Q3 2024 Johnson & Johnson Earnings Call Transcript
Key Points
- Johnson & Johnson (JNJ) reported strong operational sales growth of 6.3% in the third quarter.
- The innovative medicine segment achieved sales exceeding $14 billion for the second consecutive quarter, with 11 key brands growing double digits.
- DARZALEX became the first product in JNJ's portfolio to reach $3 billion in sales in a single quarter.
- The MedTech segment saw double-digit growth in the cardiovascular portfolio, driven by recent acquisitions and new product launches.
- JNJ increased its adjusted operational EPS guidance for the third quarter in a row, reflecting confidence in its growth trajectory.
- Net earnings for the quarter were impacted by the updated talc litigation settlement proposal and acquired IPR&D expense.
- Adjusted net earnings and diluted earnings per share decreased by 13.3% and 9%, respectively, compared to the third quarter of 2023.
- The MedTech segment experienced headwinds in the Asia-Pacific region, particularly in China, affecting overall growth.
- STELARA sales declined due to unfavorable net patient mix and share loss, with biosimilar competition impacting results in Europe.
- The effective tax rate increased to 19.3% from 17.4% in the same period last year, driven by the tax treatment of acquisitions and OECD Pillar Two.
Good morning, and welcome to Johnson & Johnson's third-quarter 2024 earnings conference call. (Operator Instructions)
This call is being recorded. If anyone has any objections, you may disconnect at this time. (Operator Instructions) I will now turn the conference call over to Johnson & Johnson. You may begin.
Hello, everyone. This is Jessica Moore, Vice President of Investor Relations for Johnson & Johnson. Welcome to our company's review of the third-quarter results and our full-year financial outlook for 2024. A few logistics before we get into the details.
As a reminder, you can find additional materials, including today's presentation and associated schedules, on the Investor Relations section of the Johnson & Johnson website at investor.jnj.com. Please note that this presentation contains forward-looking statements regarding, among other things, the company's future operating and financial performance, market position, and business strategy.
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