J&J’s innovative medicines carried Q3 as medtech disappoints, but newer medicines absent
Johnson & Johnson posted overall Q3 revenue of $25.4 billion, with innovative medicines up about 8% to $16.76 billion while medtech grew only 2.5% to $8.64 billion. Tremfya sales rose 68% to just under $2.4 billion, Darzalex grew 15% to $4.24 billion, and Icotyde, approved in March for plaque psoriasis, has reached about 20,000 patients against a $10 billion sales expectation. Charges of $5.52 billion for the talc settlement and a $339 million impairment cut EPS to about 9 cents, and CFO Joseph Wolk pledged internal investment to fix medtech.
Why it matters: J&J's results open pharma earnings season and detail medtech weakness, drug launch progress and talc settlement charges.