US giant Johnson & Johnson (J&J, NYSE: JNJ) reported Q2 2022 financials, showing 8.0% year-on-year (YOY) sales growth in constant currency to $24.02 billion but a 23.3% net profit drop to $4.81 billion. CFO Joseph Wolk cited the strong dollar and China’s COVID-19 lockdowns as key factors, prompting a full-year revenue guidance cut to $93.3–$94.3 billion from $94.8–$95.8 billion.
Business Unit Performance
- Pharmaceuticals: 12.3% growth to $13.32 billion, led by Darzalex (+46.1%) and Erleada (+56.9%).
- MedTech: 3.4% growth to $6.89 billion, though medical procedures in China fell 25% in April/May.
- Consumer Health: 2.3% growth to $3.8 billion.
Key Drivers and Challenges
Pharma growth was fueled by Tremfya, Stelara, and Janssen’s COVID-19 vaccine. However, Remicade and Imbruvica declined. China’s lockdowns shaved 2–3 percentage points off global performance, with MedTech and Consumer Health facing their toughest comparisons of the year.-Fineline Info & Tech
