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Cancer Drugs · Earnings · Johnson & Johnson · Pharmaceuticals
Johnson & Johnson's first-quarter pharmaceutical sales increased by 4.2% to $13.4 billion, primarily driven by strong performance in its cancer drug portfolio, notably Darzalex, which grew 22% to $2.3 billion, and improved supply of Carvykti.
This robust oncology growth is crucial for J&J's target of $60 billion in pharma sales by 2025, offsetting declining sales from older medicines like Remicade and Imbruvica, and the anticipated loss of exclusivity for Stelara later this year. CFO Joseph Wolk stated the company expects to deliver above-market growth in pharmaceuticals for 2023.
J&J recorded a narrow loss due to a $6.9 billion one-time charge for talc litigation, with an $8.9 billion settlement expected over 25 years; these liabilities remain with J&J, not the upcoming Kenvue spin-off. The company continues strategic portfolio reviews, abandoning its RSV vaccine and halting HIV vaccine research, while overall company sales rose 5.6% to $24.7 billion.
