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    Johnson & Johnson (JNJ)

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    Business Description

    Johnson & Johnson (JNJ) is a global healthcare company that operates through two main business segments: Innovative Medicine and MedTech. The company focuses on developing and distributing therapeutic products in areas such as Immunology, Infectious Diseases, Neuroscience, Oncology, Pulmonary Hypertension, and Cardiovascular and Metabolic diseases, as well as medical devices used in Orthopaedics, Surgery, Interventional Solutions, and Vision fields . Johnson & Johnson's products are distributed to retailers, wholesalers, distributors, hospitals, and healthcare professionals for prescription use .

    1. Innovative Medicine - Develops and distributes therapeutic products in areas including Immunology, Infectious Diseases, Neuroscience, Oncology, Pulmonary Hypertension, and Cardiovascular and Metabolic diseases. Key products include STELARA and DARZALEX, which are significant contributors to the company's revenue .
    2. MedTech - Offers medical devices and solutions used in Orthopaedics, Surgery, Interventional Solutions, and Vision fields. These products are primarily used by healthcare professionals such as physicians and nurses .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Vanessa BroadhurstExecutive Vice President, Global Corporate Affairs2022Vanessa Broadhurst has served as Executive Vice President, Global Corporate Affairs since 2022. She rejoined J&J in 2017 as U.S. President, Cardiovascular & Metabolism. Previously, she held leadership roles at Amgen from 2013 to 2017 and worked at J&J from 2005 to 2013 .
    Joaquin DuatoChairman of the Board; Chief Executive OfficerJanuary 2022Joaquin Duato became CEO and Director in January 2022 and Chairman of the Board in January 2023. He joined J&J in 1989 and has held executive positions across all business sectors .
    Peter M. Fasolo, Ph.D.Executive Vice President, Chief Human Resources OfficerApril 2016Peter M. Fasolo has served as EVP, Chief Human Resources Officer since April 2016. He joined J&J in 2004, left in 2007, and returned in 2010. He will retire at the end of 2024 .
    Elizabeth ForminardExecutive Vice President, General CounselOctober 2022Elizabeth Forminard has served as EVP, General Counsel since October 2022. She joined J&J in 2006 and has held roles of increasing responsibility, including General Counsel for Medical Devices & Diagnostics .
    William N. Hait, M.D., Ph.D.Executive Vice President, Chief External Innovation and Medical Officer2022William N. Hait has served as EVP, Chief External Innovation, Medical Safety and Global Public Health Officer since 2022. He joined J&J in 2007 and has held various leadership roles, including Global Head of Janssen R&D .
    John C. Reed, M.D., Ph.D.Executive Vice President, Innovative Medicine, R&DApril 2023Dr. John C. Reed joined J&J in April 2023 as EVP, Innovative Medicine, R&D. He previously held executive roles at Sanofi and Roche .
    Tim SchmidExecutive Vice President, Worldwide Chairman, MedTechOctober 2023Tim Schmid was named EVP, Worldwide Chairman of MedTech in October 2023. He joined J&J in 1993 and has served in various leadership positions .
    James SwansonExecutive Vice President, Chief Information OfficerOctober 2019James Swanson has served as EVP, Chief Information Officer since October 2019. He rejoined J&J in 2019 from Bayer Crop Science .
    Jennifer L. TaubertExecutive Vice President, Worldwide Chairman, Innovative MedicineJuly 2018Jennifer L. Taubert joined J&J in 2005 and was promoted to EVP, Worldwide Chairman, Pharmaceuticals in July 2018 .
    Kathryn E. WengelExecutive Vice President, Chief Technical Operations & Risk OfficerJanuary 2023Kathryn E. Wengel joined J&J in 1988 and was appointed EVP, Chief Technical Operations & Risk Officer in January 2023 .
    Joseph J. WolkExecutive Vice President, Chief Financial OfficerJuly 2018Joseph J. Wolk has served as EVP, Chief Financial Officer since July 2018. He joined J&J in 1998 and has held various senior leadership roles .
    Kristen MulhollandChief Human Resources OfficerOctober 1, 2024Kristen Mulholland has been with J&J since 2005 and was named Chief Human Resources Officer, effective October 1, 2024, succeeding Dr. Peter M. Fasolo .

    Questions to Ask Management

    1. Can you elaborate on the impact of patient mix issues on U.S. sales of TREMFYA and STELARA, and whether this is specific to Johnson & Johnson or indicative of broader market trends?

    2. Given the challenges posed by volume-based procurement and the anti-corruption campaign in China, how do you plan to mitigate the headwinds facing your MedTech business in the Asia Pacific region, and what are your expectations for 2025?

    3. With the upcoming biosimilar competition for STELARA, how confident are you that TREMFYA and JNJ-2113 can replace the sales loss and take market share from entrenched competitors in the immunology space?

    4. In light of the competitive pressures in the electrophysiology market and the delayed U.S. launch of VARIPULSE, how do you intend to regain share, and what are your expectations for your EP business in 2025?

    5. Considering the increased R&D investments and recent acquisitions, can you provide more details on where these elevated investments are being directed and how they will impact your operating margins and growth targets for the coming year?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateSeptember 14, 2022
    End Date/DurationFiscal first quarter of 2023
    Total additional amount$5.0 billion
    Remaining authorizationN/A
    DetailsPurpose was to make shares available for general corporate purposes. Repurchases were made at management's discretion on the open market or through privately negotiated transactions.

    Debt Maturity Schedule

    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    20242,000 Commercial Paper5.10 5.6% = (2,000 / 35,751) * 100
    2024N/A5.50% Notes5.50 N/A
    20261,998 2.46% Notes2.46 5.6% = (1,998 / 35,751) * 100
    2027943 2.95% Notes2.95 2.6% = (943 / 35,751) * 100
    20271,463 0.95% Notes0.95 4.1% = (1,463 / 35,751) * 100
    20281,497 2.90% Notes2.90 4.2% = (1,497 / 35,751) * 100
    2028832 1.150% Notes1.150 2.3% = (832 / 35,751) * 100
    20291,146 4.80% Notes4.80 3.2% = (1,146 / 35,751) * 100
    2029298 6.95% Notes6.95 0.8% = (298 / 35,751) * 100
    20301,671 1.30% Notes1.30 4.7% = (1,671 / 35,751) * 100
    20311,146 4.90% Notes4.90 3.2% = (1,146 / 35,751) * 100
    2032776 3.20% Notes3.20 2.2% = (776 / 35,751) * 100
    2033499 4.95% Notes4.95 1.4% = (499 / 35,751) * 100
    2033854 4.375% Notes4.375 2.4% = (854 / 35,751) * 100
    2034846 4.95% Notes4.95 2.4% = (846 / 35,751) * 100
    20351,660 1.650% Notes1.650 4.6% = (1,660 / 35,751) * 100
    2036886 3.35% Notes3.35 2.5% = (886 / 35,751) * 100
    2036902 3.587% Notes3.587 2.5% = (902 / 35,751) * 100
    2037994 5.95% Notes5.95 2.8% = (994 / 35,751) * 100
    20371,395 3.625% Notes3.625 3.9% = (1,395 / 35,751) * 100
    2038993 3.40% Notes3.40 2.8% = (993 / 35,751) * 100
    2038697 5.85% Notes5.85 2.0% = (697 / 35,751) * 100
    2040541 4.50% Notes4.50 1.5% = (541 / 35,751) * 100
    2040885 2.10% Notes2.10 2.5% = (885 / 35,751) * 100
    2041297 4.85% Notes4.85 0.8% = (297 / 35,751) * 100
    2043496 4.50% Notes4.50 1.4% = (496 / 35,751) * 100
    20441,104 3.55% Notes3.55 3.1% = (1,104 / 35,751) * 100
    20461,978 3.73% Notes3.73 5.5% = (1,978 / 35,751) * 100
    2047868 3.75% Notes3.75 2.4% = (868 / 35,751) * 100
    2048744 3.50% Notes3.50 2.1% = (744 / 35,751) * 100
    2050859 2.25% Notes2.25 2.4% = (859 / 35,751) * 100
    2054843 5.25% Notes5.25 2.4% = (843 / 35,751) * 100
    20601,107 2.45% Notes2.45 3.1% = (1,107 / 35,751) * 100

    Auditor

    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLPAt least 1920 PresentCurrent auditor

    Latest news

    Recent developments and announcements about JNJ.

    Financial Reporting

      Earnings Report

      ·
      Jan 22, 2025, 11:46 AM

      Johnson & Johnson (JNJ) Q4 and Full-Year 2024 Earnings Results

      Johnson & Johnson (JNJ) has released its Q4 2024 and full-year 2024 earnings results, showcasing strong financial performance and significant growth in key areas. Below are the highlights:

      Q4 2024 Financial Highlights

      • Reported Sales: $22.5 billion, a 5.3% increase compared to Q4 2023, with operational growth of 6.7% and adjusted operational growth of 5.7%.
      • Earnings Per Share (EPS):
        • Reported EPS: $1.41, down 17.1% year-over-year.
        • Adjusted EPS: $2.04, down 10.9% year-over-year.
      • Net Earnings: $3.43 billion, a 17.0% decrease compared to Q4 2023.

      Full-Year 2024 Financial Highlights

      • Reported Sales: $88.8 billion, a 4.3% increase compared to 2023, with operational growth of 5.9% and adjusted operational growth of 5.4%.
      • Earnings Per Share (EPS):
        • Reported EPS: $5.79, up 11.3% year-over-year.
        • Adjusted EPS: $9.98, a slight increase of 0.6% year-over-year.
      • Net Earnings: $14.07 billion, a 5.6% increase compared to 2023.

      Key Growth Drivers

      1. Innovative Medicine Segment:

        • Worldwide operational sales (excluding COVID-19 vaccine) grew 7.5%.
        • Strong performance from DARZALEX, ERLEADA, CARVYKTI, and TREMFYA.
        • Neuroscience products like SPRAVATO also contributed significantly.

      2. MedTech Segment:

        • Worldwide operational sales grew 6.2%, driven by electrophysiology products, Abiomed, and wound closure products.

      2025 Guidance

      • Operational Sales Growth: Expected between 2.5% and 3.5%.
      • Adjusted Operational EPS: Projected between $10.75 and $10.95, reflecting a strong growth of 8.7% at the midpoint.

      Pipeline and Innovation

      • Significant progress in the pipeline, including:
        • RYBREVANT + LAZCLUZE overall survival data.
        • Initiation of TAR-200 submission.
        • Approval of the OTTAVA general surgery robotic system.

      Regional Performance

      • U.S. Sales: $13.2 billion in Q4 2024, a 10.0% increase year-over-year.
      • International Sales: $9.3 billion in Q4 2024, a slight decline of 0.7% year-over-year.

      CEO Statement

      Joaquin Duato, Chairman and CEO, highlighted 2024 as a transformative year for JNJ, emphasizing the company's focus on innovation and improving care for diseases with high unmet needs, such as multiple myeloma, lung cancer, and heart failure.

      Conclusion

      Johnson & Johnson's 2024 results reflect robust growth across its segments, driven by innovation and strategic investments. The company is well-positioned for continued success in 2025, with strong guidance and a promising pipeline.

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