The New Jersey-based Johnson & Johnson reported their first-quarter sales standing at $100 million from the company’s vaccine for Covid-19. The vaccine is on hold right now in the US as the federal health regulators are probing a blood clotting issue relevant to it.
The company’s report disclosed its earnings and revenue as a part of the first quarter. The reported values stand greater than expected by Wall Street. The estimates from Wall Street and the actual compiled values from Refinitiv stands at:
- The EPS adjusted was reported to be $2.59 per share, while the expected value stood at $2.34.
- The revenue was expected to be $21.98 billion, however, the reported value was $22.32 billion.
After the reports came in, the company’s shares slightly shelved down in the premarket trade. The company’s pharmaceutical business developed the one-shot vaccine for Covid and fetched a $12.19 billion revenue. This resulted in an increase of year-over-year values by 9.6 percent.
The multiple myeloma drugs from J&J, i.e., Stelara and Darzalex, used as a remedy for Crohn’s disease were the driving force behind the company’s shares.
The company’s consumer unit that produces Listerine and Neutrogena reported $3.5 billion in revenue, facing a drop by 2.3 percent from the previous year. A statement from the company’s executives read that the values dropped as a result of an “unfavorable comparison” to the previous year, where customers were seen piling up the products.
After raising its revenue and earnings for the year, the company now expects a rise in share value to $9.42 and $9.57 per share. The previous year’s predictions stood at $9.4 to $9.6 per share. The company is also hoping to generate a revenue of $90.6 billion to $91.6 billion, while the former year’s values stood at $90.5 billion $91.7 billion.
Joseph Wolk, the company’s chief financial officer said that J&J’s three business wings were better when compared to the pandemic phase last year. The company’s medical unit got $6.57 billion, which is 7.9 percent more than last year. This unit was the worst affected due to the pandemic last year as the Americans remained at home.
However, the company’s Covid vaccine was halted in America after six women were affected by a rare yet potential life-scaring disorder causing blood clots. While one woman is in critical condition, the other died. All six women reportedly developed cerebral venous sinus thrombosis (CVST) within just two weeks of receiving the vaccine.
Mr. Wolk said, “We remain very confident and we’re hopeful the benefit-risk profile will play out,” and added that the company still hopes to deliver the 100 million shots in the first half if the investigation goes well.