a 6.6% increase from the previous year, surpassing analysts' expectations of $25.05 billion. Adjusted earnings were $2.90 per share, exceeding the forecast of $2.85.
The pharmaceutical segment was particularly strong, generating $16.38 billion in sales, with the immunology drug Tremfya seeing a remarkable 72.5% increase in sales to $2 billion, significantly above the $1.74 billion estimate. This growth is crucial for J&J as it seeks to offset declining revenues from older products like Stelara, which has lost patent protection.
The company also reported $4.2 billion in sales from Darzalex, aligning with analyst expectations. However, the medical technology unit's sales of $8.93 billion fell slightly short of estimates, impacted by a U.K. study that raised concerns about the use of Abiomed's Impella pumps, leading to a 2% decline in sales for that segment.
CFO Joseph Wolk expressed confidence in returning to growth for Abiomed, citing upcoming data releases that should alleviate concerns. Overall, J&J has raised its full-year sales forecast to approximately $101.1 billion and adjusted earnings per share to $11.68, reflecting a positive outlook amid challenges in certain product lines