Janssen Johnson & Johnson’s COVID-19 vaccine.
Alan J. Cockroach | Los Angeles Times | Getty Images
Johnson & Johnson on Tuesday expected its Covid vaccine to generate $3 billion to $3.5 billion in sales in 2022, after the company released a mixed fourth-quarter report that slightly beat earnings estimates but missed revenue expected.
Here’s how they fared compared to Wall Street expectations, according to average analyst estimates compiled by Refinitiv:
- Adjusted EPS: $2.13 compared to expectations of $2.12.
- income: $24.8 billion vs. $25.29 billion expected
CFO Joseph Volcker told CNBC that the stronger dollar had a negative impact of $150 million to $200 million on top-line sales. Hospital staffing shortages caused by the omicron Covid variant also created uncertainty for the company’s medical device business, particularly in elective surgery, Wolk said. He added that the consumer health sector has been hit by raw material supply constraints, labor shortages at third-party manufacturers and rising transportation costs.
“We think the second half of 2022 will be stronger than the first half,” Volcker told CNBC’s Meg Tirrell on “Squawk Box.” “But some of those dynamics continued at the beginning of the year.”
Johnson & Johnson reported sales of $93.77 billion in 2021, up 13.6% from the previous year. The company’s pharmaceutical division achieved revenue of US$52.08 billion, a year-on-year increase of 14.3%. Johnson & Johnson’s medical device business generated sales of $27.06 in 2021, an increase of 17.9% over 2020. Revenue in the Consumer Health segment was $14.63 billion, up 4.1%.
Johnson & Johnson said it expects earnings of $10.40 to $10.60 per share this year on revenue of $98.9 billion to $100.4 billion.
CEO Joaquin Duato will lead the earnings call for the first time in his new role at Johnson & Johnson this morning. Earlier this month, Duato officially replaced Alex Gorsky.
The fourth-quarter results marked the end of a difficult year for J&J. Public confidence in the company’s single-shot Covid vaccine took a hit in December when the Centers for Disease Control and Prevention recommended vaccines from Pfizer and Moderna over Johnson & Johnson’s. The CDC found that dozens of people, mostly young women, developed a rare blood clot condition after receiving Johnson & Johnson’s vaccine.
In June, J&J asked the Supreme Court to review a $2.1 billion lower court appeal against women who claimed asbestos in the company’s talc caused ovarian cancer.
J&J also separated its consumer products business from its pharmaceutical and medical device businesses, creating two publicly traded companies. Johnson & Johnson expects to close the deal by the end of 2023.
If you want to know more about business please go to https://updatednews24.com/category/business/