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JOHNSON & JOHNSON 8-K/A Report, Exhibit Filing (Apr 16, 2024)

Reports
Exhibits & Filings
Filing Date
Filed April 16, 2024
Period End
April 16, 2024
Security
JNJ
In the record · 2016–202610-K1110-Q338-K134

JNJ filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 134 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Apr ’18Apr ’18
  2. Leadership change8-K · Dec ’20Dec ’20
  3. Deal closed8-K · Dec ’22Dec ’22
  4. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K/A filed April 16, 2024. Cited figures are marked; the original filing is the authoritative source.

Johnson & Johnson reported first-quarter 2024 reported sales of $21.4 billiona, up 2.3%, with operational growth of 3.9% and adjusted operational growth of 4.0%.

Excluding the COVID-19 vaccine, adjusted operational growth was 7.7%, which points to solid underlying demand. Adjusted EPS rose 12.4% to $2.71b, while GAAP EPS was $2.20. Innovative Medicine operational sales excluding the COVID-19 vaccine grew 8.3%, led by DARZALEX, ERLEADA, CARVYKTI, TECVAYLI, UPTRAVI, OPSUMIT, TREMFYA, and SPRAVATO.

MedTech operational sales grew 6.3%, driven by electrophysiology, Abiomed, and wound closure products. Management raised its full-year 2024 guidance for operational sales and adjusted operational EPS. The operational sales midpoint rose to $88.9 billionc from $88.6 billion, and the adjusted operational growth midpoint rose to 5.8% from 5.5%.

The adjusted operational EPS midpoint increased to $10.68d from $10.65. Reported sales guidance (midpoint $88.2 billion, 5.0% growth) and adjusted EPS guidance (midpoint $10.65) were unchanged. Because the reported and adjusted EPS midpoints did not move, investors may read the raise as driven mainly by operations and currency assumptions rather than a broad upgrade.

This document is Amendment No. 1 (Form 8-K/A) to the April 16, 2024 Form 8-K. Its only purpose is to correct a typographical error in the operational sales guidance midpoint in Exhibit 99.1, changing it from $88.0 billion to $88.9 billion.

The amendment does not change the underlying results. The company also disclosed pipeline and regulatory milestones, the pending Shockwave Medical acquisition, and the completed Ambrx acquisition, and it referenced the separation of Kenvue Inc.

02—Key points

Key Highlights

  1. Q1 2024 reported sales were $21.4 billion, up 2.3%; operational growth was 3.9% and adjusted operational growth was 4.0%.
  2. Excluding the COVID-19 vaccine, adjusted operational sales growth was 7.7%, indicating strong underlying demand.
  3. Q1 2024 adjusted EPS rose 12.4% to $2.71 (GAAP EPS $2.20).
  4. Full-year 2024 operational sales guidance midpoint was raised to $88.9B (from $88.6B), with adjusted operational growth midpoint raised to 5.8% (from 5.5%).
  5. Adjusted operational EPS guidance midpoint was raised to $10.68 from $10.65; reported sales and adjusted EPS midpoints were unchanged at $88.2B and $10.65.
  6. Innovative Medicine (ex-COVID vaccine) operational sales grew 8.3%, while MedTech grew 6.3%.
  7. This Form 8-K/A corrects a typo in the operational sales guidance midpoint in the original press release and does not change reported results.

03—Questions

Frequently Asked Questions

  1. Why was this amended filing necessary?

    The amendment corrects a typographical error in the press release attached to the original April 16, 2024 Form 8-K. The full-year operational sales guidance midpoint was corrected from $88.0 billion to $88.9 billion. No other content was changed, so the first-quarter results and guidance remain as originally reported, and the correction aligns the press release text with the guidance table.

  2. How strong were Johnson & Johnson's Q1 2024 results?

    Results were solid. Reported sales rose 2.3% to $21.4 billion and adjusted operational growth was 4.0%. Excluding the COVID-19 vaccine, adjusted operational growth was 7.7%. Adjusted EPS rose 12.4% to $2.71. Growth was broad, with Innovative Medicine (ex-vaccine) up 8.3% and MedTech up 6.3%.

  3. What changed in the 2024 guidance?

    Operational sales guidance and adjusted operational EPS guidance were raised. The operational sales midpoint rose to $88.9 billion, and adjusted operational growth midpoint rose to 5.8%. The adjusted operational EPS midpoint increased to $10.68 from $10.65. Reported sales guidance (midpoint $88.2 billion) and adjusted EPS guidance (midpoint $10.65) were unchanged, so the currency-neutral improvement is the main driver of the raise.

  4. What drove growth in the quarter?

    In Innovative Medicine, growth came from oncology products including DARZALEX, ERLEADA, CARVYKTI, and TECVAYLI, along with UPTRAVI and OPSUMIT in pulmonary hypertension, TREMFYA in immunology, and SPRAVATO in neuroscience. In MedTech, electrophysiology products and Abiomed in cardiovascular, plus wound closure products in general surgery, led growth.

  5. What strategic developments were disclosed?

    The company disclosed an agreement to acquire Shockwave Medical after the quarter ended and completed its acquisition of Ambrx. Regulatory milestones included the FDA approval of CARVYKTI for earlier-line use, the approval of OPSYNVI, and TECVAYLI biweekly dosing. The filing also referenced the separation of Kenvue Inc. and pipeline progress for nipocalimab and JNJ-2113.

04—Continue

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