Johnson & Johnson Suspends Sales Forecast For COVID-19 Vaccine, Trims FY22 Profit Outlook

  • Johnson & Johnson JNJ has reported Q1 FY22 adjusted earnings of $2.67 per share, up 3.1% Y/Y and ahead of the consensus of $2.61.
  • Net sales increased 5% Y/Y (7.9% on an operational basis) to $23.43 billion, missing the consensus of $23.67 billion.
  • Pharmaceuticals contributed $12.87 billion in sales, +9.3%, due to Darzalex (daratumumab), Stelara (ustekinumab), Tremfya (guselkumab), Erleada (apalutamide), and paliperidone palmitate and COVID-19 vaccine.
  • JNJ generated $457 million in COVID-19 vaccine sales during the quarter, with sales down 25% in the U.S. to $75 million.
  • The Company's Q4 sales from Medical Devices grew 8.6% to $6.97 billion.
  • Consumer health segment sales increased 1.6% Y/Y to $3.58 billion, primarily driven by over-the-counter products. 
  • Outlook: Johnson & Johnson expects an FY22 adjusted profit forecast of $10.15 - $10.35 per share, lower than the prior forecast of $10.40 - $10.60. The consensus estimate is $10.51.
  • The Company expects sales of $97.3 billion – $98.3 billion, versus the consensus of $$99.31 billion.
  • JNJ has suspended its sales forecast for the COVID-19 vaccine due to global supply surplus and demand uncertainty.
  • Price Action: JNJ shares are down 0.37% at $177.00 during the premarket session on the last check Tuesday.
  • Photo via Wikimedia Commons

Posted In: BriefsBiotechEarningsLarge CapNewsGuidanceHealth CareTop StoriesGeneral

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