Sales of Johnson & Johnson’s one-shot COVID-19 vaccine boosted the company’s pharma sales in Q3, according to its latest financial filings.
J&J’s adjusted operational sales for its pharmaceutical segment grew 9.2% year-over-year, supported by the performance of several treatments like Darzalex and Stelara, as well as the growth of the Janssen COVID-19 vaccine.
Overall, the pharma giant’s sales grew 1.9% to $23.8 billion during the quarter, with net earnings increasing by 21.6% while diluted earnings per share rose 22.6%. Additionally, J&J’s operational sales rose 8.1% while its adjusted operational sales rose 8.2%. However, its adjusted net earnings slipped 2.7% to $6.7 billion while its adjusted EPS declined 1.9%.
The company’s consumer health unit reported worldwide adjusted operational sales growth of 4.8% thanks to the strength of products like Neutrogena, Aveeno and upper respiratory and analgesic products in its over-the-counter franchise.
One major development for J&J during Q3 was the introduction of Kenvue, its new consumer health unit that will be spun off in 2023. According to a company press release issued last month, Kenvue generated $14.6 billion in revenue in 2021, accounting for almost 16% of J&J’s overall revenue.
Looking forward, J&J maintained its financial guidance midpoints for adjusted operational sales and reported adjusted EPS. The company projects adjusted operational sales growth between 6.7% to 7.2%, with operational sales between $97.5 billion to $98 billion.
“Through the ongoing efforts of our teams around the world, we continue to navigate the dynamic macroeconomic environment and remain focused on delivering transformative healthcare solutions,” J&J CEO Joaquin Duato said in a statement. “Looking ahead, I remain confident in our business and ability to continue advancing our innovative portfolio and pipeline.”