Johnson & Johnson (NYSE:JNJ) stock rose 1.71% (As on January 23, 11:22:43 AM UTC-4, Source: Google Finance) after the company reported fourth-quarter sales and profit above Wall Street estimates, driven by strong sales of its cancer treatments. The company is fostering growth at its medical device unit through deals focused on heart health – including its $13.1 billion deal to acquire Shockwave Medical. Shockwave generated $258 million in sales for the quarter and $564 million for the year, according to J&J. Meanwhile, The U.S. Food and Drug Administration expanded approval for Johnson & Johnson’s nasal spray, Spravato, to allow it to be used as a standalone treatment for patients with severe depression.

Moreover, quarterly sales of J&J’s cancer drugs rose 19% worldwide, driven by more than $3 billion for multiple myeloma treatment Darzalex, which was up 20.9% from a year ago. J&J’s innovative medicine unit brought in fourth-quarter sales of $14.33 billion while its medtech unit generated $8.19 billion, up 4.4% and 6.7% respectively compared to a year ago. Sales of J&J’s blockbuster psoriasis treatment Stelara fell 14.7% to $2.35 billion in the fourth quarter. Analysts’ were expecting sales of $2.25 billion, according to LSEG data. For the full year, Stelara brought in revenue of $10.36 billion, making up more than 18% of J&J’s total drug sales of $56.96 billion for 2024. Analysts were expecting sales of $10.59 billion. Annual sales of the drug are expected to fall to about $7 billion this year. Darzalex brought in annual sales of $11.67 billion, making it J&J’s biggest-selling drug. Analysts were expecting sales of $11.11 billion for this year.

JNJin the fourth quarter of FY 24 has reported the adjusted earnings per share of $2.04, beating the analysts’ estimates for the adjusted earnings per share of $2.01. This includes a 22 cents charge related to its acquisition of medical device maker V-Wave – nearly 11% lower than the previous year. The company had reported the adjusted revenue growth of 5.3 percent to $22.52 billion in the fourth quarter of FY 24, beating the analysts’ estimates for revenue of $22.42 billion, according to LSEG data.

The New Jersey-based drugmaker also said it expects 2025 sales of between $90.9 billion and $91.7 billion and earnings between $10.75 and $10.95 per share on an adjusted basis. Analysts were expecting sales of $90.98 billion and a profit of $10.56 per share for 2025, according to data compiled by LSEG.