Johnson & Johnson Posts Higher Quarterly Revenue, Lifted by Covid-19 Vaccine -- Update
April 20 2021 - 7:15AM
Dow Jones News
By Matt Grossman
Johnson & Johnson's Covid-19 vaccine contributed $100
million to the company's sales growth in the latest quarter, as
U.S. health authorities re-evaluate the vaccine during a pause amid
safety concerns.
As vaccination campaigns help ease the pandemic's severity,
Johnson & Johnson's results from its other business lines
showed a trend toward normality compared with the tumultuous first
months of 2020.
Johnson & Johnson's pharmaceutical revenue grew 10% year
over year. Revenue from drugs such as Darzalex, for multiple
myeloma, Stelara, for inflammatory diseases, and Erleada, for
prostate cancer, helped drive the improvement.
Revenue from medical devices grew 11%, a recovery from the early
days of the pandemic when many people put off elective medical
procedures. Meanwhile, sales of consumer-health products declined
by 2.3% compared with the same stretch last year, when shoppers
were stocking up on health supplies to prepare for coronavirus
lockdowns.
The New Brunswick, N.J.-based company logged first-quarter
revenue of $22.32 billion, compared with $20.69 billion in last
year's first quarter. Analysts' consensus forecast was for revenue
of $21.98 billion, as compiled by FactSet.
The company's net earnings were $6.2 billion, or $2.32 a share,
compared with $5.8 billion, or $2.17 a share, a year earlier.
Accounting for one-time items, Johnson & Johnson's adjusted
earnings were $2.59 a share. Analysts had forecast adjusted
earnings of $2.34 a share.
In February, Johnson & Johnson's Covid-19 vaccine became the
third to win an emergency-use authorization from the U.S. Food and
Drug Administration, following approvals for shots from Pfizer Inc.
and Moderna Inc. Unlike those companies' vaccines, Johnson &
Johnson's is given in a single dose, not two.
Last week, the FDA and the Centers for Disease Control and
Prevention recommended a pause in the use of Johnson &
Johnson's vaccine after finding that six people who had received it
developed blood clots and had low counts of blood platelets. Nearly
7 million doses of the vaccine had been administered in the U.S.,
the agencies said.
Authorities have been concerned, in part, that doctors would
treat the blood-clot condition improperly if it emerged in more
people.
Over the weekend, Dr. Anthony Fauci, the chief medical adviser
to President Biden, said that he expected the vaccine to return to
use by Friday, perhaps with additional restrictions or warnings. A
federal vaccine-advisory panel is scheduled to meet Friday to make
recommendations about the situation.
(END) Dow Jones Newswires
April 20, 2021 08:00 ET (12:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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