JnJ suspends sales forecast for COVID vaccine
JnJ said it now expects full-year adjusted profit forecast to be between $10.15 and $10.35 per share, lower than the prior forecast of $ 10.40 to $ 10.60.;
Advertisement
New Delhi: Johnson & Johnson on Tuesday cut its full-year profit expectation and suspended sales forecast for its COVID-19 vaccine after having earlier predicted as much as $3.5 billion in sales from the shot.
The world's largest healthcare conglomerate cited uncertain demand and supply surplus of rival shots that have fared much better than its single-dose vaccine for cancelling the forecast.
The vaccine, which is sold at a "not-for-profit" price, brought in $457 million in the first quarter. Its sales last year had underperformed rival mRNA shots also due to manufacturing bottlenecks and safety concerns.
Pfizer Inc has forecast $32 billion in 2022 sales from its COVID vaccine developed with BioNTech, while Moderna has forecast $21 billion.
J&J said it now expects full-year adjusted profit forecast to be between $10.15 and $10.35 per share, lower than the prior forecast of $10.40 to $10.60. Overall sales of $23.43 billion in the first quarter missed Refinitiv estimates of $23.61 billion.
"The slight miss was really around the COVID-19 vaccine and quite frankly it met our internal expectations. There was just a disconnect into how the Street assumed it was going to play out over the year," Chief Financial Officer Joseph Wolk told CNBC.
Read also: JnJ COVID booster 85 percent effective against Omicron hospitalisation: SAMRC
Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .
Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.
NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.