Johnson & Johnson reports 11.2% revenue growth in Innovative Medicine, while Abbott faces higher interest costs post-$21 billion acquisition.
Johnson & Johnson (JNJ) posted Q1 Innovative Medicine revenue of $15.43 billion, up 11.2%, driven by oncology drugs DARZALEX ($3.96 billion, +22.5%) and TREMFYA (+68.3%). The growth offsets STELARA’s 59.7% decline due to biosimilar competition, maintaining its 64-year dividend streak.
Abbott Laboratories (ABT) saw Medical Devices revenue rise 9% to $5.85 billion, led by FreeStyle Libre at $2.19 billion. Diagnostics surged 42.3%, largely from Cologuard’s $919 million contribution post-Exact Sciences deal. However, interest expense jumped from $50 million to $299 million, pressuring margins.
The $21 billion acquisition of Exact Sciences reshapes ABT’s portfolio, while JNJ focuses on spinning off its Orthopaedics unit to streamline operations.