Johnson & Johnson’s Annual Profit Increases by 5.6 Percent in 2024 Despite Sharp Q4 Fall
Annual Revenue Climbs to $88.82 Billion, Marking a 4.3% Increase Over Previous Year
• Earnings per share: $5.79
• Annual revenue: $88.8 billion
• Profit: $14.1 billion
Johnson & Johnson [JNJ] has reported a $14.1 billion profit for FY2024, a $740 million increase from the previous year. The profit was $13.3 billion in the previous year. The pharmaceutical giant said in a filing to the SEC on January 22, 2025, that the annual revenue for FY2024 was $88.2 billion, up 4.3% from last year’s $85.2 billion. The company’s earnings per share rose to $5.79 from $5.20, marking an 11.3% increase from the previous year.
During Q4 of fiscal 2024, the Brunswick, New Jersey-based company recorded revenue of $22.5 billion, up from $21.4 billion in the same quarter of the previous year. Despite the 5.3% year-over-year increase in the company’s revenue, its profit in the fourth quarter slumped about 17% to $3.4 billion from $4.1 billion during the Q4 2023. The quarterly earnings per share also dropped to $1.41 from $1.70 in the same quarter of the previous year.
Company Chairman and CEO Joaquin Duato summed up the year as “a transformative year,” marked by “strong growth, an accelerating pipeline and industry-leading investments in innovation.
“As a healthcare company, with a disease-centric approach, we are improving the standard of care in a broad range of diseases with high unmet need, including multiple myeloma, lung cancer, inflammatory bowel disease, and heart failure. With our strong financial foundation, differentiated portfolio and robust pipeline, we are well positioned to sustain the high pace of growth and innovation that is the hallmark of Johnson & Johnson,” Duato said.
The company press release said that despite facing translational currency impacts and market fluctuations, the company's operational adjustments and focus on core segments fueled a 5.4% increase in adjusted operational revenue.
Financial Overview and Segment Performance
The company claims its strategic initiatives and focus on high-margin sectors have borne fruit, with the Innovative Medicine segment showing a 5.8% growth in adjusted operational sales. The sales growth has been driven by standout contributions from flagship products like DARZALEX and TREMFYA. The MedTech segment was not far behind, posting a 4.7% growth, significantly boosted by acquisitions and innovation in surgical products.
Global Market Dynamics
Regionally, the U.S. market led with a commendable 7.6% growth in adjusted operational sales, while international markets showed resilience with a 2.7% increase, despite the adverse effects of currency fluctuations. The detailed financial metrics reveal a nuanced picture of growth across various geographies, with the U.S. contributing significantly to the overall revenue stream.
Future Outlook and Strategic Moves
Looking ahead to 2025, Johnson & Johnson has set an optimistic revenue target range of $89.2 billion to $90.0 billion, anticipating 0.5-1.5 percent growth rate.
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