Direct Answer
Johnson & Johnson (NYSE: JNJ) reported total sales of $88.821 billion in fiscal year 2024 (the fiscal year ending December 29, 2024), representing approximately 4.3% operational growth from the prior year. GAAP net earnings were $14.066 billion and GAAP diluted EPS was $5.79. The company now operates two segments after spinning off its consumer health business as Kenvue in May 2023: Innovative Medicine (pharmaceuticals), which generated $54.759 billion in sales, and MedTech, which generated $34.062 billion.
Total sales and segment breakdown (FY2024)
| Segment / product area | FY2024 sales | Notes |
|---|---|---|
| Innovative Medicine (pharmaceutical) | $54.759B | US + International pharma |
| MedTech | $34.062B | Medical devices and technology |
| Total sales | $88.821B | FY ending Dec 29, 2024 |
Johnson & Johnson completed the spin-off of its consumer health segment as Kenvue Inc. in May 2023. As a result, brands such as Band-Aid, Tylenol, Listerine, Neutrogena, and Aveeno are no longer part of J&J's financial results. FY2024 reflects a full year of the two-segment structure.
Innovative Medicine covers prescription pharmaceuticals sold across multiple therapeutic areas including oncology, immunology, neuroscience, cardiovascular, and pulmonary hypertension. MedTech covers surgical systems, orthopedic implants, electrophysiology devices, contact lenses and vision care, and wound closure products.
Source: Johnson & Johnson: Form 10-K SEC Filings (CIK 0000200406)
Innovative Medicine segment: top products
| Product | Therapeutic area | FY2024 sales (approx.) |
|---|---|---|
| Darzalex (daratumumab) | Multiple myeloma | ~$11.5B |
| Stelara (ustekinumab) | Immunology (psoriasis, IBD) | ~$9.5B |
| Tremfya (guselkumab) | Immunology (psoriasis) | ~$3.7B |
| Erleada (apalutamide) | Prostate cancer | ~$2.8B |
| Carvykti / Tecvayli | Multiple myeloma (CAR-T / bispecific) | Growing rapidly |
Darzalex is J&J's largest single product by revenue and has continued to gain share across multiple lines of treatment for multiple myeloma. Sales of approximately $11.5 billion in FY2024 reflect its broad uptake in both newly diagnosed and relapsed/refractory settings.
Stelara generated approximately $9.5 billion in FY2024 but faces biosimilar competition that accelerated in 2024 as the product's U.S. exclusivity period ended. Multiple biosimilar versions entered the market, and J&J has guided investors to expect a meaningful reduction in Stelara revenues in subsequent years as patient share shifts to lower-cost alternatives.
Tremfya and Erleada represent the next tier of immunology and oncology products, each generating billions in revenue and positioned to partially offset Stelara erosion. Carvykti (ciltacabtagene autoleucel, a CAR-T cell therapy) and Tecvayli (teclistamab, a bispecific antibody) are early-stage but growing rapidly in later-line myeloma treatment.
J&J's oncology pipeline also includes assets in lung cancer, bladder cancer, and prostate cancer beyond approved products, supported by an R&D expense of approximately $15.3 billion across the full company in FY2024.
MedTech segment: product categories
| Category | FY2024 sales (approx.) | Key brands / notes |
|---|---|---|
| Orthopaedics | ~$8.2B | DePuy Synthes joint replacement, trauma |
| Surgery | ~$7.8B | Ethicon sutures, stapling, energy devices |
| Electrophysiology | ~$5.1B | Biosense Webster cardiac mapping, ablation |
| Vision | ~$5.3B | ACUVUE contact lenses |
Electrophysiology was a standout growth driver within MedTech in FY2024. Biosense Webster, J&J's EP business, benefits from growing demand for catheter ablation to treat atrial fibrillation, an increasing patient population, and competitive strength in contact force sensing and mapping technology. The segment has grown faster than the broader MedTech market.
DePuy Synthes in orthopaedics remains the largest MedTech category by revenue. It competes in joint reconstruction (hips, knees) and trauma fixation against Zimmer Biomet and Stryker. Growth in this category is tied to elective surgery volumes, surgical robot adoption, and demographic trends in aging populations.
Ethicon's surgical franchise covers wound closure, stapling, and energy-based cutting and sealing. Vision is dominated by the ACUVUE contact lens brand, which competes with Alcon and Bausch + Lomb in the daily disposable and specialty lens categories.
Key financial metrics (FY2024)
| Metric | FY2024 |
|---|---|
| Total sales | $88.821B |
| Gross profit margin (approx.) | ~68.3% |
| Operating margin, GAAP (approx.) | ~20.6% |
| Net earnings, GAAP | $14.066B |
| Adjusted net earnings (non-GAAP) | ~$22.8B |
| Diluted EPS, GAAP | $5.79 |
| Adjusted diluted EPS (non-GAAP) | ~$9.98 |
| R&D expense (approx.) | ~$15.3B |
| Dividend per share (quarterly) | $1.24 |
| Dividend per share (annualized) | $4.96 |
| Consecutive years of dividend increases | 62 |
The gap between GAAP and adjusted EPS ($5.79 vs. approximately $9.98) is primarily driven by intangible asset amortization from acquisitions and significant litigation charges. J&J, like many large pharmaceutical companies, reports both figures because intangible amortization is a non-cash charge that does not directly affect operational cash generation in any given period, and management views it as distorting the underlying business performance comparison across years.
R&D spending of approximately $15.3 billion represents roughly 17% of total sales, which is above the industry average and reflects J&J's commitment to maintaining an active late-stage pipeline across oncology, immunology, and MedTech innovation. This level of investment sustains future revenue potential but is also a significant ongoing expense.
Dividend history and Dividend King status
Johnson & Johnson has increased its dividend for 62 consecutive years as of 2024, placing it in the Dividend King category. Dividend Kings are companies in the S&P 500 that have raised their annual dividend for at least 50 consecutive years. Only a small number of companies hold this status, and J&J is one of the most widely recognized among them.
The quarterly dividend rate in FY2024 was $1.24 per share, equivalent to $4.96 per share on an annualized basis. Dividend growth has been supported by J&J's consistent free cash flow generation across business cycles. The consumer health spin-off reduced total company revenues but J&J retained the two higher-margin segments (pharmaceuticals and MedTech), which continue to generate substantial operating cash flow.
Dividend sustainability depends on continued cash flow from Innovative Medicine and MedTech, management of the Stelara biosimilar headwind, and the build-out of next-generation products. J&J's adjusted free cash flow has historically covered the dividend multiple times over, providing a wide margin of safety for the payout.
This page is for educational and research purposes only. Past dividend growth does not guarantee future dividend growth or any specific return. Consult a financial professional before making investment decisions.
Kenvue spin-off and its effect on reported results
Johnson & Johnson completed the separation of its consumer health segment as Kenvue Inc. (NYSE: KVUE) in May 2023 through an IPO, followed by a full exchange offer that distributed Kenvue shares directly to J&J shareholders later that year. Kenvue now operates independently and carries the former J&J consumer brands including Band-Aid, Tylenol, Listerine, Neutrogena, and Aveeno.
For investors reading J&J's financial statements, the most important consequence of the spin-off is that FY2023 and FY2024 results are not directly comparable to FY2022 and earlier periods on a total-revenue basis. J&J's FY2023 10-K provides restated figures that separate discontinued consumer operations from continuing operations, which is the correct basis for year-over-year comparisons going forward.
J&J's strategic rationale for the spin-off was that the consumer business had different growth, margin, and capital allocation characteristics than pharmaceuticals and MedTech. As a standalone entity, Kenvue can optimize its capital structure and management focus for consumer health, while J&J can concentrate resources on higher-growth pharmaceutical and device opportunities.
Frequently Asked Questions
What were Johnson & Johnson's total sales in fiscal year 2024?
Johnson & Johnson reported total sales of $88.821 billion in fiscal year 2024 (the fiscal year ending December 29, 2024), representing approximately 4.3% operational growth compared to fiscal year 2023. Following the May 2023 spin-off of Kenvue, which separated the consumer health segment including Band-Aid, Tylenol, and Listerine, the company now reports results across two segments: Innovative Medicine (pharmaceuticals) at $54.759 billion and MedTech at $34.062 billion.
What is Johnson & Johnson's dividend history?
Johnson & Johnson has increased its dividend for 62 consecutive years as of 2024, qualifying it as a Dividend King. The company paid a quarterly dividend of $1.24 per share in 2024, equivalent to an annualized rate of $4.96 per share. Consistent dividend growth over more than six decades reflects J&J's long-term cash generation and management's commitment to returning capital to shareholders.
What happened to J&J's consumer health business including Tylenol and Band-Aid?
Johnson & Johnson completed the spin-off of its consumer health segment as Kenvue Inc. in May 2023. Kenvue became an independent publicly traded company and now operates the former J&J consumer brands including Band-Aid, Tylenol, Listerine, Neutrogena, and Aveeno. As a result, J&J's fiscal year 2024 results no longer include any consumer health revenue, and the company now reports only its Innovative Medicine (pharmaceutical) and MedTech segments.
What is the difference between J&J's GAAP and adjusted earnings?
Johnson & Johnson reported GAAP net earnings of $14.066 billion and GAAP diluted EPS of $5.79 for fiscal year 2024. The company also reports adjusted (non-GAAP) results that exclude items such as intangible asset amortization, litigation charges, and acquisition-related costs. Adjusted diluted EPS for FY2024 was approximately $9.98, compared to the GAAP figure of $5.79. Investors often track both figures because the non-GAAP number strips out items that management considers non-recurring, though those adjustments can be significant and the GAAP figure is the audited statutory result.