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HEALTHCARE: Johnson & Jphnson (JNJ: Aaa/AAA*-): 4Q24 Results

HEALTHCARE
USBulletCredit BulletsNorth America

Solid - no surprises

  • Quarterly Revenue $22.5bn +5.3% yoy ; flat qoq
  • Annual revenue $88.8bn split $57bn Innovative, $31.9bn MedTech
  • Darzalex, Erleada, Carvykti driving Medicines as Stelara declines
  • MedTech +6.2% with M&A contributing 1.5%
  • Forward guidance: Notes uncertainties of legal proceedings but with $12bn reserves vs Talc we doubt there will be any negative surprises. They do say 5-7% growth through 2030 and beyond. Expecting Reported Sales +0.5-1.5% for 2025 (-2.0% FX impact)
  • Intra-Cellular $14.6bn acquisition will be paid for with Cash & Debt. Deal will close early in Q2. So expect funding rather soon.
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Solid - no surprises

  • Quarterly Revenue $22.5bn +5.3% yoy ; flat qoq
  • Annual revenue $88.8bn split $57bn Innovative, $31.9bn MedTech
  • Darzalex, Erleada, Carvykti driving Medicines as Stelara declines
  • MedTech +6.2% with M&A contributing 1.5%
  • Forward guidance: Notes uncertainties of legal proceedings but with $12bn reserves vs Talc we doubt there will be any negative surprises. They do say 5-7% growth through 2030 and beyond. Expecting Reported Sales +0.5-1.5% for 2025 (-2.0% FX impact)
  • Intra-Cellular $14.6bn acquisition will be paid for with Cash & Debt. Deal will close early in Q2. So expect funding rather soon.