NEW BRUNSWICK, N.J.—Johnson & Johnson (NYSE: JNJ) announced results for its third quarter 2024 on Tuesday, with the company reporting overall sales growth of 5.2 percent to $22.5 billion, operational growth of 6.3 percent and adjusted operational growth of 5.4 percent compared with the same period last year. Sales in the U.S. grew 7.6 percent in the third quarter to $12.9 billion. In the vision care sector, contact lens sales for the third quarter showed significant increases on a worldwide basis and within the U.S.

Within the Medtech segment, vision sales grew 4.0 percent worldwide operationally in the third quarter compared with the same period last year. In the U.S., vision sales overall grew 7.2 percent from $512 million to $549 million. Contact lens sales increased 4.7 percent worldwide in the third quarter and 10.2 percent in the U.S., from $399 million to $441 million, with growth driven primarily by price actions as well as continued strong performance of the Acuvue Oasys 1-day family, including the recent launch of Oasys Max 1-day, according to the company.

“Our contact lens business saw double-digit growth and we anticipate that vision has a very strong quarter ahead,” Joaquin Duato, J&J's chairman and chief executive officer told investors on a conference call on Tuesday.

The company reported that Medtech worldwide operational sales grew 6.4 percent worldwide in the third quarter, 7.8 percent in the U.S., to $7.9 billion, with net acquisitions and divestitures positively impacting growth by 2.7 percent. Operational sales growth was driven primarily by electrophysiology products and Abiomed in cardiovascular, contact lenses in vision, and wound closure products in general surgery. Growth was partially offset by endocutter products in advanced surgery, the company said.

“Johnson & Johnson’s strong results in the third quarter reflect the unique breadth of our business and commitment to delivering the next wave of health care innovation,” said Duato. “During the quarter, we advanced our pipeline with regulatory approvals for Tremfya and Rybrevant, submitted an IDE [investigational device exemption] for our general surgery robotic system, Ottava, and launched Velys Spine and Shockwave E8 IVL Catheter, further strengthening our confidence in our near-and long-term growth targets.”

The company stated the 2025 considerations for the Medtech segment include continued adoption of new products, the expected continued impact from value-based purchasing (VBP) as it continues to expand beyond provinces and products, and Medtech margin improvement.

Innovative Medicine worldwide operational sales grew 6.3 percent in the third quarter to $14.6 billion. The company said that growth was driven by Darzalex (daratumumab), Erleada (apalutamide), other oncology, Carvykti (ciltacabtagene autoleucel) in oncology, Tremfya (guselkumab) in immunology, Spravato (esketamine) in neuroscience, and Opsumit (macitentan) in pulmonary hypertension. Growth was partially offset by Stelara (ustekinumab) and Simponi/Simponi Aria (golimumab) in immunology.

Johnson & Johnson also updated its 2024 guidance, including adjusted operational earnings per share (EPS) guidance, to reflect improved performance and the impact from the recent acquisition of V-Wave. The company also increased full-year 2024 operational sales growth. Adjusted operational sales are now expected to be in the range of 5.7 percent to 6.2 percent compared with a range of 5.5 percent to 6.0 percent in July of 2024. Estimated reported sales for 2024 are now expected to be in the range of $88.4 billion to $88.8 billion compared with July 2024 estimates of $88.0 billion to $88.4 billion.