Johnson & Johnson (NYSE: JNJ) reported USD100 Million in first-quarter sales from its Covid-19 vaccine on Tuesday. The company topped the consensus forecast and upped its 2021 earnings forecast.
The pharmaceutical company reported earnings of USD2.59 a share, compared to the anticipated USD2.34 per share. Revenue amounted to USD22.32 Billion, higher than analysts USD21.98 Billion prediction.
“The ability to deliver these results while simultaneously advancing our robust pipeline of life-enhancing medicines, products and solutions during these times is a testament to the strength and resilience of our business and the dedication of the 135,000 employees of Johnson & Johnson who strive every day to profoundly change the trajectory of health for humanity and make healthier communities for everyone, everywhere,” said Alex Gorsky, Chairman and Chief Executive Officer.
The company’s pharmaceutical business generated USD12.19 Billion in revenue, a 9.6% year-over-year surge. Sales were led by J&J’s multiple myeloma drug Darzalex and Stelara, a remedy used for Crohn’s disease.
Johnson & Johnson now foresees a full-year adjusted EPS between USD9.42 and USD9.57, compared to the previous estimates of USD9.40 to USD9.60. Furthermore, the company updated its sales guidance to USD90.6 Billion and USD91.6 Billion, from former estimates of USD90.5 Billion to USD91.7 Billion in 2021.
Amid recent speculation of rare blood clotting disorders caused by J&J’s Covid vaccines, the shot has been halted within the United States. Six women developed the life-threatening disorder, known as cerebral venous sinus thrombosis, following their vaccines. One of the women died and another was in critical condition.
“We hope by making people aware [of the risk,] as well as putting clear diagnostic and therapeutic guidelines in place, that we can restore the confidence in our vaccine,” said J&J chief scientific officer Dr. Paul Stoffels.
Shares rose almost 3% during midday trading Tuesday.