医药：海外MNC动态跟踪系列（六）-强生：达雷妥尤单抗突破百亿，西达基奥仑赛增速亮眼

Investment Rating - The industry investment rating is "Outperform the Market" [36] Core Insights - Johnson & Johnson reported a revenue of $88.8 billion in 2024, representing a 4.3% increase, driven by its two core business segments: Innovative Pharmaceuticals and Medical Technology, which generated $56.964 billion (+4.0%) and $31.857 billion (+4.8%) respectively [3][8] - The oncology segment showed significant growth, with Darzalex (daratumumab) sales surpassing $10 billion for the first time, achieving $11.670 billion (+19.8%), while Carvykti (ciltacabtagene autoleucel) grew by 92.7% to $0.963 billion [16][31] - For 2025, Johnson & Johnson anticipates operational sales growth of 2.5% to 3.5%, with total revenue expected to reach between $91.0 billion and $91.9 billion [26][27] Summary by Sections Part 1: 2024 Financial Overview and Key Events - Johnson & Johnson's 2024 revenue was $88.8 billion, with a GAAP net income of $14.1 billion (+5.6%) and adjusted net income of $24.2 billion (+4.6%) [8] - The company completed 10 product regulatory decisions and submitted 18 regulatory filings in 2024 [10] Part 2: Core Product Sales Analysis - The oncology segment generated $20.781 billion in 2024, a 17.7% increase, with Darzalex leading the growth [16] - The immunology segment faced challenges, with Remicade and Stelara experiencing declines, while Tremfya grew by 16.6% to $3.670 billion [17][18] Part 3: 2025 Pipeline Milestones - In 2025, Johnson & Johnson plans to complete 14 regulatory decisions and submit 9 new applications, with key products including Tremfya for Crohn's disease and Nipocalimab for myasthenia gravis [22] Part 4: 2025 Financial Outlook - The company expects operational sales growth of 2.5% to 3.5%, with adjusted EPS projected between $10.75 and $10.95 [26][27] Part 5: Investment Recommendations - The report suggests focusing on domestic CD38 monoclonal antibody drug development and related companies such as Tianjing Biopharma and Kangnuo Biotech [31]