Johnson&Johnson's revenue of $43.83 billion in the first half of the year is seeking new growth points through a "change of leadership" in China
worrysorry2017
发表于 2024-7-20 11:02:56
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In the first half of this year, Johnson&Johnson was one of the multinational pharmaceutical companies (MNCs) that released financial reports earlier.
On July 15th, Johnson&Johnson China announced that Zhou Mintao will serve as the President of its Medical Technology China region from July 25th, reporting to Vishnu Karla, the Chairman of Johnson&Johnson Medical Technology Asia Pacific, and becoming a member of the Johnson&Johnson Medical Technology Asia Pacific leadership team. Two days later (July 17th), Johnson&Johnson released its Q2 2024 financial report.
According to the financial report released by Johnson&Johnson, the company's global quarterly sales were $22.447 billion, up 4.3% from $21.519 billion in the same period last year. The quarterly net profit was 4.686 billion US dollars, compared to 5.376 billion US dollars in the same period last year, a year-on-year decrease of 12.8%. The adjusted net profit was 6.84 billion US dollars, a year-on-year increase of 1.6%. Divided by business, the pharmaceutical business generated sales of 14.49 billion US dollars, a year-on-year increase of 5.5%. The sales revenue of medical device business was 7.957 billion US dollars, a year-on-year increase of 2.2%.
Johnson&Johnson's sales in the first quarter of 2024 reached $21.384 billion, with a net income of $5.35 billion. Based on this calculation, Johnson&Johnson's cumulative revenue in the first half of the year was $43.83 billion, compared to $42.413 billion in the same period last year, a year-on-year increase of 3.34%; The cumulative net profit was 7.941 billion US dollars, compared to 5.076 billion US dollars in the same period last year, a year-on-year increase of 56.44%.
Currently, the global pharmaceutical market has entered a new development cycle, and under multiple pressures, multinational pharmaceutical companies are constantly receiving news of pipeline cuts, large-scale layoffs, changes in leadership, and restructuring in the first half of 2024. However, this does not seem to affect their performance.
CAR-T, a popular internet celebrity, achieved a sales revenue of 343 million US dollars in the first half of the year
In 2023, after completing the divestment of its consumer healthcare business, Johnson&Johnson sold all of its remaining shares (9.5%) in Kenvue in May of this year, and instead focused on higher profit margin pharmaceuticals and medical devices, integrating its two major businesses, pharmaceuticals (formerly known as "Johnson&Johnson Innovative Pharmaceuticals" and later renamed as "Johnson&Johnson Innovative Pharmaceuticals") and medical technology. Johnson&Johnson Innovative Pharmaceuticals focuses on fields such as oncology, immunology, neurology, cardiovascular disease, pulmonary arterial hypertension, and retina; Medical technology is dedicated to the fields of surgery, orthopedics, ophthalmology, and interventional solutions.
According to the financial report data, Johnson&Johnson Innovative Pharmaceuticals' revenue in the second quarter was $14.49 billion, a year-on-year increase of 5.5%. Among them, oncology and immunology occupy an absolute position, accounting for 35.1% and 32.6% of the revenue in the innovative pharmaceutical business, respectively, with year-on-year growth of 15.7% and 7.3%, becoming key engines of performance. The field of tumor therapy has made the greatest contribution among innovative drugs, with revenue reaching 5.09 billion US dollars, accounting for 35.1%, and a year-on-year growth of 15.7%.
Among them, multiple myeloma products are Johnson&Johnson's core products, including CD38 monoclonal antibody DARZALEX, BCMA/CD3 dual antibody TECVAYLI, BCMA CAR-T cell therapy drug CARVYKTI, and GRPC5D/CD3 dual antibody Talvey. The total value of these four products in a single quarter reached 3.199 billion US dollars, accounting for almost half of the tumor drugs.
Johnson&Johnson has also become the undisputed leader in the treatment of multiple myeloma, with annual sales of combination drugs exceeding $12 billion.
Another highly anticipated tumor product is CARVYKTI, a CAR-T drug developed in collaboration with Legend. According to the financial report, Johnson&Johnson/Legendary Biologics' BCMA CAR-T therapy CARVYKTI had sales of $186 million in the second quarter, adding to $157 million in the first quarter, resulting in sales of $343 million (approximately RMB 2.5 billion) in the first half of the year, a year-on-year increase of 81.5%. According to Johnson&Johnson's previous forecast, the drug's sales are expected to exceed $1 billion this year. Legendary Biology also believes that holding this drug, its performance is expected to achieve profitability by 2026.
Recently, there have been market reports that Legendary Biotech has received a merger offer and has hired investment bank Centerview Partners to assist its board in reviewing the acquisition offer and other options. According to publicly available information, the investment bank Centerview Partners hired by Legendary Biotech is also the matchmaker behind AstraZeneca's $1.2 billion acquisition of Genshin Impact. In 2023, Centerview Partners participated in most mergers and acquisitions in the biopharmaceutical industry worth $1 billion or more. If the transaction of Legendary Biology goes smoothly, whether there will be any adjustments to CARVYKTI's commercial layout in the future has become an important topic of concern for industry insiders.
At a time of intense competition in the cancer market, Johnson&Johnson is also seeking new growth points. The field of immunology has gradually become an important pillar of performance for multinational pharmaceutical giants. Currently, Stelara remains the main driving force for the growth of Johnson&Johnson's immunology sector, with total sales of $2.885 billion in the second quarter of 2024. With the expiration of Stelara's core patents and the entry of biosimilars into the European market, Stelara's revenue is expected to begin to decline. Fortunately, the new generation of monoclonal antibody Tremfya targeting IL-23 p19 successfully took over, generating $906 million in revenue in the second quarter, a year-on-year increase of 28.3%, becoming the main driving force for Johnson&Johnson's sales growth in the field of immunology.
Recently, Johnson&Johnson has also focused on introducing projects in the field of immunology, especially atopic dermatitis, with a total of two mergers and acquisitions related to it in the second quarter. In May, Johnson&Johnson acquired Proteologix, a private biotechnology company specializing in the development of bispecific antibodies against immune-mediated diseases, for $85 million in cash, thereby acquiring two key projects, PX128 and PX130. Among them, PX128 is a bispecific antibody targeting IL-13 and TSLP, targeting atopic dermatitis and asthma, and is about to initiate phase 1 clinical trials; PX130 is a bispecific antibody targeting IL-13 and IL-22, also targeting atopic dermatitis, and is in the preclinical development stage. In addition, Johnson&Johnson has also obtained 8 early projects for bispecific antibodies.
Subsequently, Johnson&Johnson announced the acquisition of Yellow Jersey, a subsidiary spun off from Numab Therapeutics, for $1.25 billion in cash to obtain a bispecific antibody NM26 targeting IL-4R alpha and IL-31. The acquisition is expected to commence phase 2 clinical trials and is scheduled to be completed in July.
The strategic adjustment behind the MNC's leadership change
After the divestment of its consumer healthcare business in 2023, Johnson&Johnson has experienced frequent personnel changes since the beginning of 2024. Recently, Johnson&Johnson has also completed the replacement of its "head" in the China region.
In March 2024, Johnson&Johnson Medical Technology announced that Tulio Oliveira would be appointed as the new General Manager of the Surgical Division in China. Since joining Johnson&Johnson in 2003, Mr. Oliveira has held various positions in sales, marketing, new business development, global strategic marketing, strategic planning, and comprehensive management in multiple regions including Brazil, the United States, Chile, and Argentina, accumulating rich management experience.
In April of the same year, Johnson&Johnson Medical Technology announced that Ronnie Chen would take over as the HR Manager for Johnson&Johnson Medical Technology China and OneHR China on April 29, 2024. Chen Yanli previously served as the Vice President of China Talent and Organizational Culture at Roche Pharmaceuticals, as well as the Head of Key Account Management Department at China Market Access Hospital.
On July 15th, Johnson&Johnson China announced that Zhou Mintao will serve as the President of its Medical Technology China region from July 25th, reporting to Vishnu Karla, the Chairman of Johnson&Johnson Medical Technology Asia Pacific, and becoming a member of the Johnson&Johnson Medical Technology Asia Pacific leadership team.
Personnel changes at Johnson&Johnson are also quite common among multinational pharmaceutical companies. According to 21st Century Business Herald reporters, since the beginning of this year, several multinational healthcare companies have announced changes in their leaders in China, including Eli Lilly, GlaxoSmithKline, Novartis, and others. For example, on May 14th, the President of Novartis International Business Unit, Herborui, announced a series of personnel changes to employees. Among them, starting from June 1st, Ingrid Zhang, the current President of Novartis China, was appointed as the Chief Commercial Officer (CCO) of Novartis International Business Unit, leading the Novartis Commercial Listing Strategy (CLS) team and based in Basel. Leo Lee, the current President of Novartis Japan, has been appointed as the President of the China region. During the transition period, Keizo Miyazawa will serve as the interim President of the Japan region, responsible for the Japan business.
On May 10th, Mike Crichton, Senior Vice President of GSK Greater China and Intercontinental (GSK GCI), announced a major personnel change to employees. Cecilia Qi, current Vice President and General Manager of GSK China, was appointed as Vice President and Head of Vaccine Business for GSK Greater China and Intercontinental, and was succeeded by Sherman Yu as Vice President and General Manager of GSK China. In addition, on July 9th, Yu Huiming, Vice President and General Manager of GlaxoSmithKline in China, announced a major personnel change to employees. Peggy Fung, Vice President and Head of China Vaccine Business at GlaxoSmithKline, has decided to leave the company, with her last working day being August 9th, 2024.
In recent years, with the continuous impact of China's policies on medical insurance fee control, procurement in quantity, and medical anti-corruption, the world's second largest pharmaceutical market faced by multinational pharmaceutical enterprises has undergone profound changes. In particular, domestic generic drugs through consistency evaluation and local innovative drugs continuously approved for listing have also brought multiple competitive pressures to multinational pharmaceutical enterprises. The accelerated changes in the medical and health industry and the Chinese market are also promoting the adjustment of the strategy and organizational structure of pharmaceutical enterprises.
A pharmaceutical industry analyst from a securities firm told 21st Century Business Herald reporters that as China's new round of healthcare reform enters a deep water zone, especially under the pressure of a series of reforms such as volume based procurement, medical insurance negotiations, and medical insurance payment methods, generic drugs are rapidly declining and innovative drugs are accelerating their rise. The entire industry is facing an urgent need for transformation and upgrading.
In the coming years, the changes in China's pharmaceutical industry will intensify, which will also prompt the industry to face many unprecedented challenges in its rapid development process, especially frequent talent flow and team changes and adjustments. How to strengthen organizational and talent capabilities, stand out in the hundred team battle, and become a difficult problem for cross-border pharmaceutical companies to think about. "The above analyst said that pharmaceutical research and development is a time-consuming and high-risk industry. From the current market environment, multinational pharmaceutical companies are seizing the opportunity of this industry reshuffle, reshaping their product pipeline, sales system, sales personnel, and strategic direction.
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