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(Sharecast News) - Stronger-than-expected sales of cancer drugs helped US healthcare giant Johnson & Johnson beat forecasts with its fourth-quarter results on Wednesday, with guidance for 2025 meeting analysts' expectations.
The New Jersey-based company, which last week announced a $14.6bn deal to buy neurological drug specialist Intra-Cellular Therapies, reported a 5.3% year-on-year increase in sales in the three months to 31 December to $22.52bn, ahead of the $22.4bn that the market was expecting.
Adjusted earnings per share fell to $2.04, down from $2.29 a year earlier but above the $2.01 estimate.
Oncology sales were up 19% ahead of the previous year at $5.50bn, with a strong performance from its multiple myeloma treatment Darzalex in particular.
"2024 was a transformative year for Johnson & Johnson, marked by strong growth, an accelerating pipeline and industry-leading investments in innovation," said chair and chief executive Joaquin Duato.
"With our strong financial foundation, differentiated portfolio and robust pipeline, we are well positioned to sustain the high pace of growth and innovation that is the hallmark of Johnson & Johnson."
Looking ahead, the company pointed to operational sales guidance with a midpoint of $91.3bn, slightly ahead of the current consensus forecast of $91bn, while the midpoint EPS target of $10.85 beat the $10.56 estimate.
Stock futures were pointing to a relatively flat start when markets open, with shares down just 0.1% at $148 by 0715 ET.
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