Shares in the NYSE-listed company dropped 2.8% at market open. Image credit: Shutterstock / Tada Images.

Johnson & Johnson (J&J) MedTech has reported a 4.8% growth in global sales in 2024, though it expects its 2025 outlook to remain affected by weak demand in China.

J&J MedTech generated sales of $31.9bn for the full year, up from $30.4bn in 2023. The business posted a strong Q4 performance to round off the year, producing sales of $8.2bn to increase revenue by 6.7% compared to the same period in 2023. Total sales for J&J, including its drug business Innovative Medicine, were up 5.3% to $22.5bn, slightly ahead of consensus of $22.4bn.

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Shares in the NYSE-listed company dropped 2.8% at market open following the earnings, possibly a reflection of 2025 guidance. J&J has a market cap of $344.1bn.

In a conference call to investors on 22 January, J&J MedTech placed particular emphasis on the performance of its cardiovascular business buoyed by big-money acquisitions in the past year. The company reported strong sales from electrophysiology products, though this was partially offset by increased competitiveness in the pulsed-field ablation (PFA) market.

Acquired by J&J in August 2024 in a deal worth $16.6bn, Abiomed delivered a 13.2% growth, which was driven by demand for Impella, the world’s smallest heart pump. J&J MedTech also said that the cardiovascular results include $258m associated with the acquisition of Shockwave, a coronary artery disease device specialist bought by J&J for $13.1bn in April 204.  

Whilst J&J did not provide an outlook specifically for its medtech segment, the company issued overall 2025 guidance of between $89.2bn to $90bn in sales, representing a growth ranging from 0.5% to 1.5%.

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J&J chief financial officer Joseph Wolk said in the earnings call: “We continue to expect China to remain a headwind through 2025.”

Anti-corruption drives by the Chinese Government and increased competition from local manufacturers have resulted in many medical technology companies experiencing dampened sales in the Asia and Pacific region. Philips, for example, saw flat sales in Q2 revenue last year, citing the regulatory enforcement measures in China.

J&J MedTech is also navigating a problematic rollout of its Varipulse PFA device after four neurovascular events were reported during an external evaluation. The company paused the US launch to investigate the root cause of the issue.

Wolk said: “Regarding Varipulse In the US, we are working diligently to complete our investigation, and we’ll provide an update when we have additional information to share.”

J&J expects a better second half of 2025 for its medtech business than H1, citing acceleration of newly launched products to build throughout the year, along with the “full benefit” of the Shockwave transaction materialising.