Johnson & Johnson reported a total revenue of $88.8 billion for the fiscal year ending December 29, 2024, marking a 4.3% increase from $85.2 billion in 2023. The company's net earnings from continuing operations were $14.1 billion, or $5.79 per diluted share, compared to $13.3 billion, or $5.20 per diluted share, in the previous year. The increase in revenue was attributed to a 5.9% rise in volume, although this was partially offset by a 1.6% negative impact from currency fluctuations. The U.S. market saw a significant boost, with sales rising 8.3% to $50.3 billion, while international sales decreased slightly by 0.5% to $38.5 billion.
In terms of strategic developments, Johnson & Johnson completed several acquisitions in 2024, including Shockwave Medical for approximately $15.5 billion, which is expected to enhance its MedTech segment. The company also acquired Ambrx Biopharma for about $2 billion, focusing on next-generation antibody drug conjugates. These acquisitions are part of Johnson & Johnson's ongoing strategy to bolster its product pipeline and market presence in key therapeutic areas. The company invested $17.2 billion in research and development, reflecting a commitment to innovation and product advancement.
Operationally, Johnson & Johnson employed approximately 138,100 individuals globally as of the end of 2024. The company reported that new products introduced within the last five years accounted for about 25% of total sales, indicating a strong focus on innovation. The MedTech segment generated $31.9 billion in sales, a 4.8% increase from the previous year, driven by strong performance in cardiovascular and orthopaedic products. The Innovative Medicine segment also performed well, with sales reaching $57 billion, up 4% from 2023.
The filing also highlighted challenges, particularly in the Innovative Medicine segment, where sales of key products like STELARA and REMICADE faced declines due to increased competition from biosimilars. The company anticipates continued pricing pressures from government regulations and market dynamics, particularly in the U.S. healthcare landscape. Johnson & Johnson is currently navigating ongoing litigation related to its talc products, with a total reserve of approximately $11.6 billion set aside for potential settlements.
Looking ahead, Johnson & Johnson remains optimistic about its growth trajectory, emphasizing its commitment to innovation and strategic acquisitions. The company expects to continue leveraging its extensive research capabilities and market presence to address unmet healthcare needs while managing the challenges posed by regulatory changes and competitive pressures.
About JOHNSON & JOHNSON
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