Johnson & Johnson’s coronavirus disease (COVID-19) vaccines will be seen at Northwell Health’s South Shore University Hospital in Bay Shore, New York on March 3, 2021.
Shannon Stapleton | Reuters
Johnson & Johnson on Tuesday reported $ 100 million in first-quarter sales of its Covid-19 vaccine, which is on hold in the US as US health officials investigate a rare blood clotting problem.
When it released its first quarter financial results, the company also reported earnings and sales that exceeded Wall Street’s expectations.
According to Refinitiv’s average estimates, J&J has fared compared to Wall Street expectations as follows:
- Adjusted earnings per share: $ 2.59 per share versus $ 2.34 expected.
- Revenue: $ 22.32 billion versus $ 21.98 billion expected.
The New Jersey-based company’s share price remained largely unchanged in premarket trading following the report.
J & J’s pharmaceuticals business, which developed the single-shot vaccine Covid-19, had sales of $ 12.19 billion, up 9.6% year over year. Results were driven by sales of the company’s multiple myeloma drugs Darzalex and Stelara, a treatment for Crohn’s disease.
The company’s consumer unit, which makes products like Neutrogena Face Wash and Listerine, had sales of $ 3.5 billion, down 2.3% year over year. The medical device unit generated $ 6.57 billion, an increase of 7.9%.
J & J’s chief financial officer Joseph Wolk told CNBC Tuesday that the three businesses are “healthier” than they were last year when they entered the pandemic.
The company increased its profit and sales forecast for the year. J&J now expects full year earnings of $ 9.42 to $ 9.57 per share, compared to its previous guidance of $ 9.40 to $ 9.60 per share. Revenue is expected to range between $ 90.6 billion and $ 91.6 billion, compared to its previous forecast of $ 90.5 billion to $ 91.7 billion.
J & J’s financial results come because the company’s Covid-19 vaccine was suspended in the U.S. after six women developed a rare but potentially life-threatening bleeding disorder in which one person was dead and one in critical condition .
The women developed a condition known as cerebral sinus thrombosis within about two weeks of receiving the shot, US health officials said. CVST is a rare form of stroke that occurs when a blood clot forms in the venous sinuses of the brain. It can eventually leak blood into the brain tissue and cause bleeding.
The Chief Medical Officer of the White House, Dr. Anthony Fauci said last week the hiatus would give US health officials the time they need to thoroughly investigate the cases and “find some common ground among the women involved”.
Wolk told CNBC that the company is working with US regulators to ensure they have all the information they need to make a decision about using the J&J vaccine. He expects the US to make a decision by the end of this week. A key body of the Centers for Disease Control and Prevention is due to meet on Friday to make a recommendation on the vaccine.
“We remain very optimistic and hope that the benefit-risk profile will change,” he told Squawk Box, “blood clots” are going well. “