Johnson & Johnson (JNJ) released quarterly earnings, refusing to provide a forecast for sales of its COVID-19 vaccine, as vaccine hesitancy in low-income countries and low demand in higher-income nations, lead to a surplus. J&J also cut both ends of its full-year profit forecast by 25 cents and now expects to earn $10.15 to $10.35 per share. The J&J shot has been linked to rare, but potentially deadly blood clots, manufacturing issues, and concerns about efficacy. It accounts for about 3% of all doses administered in the United States, and roughly 2% of doses in Europe.
The vaccine reported $457 million in the first quarter. The company expects its medical devices unit to recover this year after pandemic delays in non-urgent surgeries hurt sales last year, and it expects above-market growth in its large pharmaceuticals business this year.
The company reported pharmaceutical sales of $12.87 billion, shy of forecasts for $13.6 billion, due in part to low vaccine sales. Excluding items, J&J earned $2.67 per share for the quarter, beating analysts’ expectations by 11 cents.
Dow 30 component Johnson & Johnson (JNJ) is a worldwide healthcare-focused company that embraces research and science so that it can provide customers with innovative ideas, products, and services. To learn more about Johnson & Johnson (JNJ) and to continue to track its progress visit the Vista Partners Johnson & Johnson Coverage Page.
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