Johnson & Johnson 2024 Financial Report Released! Daratumumab (Darzalex) Revenue Reaches $11.67 Billion, Legendary CAR-T Up 92.7%

On January 22, Johnson & Johnson announced its 2024 performance, with a total annual revenue of $88.821 billion, a 4.3% year-over-year increase. The company’s two core business segments, Innovative Medicines and MedTech, achieved revenues of $56.964 billion (+4.0%) and $31.857 billion (+4.8%), respectively.

Johnson & Johnson’s Innovative Medicines business focuses on key areas including oncology, immunology, neuroscience, infectious diseases, pulmonary hypertension, cardiovascular, and metabolic diseases. Among these, oncology and immunology have made the most significant contributions to the results. The oncology segment generated $20.781 billion in revenue in 2024, a 17.7% increase compared to the previous year, while immunology had a revenue of $17.828 billion, down 1.2%. Additionally, pulmonary hypertension products brought in $4.282 billion in revenue, marking a 12.3% year-over-year growth, continuing to drive overall business development.

The growth of Johnson & Johnson’s oncology business in 2024 was largely driven by strong sales of products such as Darzalex, Erleada, Carvykti, and Tecvayli. Darzalex, a treatment for multiple myeloma targeting CD38, saw its market share grow in all regions globally, with annual revenue reaching $11.67 billion, a 19.8% increase. This marks the first time the drug has surpassed the $10 billion sales mark since its launch in 2015.

Multiple myeloma is a key focus for Johnson & Johnson, and besides Darzalex, its portfolio includes BCMA CAR-T therapy Carvykti (developed in collaboration with Legend Biotech), CD3/BCMA bispecific antibody Tecvayli, and CD3/GPRC5D bispecific antibody Talvey (talquetamab, a subcutaneous formulation), all of which have shown strong performances.

Carvykti, with an impressive 92.7% growth rate, became the fastest-growing product in Johnson & Johnson’s Innovative Medicines business in 2024, with annual sales reaching $963 million, nearly doubling compared to the previous year. In April 2024, the FDA approved the drug for second-line treatment of multiple myeloma based on the results of the CARTUDE-4 study, marking its second indication approval. As indications expand and production capacity increases, the drug has significant potential for further growth.

Additionally, Johnson & Johnson’s bispecific antibody TCE Tecvayli achieved sales of $549 million, a 38.8% increase. Another bispecific antibody TCE Talvey, which has been on the market for a year, did not disclose specific sales figures but will continue to strengthen the company’s competitive advantage in the multiple myeloma space. Johnson & Johnson's other hematology blockbuster, Imbruvica (ibrutinib), faced intense competition, with 2024 sales declining by 6.9% to $3.038 billion.

In prostate cancer, the blockbuster product Zytiga (abiraterone) saw a significant decline in sales due to patent expiration, with annual revenue of $631 million (-28.8%). However, the androgen receptor inhibitor Erleada (apalutamide) has taken over as the core product in this area. Since its launch in 2018, Erleada has rapidly gained market share with double-digit or higher annual growth rates, reaching $2.999 billion in 2024 (+25.6%). To maintain its leadership in this field, Johnson & Johnson also launched the combination product Akeega (abiraterone + niraparib) in 2023.

In 2024, Johnson & Johnson also made significant breakthroughs in the non-small cell lung cancer (NSCLC) area. The FDA approved its EGFR/c-Met bispecific antibody Rybrevant (ebvazomab) and EGFR T790M inhibitor Lazcluze (lanzatinib) as a first-line chemotherapy-free treatment for patients with EGFR 19 exon deletion (ex19del) or L858R mutation NSCLC. Rybrevant in combination with chemotherapy was also approved by the FDA for first-line treatment of EGFR exon 20 insertion mutation NSCLC and second-line treatment of EGFR ex19del or L858R mutation NSCLC. This will further expand Johnson & Johnson’s oncology business. The company predicts that the Rybrevant/Lazcluze product combination will have peak sales exceeding $5 billion.

In immunology, Johnson & Johnson’s sales performance saw a decline, primarily due to the impact of biosimilars on its blockbuster product Stelara (ustekinumab), which saw a 4.6% year-over-year decrease in revenue to $10.361 billion. Its market in Europe has already been significantly eroded, and the U.S. market is expected to face major challenges from biosimilars starting in 2025. Remicade (infliximab) also experienced continuous sales declines due to patent expiration, with annual revenue of $1.605 billion, down 12.8% from the previous year. Simponi (golimumab) saw a slight decline in sales (-0.3%) to $2.190 billion.

Tremfya (guselkumab) continued its double-digit growth, with 2024 sales reaching $3.670 billion (+16.6%).

To address the challenges in the immunology space, Johnson & Johnson is tapping into the potential of its existing product Tremfya by conducting multiple phase III clinical trials for indications such as Crohn’s disease, ulcerative colitis, and psoriatic arthritis.

Additionally, the company is accelerating the development of candidate drugs such as the FcRn monoclonal antibody nipocalimab, the oral IL-23R antagonist JNJ-2113, and combination antibody therapy JNJ-4804. In November 2024, JNJ-2113 completed two successful phase III studies for the treatment of plaque psoriasis, becoming the first oral IL-23R-targeted drug to successfully complete phase III trials. Johnson & Johnson is expected to actively push these new products to market to offset the impact of declining sales from Stelara, Remicade, and Simponi.

In neuroscience, Spravato (esketamine nasal spray) performed well, with sales reaching $1.077 billion, a 56.4% year-over-year increase, becoming another “billion-dollar molecule” for Johnson & Johnson. Recently, the FDA also approved a new indication for Spravato as a monotherapy for treatment-resistant depression, which is expected to become another potential growth point for the drug.

Notably, Johnson & Johnson recently spent $14.6 billion to acquire Intra-Cellular, further strengthening its position in the neuroscience field. The company predicts that the oral antipsychotic product Caplyta (lumateperone) obtained through this acquisition will have peak sales exceeding $5 billion.

In the pulmonary hypertension area, Johnson & Johnson’s revenue growth was mainly driven by Opsumit (macitentan) and Uptravi (selexipag), with sales of $2.184 billion (+10.7%) and $1.817 billion (+14.9%), respectively.

In 2024, Johnson & Johnson was also active in biopharmaceutical acquisitions, completing the purchase of ADC company Ambrx for $2 billion in March, strengthening its oncology pipeline; acquiring bispecific antibody company Proteologix for $850 million in June, gaining several antibody projects targeting atopic dermatitis and asthma; and acquiring Yellow Jersey for $1.25 billion in July, securing global rights to a first-in-class IL-4Rα and IL-31-targeting bispecific antibody NM26 for the treatment of atopic dermatitis.

In 2024, Johnson & Johnson’s Innovative Medicines pipeline also achieved several key milestones in regulatory registrations and important clinical data readouts (as shown in the image below).

Looking ahead to 2025, Johnson & Johnson expects a 2.5%-3.5% growth rate, with total revenue expected to reach $90.9-$91.7 billion.