🔹 Adj. EPS: $2.77 (Est. $2.58) 🟢; UP +2.2% YoY
🔹 Revenue: $21.89B (Est. $21.57B) 🟢; UP +2.4% YoY
🔹 FCF: ~$3.4B (vs. $2.85B YoY)
🔹 Net Income (GAAP): $11.0B; UP +238% YoY
🔹 Dividend Raised: +4.8% to $1.30/share; Annualized Yield: 3.4%
FY25 Guidance (Updated):
🔹 Adj. EPS: $10.50–$10.70 (Est. $10.50) 🟡
🔹 Reported Sales: $91.0B–$91.8B (Midpoint: $91.4B; Prev. midpoint: $89.6B) 🟢
🔹 Operational Sales (Midpoint): $92.0B; +3.8% YoY 🟢
🔹 Adjusted Operational EPS Growth: +6.2% at midpoint
🔸 Stronger second half expected due to recent product launches
Segment Performance
Innovative Medicine:
🔹 Revenue: $13.87B; UP +2.3% YoY (Operational: +4.2%)
🔸 Growth Drivers: DARZALEX, CARVYKTI, ERLEADA, RYBREVANT/LAZCLUZE, TREMFYA, SIMPONI, SPRAVATO, XARELTO
🔸 Offset: ~810bps impact from STELARA biosimilar erosion in Immunology
🔸 Regulatory Win: Subcutaneous RYBREVANT approved in EU; TREMFYA approved by FDA for Crohn’s disease
MedTech:
🔹 Revenue: $8.02B; UP +2.5% YoY (Operational: +4.1%)
🔸 Growth led by: Abiomed in Cardiovascular and wound closure in General Surgery
🔸 Headwinds: Weakness in Spine, Sports & Other Orthopaedics
🔸 Product Innovation: First procedures completed using OTTAVA robotic surgery system
Geographic Breakdown:
🔹 U.S. Revenue: $12.31B; UP +5.9% YoY
🔹 International Revenue: $9.59B; DOWN -1.8% YoY (Operational: +2.1%)
🔹 Global Operational Growth: +4.2%
🔹 Adjusted Operational Growth (ex-currency/acquisitions): +3.3%
