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.;
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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.
Read also: JnJ COVID booster 85 percent effective against Omicron hospitalisation: SAMRC
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