NEW BRUNSWICK, N.J.—Johnson & Johnson (NYSE: JNJ) has announced financial results for the first quarter of 2024, with reported sales growth of 2.3 percent to $21.4 billion, operational growth of 3.9 percent, and adjusted operational growth of 4.0 percent. Sales in the U.S. increased 7.8 percent for the first quarter. “Johnson & Johnson’s solid first quarter performance reflects our sharpened focus and the progress in our portfolio and pipeline,” said Joaquin Duato, chairman and chief executive officer. “Our impact across the full spectrum of health care is unique in our industry, and the milestones achieved this quarter reinforce our position as an innovation powerhouse.”

The company reported net income of $5.35 billion during the quarter, compared with a net loss of $491 million for the same period last year.

MedTech worldwide operational sales increased 4.5 percent or 6.3 percent, operationally driven primarily by electrophysiology products and Abiomed in cardiovascular, previously referred to as interventional solutions, and wound closure products in general surgery. Innovative Medicine worldwide operational sales, excluding the COVID-19 vaccine, increased 6.9 percent or 8.3 percent operationally.

“This quarter’s solid financial results and the significant advancement of our pipeline further progressed our business toward future growth,” says Joe Wolk, executive vice president and chief financial officer. “Our strong financial foundation and commitment to operational excellence enables us to continue to invest in innovation that delivers novel treatments for our patients, enhance our portfolio through strategic acquisitions, and return capital for our shareholders, as evidenced by our 62nd consecutive year of dividend increases.”

Within the MedTech segment, however, sales of vision products, including contact lenses, decreased by 3.3 percent to $1.26 billion, with U.S. sales off by 1.8 percent. Worldwide contact lens sales decreased by 4.6 percent and by 1.4 percent in the U.S. According to J&J executives, the decline in vision sales was driven by a “contraction of U.S. distributor inventory in contact lenses,” but was partially offset by continued strong performance of the Acuvue Oasys 1-Day family (including the recent launch of Oasys Max 1-day) and price actions. “We expect high single-digit growth in vision this year,” J&J executives stated on Tuesday’s conference call. The vision segment grew by 6.6 percent in 2023.

J&J also narrowed its full-year guidance for the year. The company now expects sales of $88 billion to $88.4 billion. That compares with a previous forecast of $87.8 billion to $88.6 billion at the start of 2024.