Johnson & Johnson (NYSE:JNJ) reported mixed financial results for the first quarter of 2024, with adjusted earnings per share (EPS) slightly surpassing analyst expectations, while revenue fell marginally short of estimates. The healthcare giant posted an adjusted EPS of $2.71, which was $0.07 higher than the consensus estimate of $2.64. However, quarterly revenue was a hair's breadth away from consensus, coming in at $21.38 billion against the expected $21.4 billion.
Despite the EPS beat, shares of Johnson & Johnson edged down 1.7% as the market reacted to the slight revenue miss. The company's first-quarter sales saw a 2.3% increase to $21.4 billion, with a notable adjusted operational growth excluding their COVID-19 vaccine at 7.7%. This performance underscores the company's diversification beyond the pandemic-driven product.
Joaquin Duato, Chairman and CEO, commented on the results, highlighting the company's "solid first quarter performance" and the strides made in their portfolio and pipeline. He emphasized Johnson & Johnson's unique impact across healthcare and the milestones reached during the quarter that reinforce their status as an innovation leader.
Innovative Medicine was a standout segment, with operational sales, excluding the COVID-19 Vaccine, growing by 8.3%. This growth was driven by strong performances in Oncology, Pulmonary Hypertension, Immunology, and Neuroscience products. MedTech also showed robust growth, with worldwide operational sales increasing by 6.3%, led by cardiovascular and general surgery products.
Looking ahead, Johnson & Johnson has increased the midpoint for its full-year 2024 operational sales and adjusted operational EPS guidance, signaling confidence in continued growth. The company expects sales of $88 billion to $88.4 billion, compared to the previous forecast of $87.8 billion to $88.6 billion. JNJ sees adjusted earnings of $10.57 to $10.72 per share, compared to the previous guidance of $10.55 to $10.75 per share.