Surge continues! Johnson & Johnson's revenue exceeded $70 b in the first three quarters

Despite still facing pressures such as weak market feedback and inflation, Johnson & Johnson is still maintaining confidence in future performance growth.

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On the evening of October 18, Johnson & Johnson announced its third-quarter financial report for 2022. For the first three quarters, it reported total revenue of $71.237 billion, up 3.3% year-over-year, and net income reached $14.421 billion, down 10.7% year-over-year.

Johnson & Johnson achieved revenue of $23.791 billion in the third quarter, a growth of 1.9% year-over-year, and net income lifted $4.458 billion, which went up 21.6% year-over-year.

In terms of specific segments, the Consumer Health Department reported third-quarter sales of $3.795 billion, which declined 0.4% year-over-year. Its main contributions came from over-the-counter upper respiratory and analgesic products, and skin health/beauty and women's health products outside the U.S. The only two business segments that reported positive growth in the third quarter.

Among them, Skin Health/Beauty sales were $1,126 million, with price increases and strong market demand for Neutrogena and Aveeno helping the segment maintain a modest positive growth rate of 0.1%. The segment recorded $3.264 billion in the first three quarters, which fell 5.6% year-over-year.

Oral care business sales revenue was $375 million, down 5.8% year-over-year, with weak performance in most regions, including China, Europe, the Middle East, Africa, and Latin America.

The Baby care segment achieved sales of $375 million, driven by price increase and the Aveeno brand, but still declined 4.3% year-over-year, and sales in the first three quarters were $1.105 billion, which decreased 5.4% year-over-year. Women's health business sales dropped 3% to $225 million, with a strong performance in India. Wound care business sales declined 3.9% to $176 million.

Although Johnson & Johnson continues to face pressures from weak market feedback and inflation, it remains confident about future growth and that the Consumer Health Department will continue to use strategic price increases to offset inflationary pressures in an effort to stay afloat in the macroeconomic and geopolitical environment.

It is worth noting that the spin-off of Johnson & Johnson's business is still in progress. Last month, it officially announced the name of its new consumer health company in preparation - "Kenvue" - and unveiled a new corporate identity. Kenvue's future as an independent publicly traded company will focus on consumer products and personal health care businesses, with iconic brands such as Aveeno, Band-Aid, Listerine, Neutrogena, Tylenol, Johnson & Johnson Baby, and Dr.Ci: Labo will operate under the company.