Johnson & Johnson revealed that sales of its vaccine reached $ 502 million during the third quarter in its quarterly results report, which showed that the company’s profits exceeded Wall Street expectations, as the results came with the support of higher sales of units of health consumer products, pharmaceutical products and medical devices.
J&J’s adjusted earnings were about $2.6 per share, beating analyst expectations of $2.35 per share. As for revenue, the company raised $23.34 billion, failing to meet analyst expectations of $23.72 billion, but the company raised its full-year earnings guidance to a range of $9.77-9.82 per share, down from its previous estimate of $9.6-9.7 per share.
The company believes that sales will range between 94.1-94.6 billion dollars, instead of its previous forecast, which was between 93.8-94.6 billion, and at the same time, the company maintained its aspirations for sales of the Covid-19 vaccine for the year by about 2.5 billion dollars, pushing its stock up more than 2% in early trading.
The company’s consumer unit, which makes products like Neutrogena face wash and Listerine, collected about $3.7 billion in revenue, up 5.3% year-over-year. J&J’s pharmaceutical business, which includes its single-dose COVID-19 vaccine, collected revenues of $12.9 billion, growing by 13.8 percent year-on-year, while the Medical Devices unit raised $6.6 billion, growing by 8 percent, knowing that this unit received a severe blow last year from the Corona pandemic, which forced hospitals to postpone elective surgeries and to keep citizens at home.
Earlier this month, J&J requested a booster-dose license from the Food and Drug Administration for its single-dose coronavirus vaccine to join its competitors in entering the potentially highly profitable booster market for pharmaceutical companies. Read more [Pfizer & Moderna Will Make Billions From The Vaccine Market].