Johnson & Johnson on Tuesday reported fourth quarter earnings and sales that exceeded Wall Street expectations. The company also said it would “soon” release important details about its coronavirus vaccine.
According to Refinitiv’s average estimates, J&J has fared compared to Wall Street expectations as follows:
- Adjusted earnings per share: $ 1.86 per share versus $ 1.82 expected.
- Revenue: $ 22.48 billion versus $ 21.67 billion expected.
“I am incredibly proud of our Johnson & Johnson teams around the world who are committed to meeting stakeholder needs,” said CEO Alex Gorsky in a press release. “We are continuing to develop our COVID-19 vaccine candidate and look forward to publishing details from our Phase 3 study soon.”
J & J’s share price remained essentially unchanged in premarket trading after the report.
J & J’s pharmaceutical business, which is working on a coronavirus vaccine, had sales of $ 12.26 billion. This corresponds to an increase of 16% over the previous year as the demand for prescription drugs increased. The company’s consumer unit, which makes products like Listerine, had sales of $ 3.6 billion, up 1.4% year over year. The medical device unit generated $ 6.58 billion, down 0.7%.
The company forecast adjusted earnings of $ 9.40 to $ 9.60 per share and revenue of between $ 90.5 and $ 91.7 billion in 2021.
J&J is expected to release data from its Phase 3 study testing the Covid-19 vaccine this week.
US officials and Wall Street analysts are eagerly awaiting J & J’s nationwide approval of the vaccine, which could come as early as next month. Unlike the vaccines approved by Pfizer and Moderna, which require two doses three to four weeks apart, J&J only requires one dose. This means that patients don’t have to return for another dose, which simplifies logistics for healthcare providers.
Joseph Wolk, J & J’s chief financial officer, told CNBC Tuesday that the company expects the data from the Phase 3 study to be “robust.” He said it was possible that there were differences in results for people tested in places like South Africa, where there is a new, highly contagious strain of the virus.
Moderna said Monday it was working on a booster shot to protect against the strain seen in South Africa after it was found the current vaccine appeared to be less effective.
“It will be very comprehensive when it comes to specific ethnicities [such as] Blacks, Hispanics, and the elderly, “Wolk said on” Squawk Box. ” Because it is so diverse due to its geographical representation that it could provide many insights. ”