Johnson & Johnson Reports $88.8 Billion Revenue in 2024 with Strong Growth in Oncology

On January 22, Johnson & Johnson announced its Q4 2024 financial results, revealing total annual revenue of $88.8 billion, representing a 4.3% increase year-on-year. The operational growth was reported at 5.9%, with an adjusted operational growth of 5.4%. Excluding COVID-19 vaccine sales, operational growth reached 7.0%.

The oncology segment emerged as the standout performer, generating $20.781 billion in revenue for the year, making it the largest therapeutic area for the company. This growth was largely driven by key products including DARZALEX (daratumumab), ERLEADA (apalutamide), CARVYKTI (ciltacabtagene autoleucel), and other oncology treatments. Additionally, TREMFYA (guselkumab) contributed to growth in the immunology sector, while SPRAVATO saw success in the neuroscience field. However, this was partially offset by declines in the immunology segment, particularly with STELARA (ustekinumab), which faced pressure from biosimilars.

DARZALEX continued to capture market share across all regions, achieving annual sales of $11.670 billion, a remarkable 19.8% increase. This marks the first time since its launch in 2015 that sales for this drug surpassed the $10 billion threshold. TREMFYA also performed well, with sales reaching $3.670 billion, reflecting a 16.6% increase.

In contrast, STELARA experienced a decline, with revenues dropping 4.6% to $10.361 billion, primarily due to the encroachment of biosimilars in the European market. The U.S. market is expected to face similar challenges from biosimilars in 2025.

The company's promising product, CARVYKTI, a BCMA CAR-T therapy developed in collaboration with Legend Biotech, showed impressive growth. In its third year on the market, CARVYKTI achieved sales of $963 million, nearly doubling its revenue from $500 million in 2023. As it expands into frontline treatment for multiple myeloma, sales are expected to increase further.

Looking ahead to 2025, Johnson & Johnson anticipates a revenue growth of 2.5% to 3.5%, projecting total revenue to reach between $90.9 billion and $91.7 billion.