J&J exceeds earnings expectations for the fourth quarter and can “quickly” launch Covid vaccine knowledge.
Illustration of the Johnson & Johnson coronavirus vaccine
Given Ruvic | Reuters
Johnson & Johnson on Tuesday reported fourth quarter earnings and sales that exceeded Wall Street expectations. The company also said it would “soon” release important details about its coronavirus vaccine.
According to Refinitiv’s average estimates, J&J has fared compared to Wall Street expectations as follows:
- Adjusted earnings per share: $ 1.86 per share versus $ 1.82 expected.
- Revenue: $ 22.48 billion versus $ 21.67 billion expected.
“I am incredibly proud of our Johnson & Johnson teams around the world who are committed to serving stakeholder needs,” said Alex Gorsky, CEO of J&J, in a press release. “We are further developing our COVID-19 vaccine candidate and look forward to publishing details from our Phase 3 study soon.”
J & J’s share price remained essentially unchanged in premarket trading after the report.
J & J’s pharmaceutical business, which is working on a coronavirus vaccine, had sales of $ 12.26 billion, up 16% year over year. The company’s consumer unit, which makes products like Listerine, had sales of $ 3.6 billion, up 1.4% year over year. The medical device unit generated $ 6.58 billion, down 0.7%.
The company forecasts adjusted earnings between $ 9.40 and $ 9.60 per share in 2021.
J&J is expected to release data from its Phase 3 study testing the Covid-19 vaccine this week.
US officials and Wall Street analysts are eagerly anticipating J & J’s nationwide approval of the vaccine, which could come as early as next month. Unlike the vaccines approved by Pfizer and Moderna, which require two doses three to four weeks apart, J&J only requires one dose. This means that patients don’t have to return for another dose, which simplifies logistics for healthcare providers.