On Tuesday, Johnson & Johnson announced fourth-quarter earnings and revenue that beat Wall Street expectations, and added that it would release key details regarding its coronavirus vaccine soon, as the company reported adjusted earnings of $1.86 per share, while expectations were only $1.82, and the company achieved revenues of $22.48 billion, compared to expected revenues of $21.67 billion, and its share price witnessed stability in pre-market trading.
J&J’s pharmaceutical business generated $12.26 billion in revenue, up 16% year-over-year due to higher demand for prescription drugs, and it is also working on a vaccine for the coronavirus.
The company’s consumer project, which manufactures products such as Listerine, generated revenues of $3.6 billion, 1.4 percent higher than last year, the company’s medical device division reported revenue of $6.58 billion, down 0.7%, and the company expects adjusted earnings for 2021 in the range of $9.40-9.60 per share, in addition to sales of $90.5-91.7 billion.
US officials and Wall Street analysts are looking forward to the federal approval of the J&J vaccine, which may be issued within the next month, and the company’s vaccine requires a single dose, which means that patients will not need to return to vaccination centers to get another dose, unlike the two vaccines Pfizer and Moderna.
J&J expects that the data it will publish regarding the third phase of vaccine development will be “strong“, but it is possible that there will be differences in the results of the vaccine when it is tested on people from regions such as South Africa where the new highly contagious strain of the virus is found.
Notably, Moderna said Monday that it is working on a booster dose to protect against the impact of the new strain that was discovered in South Africa after finding its current vaccine to be poorly effective.