NEW YORK – Johnson & Johnson on Wednesday reported a nearly 16 percent increase in worldwide sales of its oncology drugs in the second quarter of 2024 compared to the same period last year.
For the three months ended June 30, J&J reported $5.09 billion in worldwide sales from its oncology drugs unit compared to $4.40 billion in Q2 2023. Over the same period, total worldwide sales increased 4 percent to $22.45 billion from $21.52 billion, beating analysts' consensus revenue estimate of $22.31 billion.
In the oncology drugs segment, J&J reported a nearly 60 percent increase in global sales of its BCMA-directed CAR T-cell therapy Carvykti (ciltacabtagene autoleucel) in Q2 2024, with revenues of $186 million compared to $117 million in Q2 2023. Over the last three months, regulators in the US and Europe approved Carvykti as a second-line treatment option for relapsed or refractory multiple myeloma patients, which grew J&J's marketable population for the treatment.
J&J's "other oncology" products, including newer cancer drugs and oncology products that have lower quarterly sales, recorded $221 million in sales in Q2 2024, an 84 percent increase from $120 million in the year-ago period. The growth in this segment was driven by sales of its EGFR inhibitor Rybrevant (amivantamab) and the bispecific GPRC5D-directed CD3 T-cell engager Talvey (talquetamab-tgvs), Jessica Moore, VP of investor relations at J&J, said during a call to discuss the company's financial performance.
Rybrevant plus chemo was approved in the US in March as a first-line treatment for patients with EGFR exon 20 insertion-mutated advanced non-small cell lung cancer. Talvey was approved in the US last year for an all-comer population of multiple myeloma patients.
In Q2 2024, J&J recorded net earnings of $4.69 billion, or $1.93 per share, compared to net earnings of $5.38 billion, or $2.05 per share, in Q2 2023. On an adjusted basis, J&J reported Q2 EPS of $2.82. On average, analysts had expected $2.70 per share.
J&J adjusted its 2024 EPS outlook based on its Q2 performance. As stated in its April guidance, the firm is still expecting to report sales in the range of $88 billion to $88.4 billion. However, the company lowered its 2024 adjusted EPS expectations to between $9.97 and $10.07 due to costs associated with certain M&A deals. In April, the firm had a projected an adjusted EPS range between $10.57 and $10.72.