Johnson & Johnson saw its sales grow 2.3% to $21.4 billion during Q1 2024, the pharma giant announced Tuesday morning.

The company posted a net earnings of $5.3 billion, marking a reversal of the nearly $500 million net loss recorded in Q1 2023. J&J’s earnings per share (EPS) also hit $2.20 during the period.

Adjusted net earnings rose 3.8% to $6.5 billion and the drugmaker’s adjusted EPS rose 12.4% to $2.71.

Some of the company’s major growth drivers were Darzalex, Erleada, Cavykti and Tremfya. Excluding its COVID-19 vaccine, worldwide operational sales of J&J’s Innovative Medicine division grew 8.3%.

On a go-forward basis, J&J increased the mid-point for its full-year operational sales as well as its adjusted operational EPS guidance.

Still, despite the topline growth, J&J narrowed its adjusted EPS guidance to between $10.57 to $10.72, which is narrower than the previous guidance range of $10.55 to $10.75 released in January. The mid-point guidance of $10.65 remained the same. 

“Johnson & Johnson’s solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline,” J&J CEO Joaquin Duato said in a statement. “Our impact across the full spectrum of healthcare is unique in our industry, and the milestones achieved this quarter reinforce our position as an innovation powerhouse.”

Of note, Duato earned $28.4 million in total compensation last year, well exceeding the $13.1 million he made in 2022. Broken down by stream, Duato made $21.6 million in total direct compensation, $6.2 million in change in pension and $1 million in other items. He also lost $400,000 in LTI timing and accounting during the year.

J&J’s earnings were unveiled at a critical time for the company as multiple African nations have recalled a batch of children’s cough syrup that tested for high levels of toxicity. 

Thus far, Rwanda, Nigeria, Kenya and South Africa have recalled the same batch of the syrup created by J&J in 2021 but is now owned by Kenvue, the company’s consumer health spinoff. 

These latest quarterly numbers were also released less than two weeks after J&J acquired medtech company Shockwave Medical for $13.1 billion. The deal is expected to close by the middle of the year and Shockwave will operate as a business unit within J&J MedTech, with its financials reported into the parent’s cardiovascular portfolio.

During the quarter, J&J’s MedTech division saw worldwide operational sales grow 6.3%. Meanwhile, reported sales for its cardiovascular, metabolism and other segment dropped 10.6% year-over-year to $829 million.