Johnson & Johnson (J&J) has reported a net profit of $4.68bn or $1.93 per diluted share for the second quarter (Q2) 2024, a 12.8% decline compared to $5.37bn or $2.05 per diluted share for the same quarter the previous year.
The company’s net profit for Q2 2024 declined by 12.4% compared to $5.35bn for Q1 2024.
The US drugmaker reported $22.44bn in sales for Q2 2024, a 4.3% rise compared to $21.51bn for the respective quarter in 2023.
Its sales for Q2 2024 increased by 5% compared to $21.38bn for Q1 2024.
The company’s Innovative Medicine unit reported sales of $14.49bn for Q2 2024, a 5.5% increase compared to $13.73bn for the same period the previous year.
Its MedTech business unit reported sales of $7.95bn for Q2 2024, a 2.2% rise compared to $7.78bn for the corresponding quarter in 2023.
Johnson & Johnson chairman and CEO Joaquin Duato said: “Johnson & Johnson’s second quarter performance reflects our relentless focus on advancing the next wave of medical innovation and resulted in strong sales and adjusted operational earnings per share growth.
“With a robust pipeline, upcoming regulatory milestones for Rybrevant and Tremfya, the integration of Shockwave, and continued expansion of newly launched products, including Acuvue Oasys Max 1-Day contact lenses and our Varipulse platform, we have a strong foundation for near and long-term growth.”
The pharmaceutical company reported a gross profit of $15.57bn for Q2 2024, a 3.5% rise compared to $15.05bn for the same quarter in 2023.
The company reported profit before tax of $5.74bn for Q2 2024, a $8.8% decrease compared to $6.30bn for the corresponding quarter in 2023.
It has reported selling, marketing, and administrative expenses of $5.68bn for Q2 2024, a 5.3% increase compared to $5.39bn for the same quarter the previous year.
The US drug maker reported research and development expenses of $3.44bn for Q2 2024, a 7.1% decline compared to $3.70bn for the respective period the previous year.
Furthermore, J&J said that it has expanded its pipeline with acquisitions and new product developments, including the acquisition of Shockwave Medical and Yellow Jersey Therapeutics.
