J&J misses quarterly revenue forecasts as Covid sales disappoint

J&J misses quarterly revenue forecasts as Covid sales disappoint

2021-10-20 02:15:00 AM

J&J misses quarterly revenue forecasts as Covid sales disappoint

Company maintains full-year revenue outlook even though it will need to more than triple volumes in the fourth quarter

Agency StaffPicture: REUTERSJohnson & Johnson on Tuesday reported lower-than-expected quarterly revenue with sales of its Covid-19 vaccine lower than Wall Street estimates after a string of production setbacks.The New Brunswick, New Jersey-based company reporting $766m in sales of the shot in the first nine months of 2021 and maintained its 2021 revenue goal of $2.5bn from the vaccine — meaning that sales will have to more than triple in the fourth quarter to meet its forecast.

US praises South Africa's detection of new COVID-19 strain UFS makes COVID vaccination mandatory from 2022 Covid-19: In swipe at China, US praises SA scientists for 'quick identification' of Omicron | News24

“We’re still very much committed to the $2.5bn of revenue and the supply that is correlated to that,” CFO Joseph Wolk told investors on a conference call.The drugmaker earlier this year experienced quality problems at a Baltimore facility that produces the single-dose vaccine, resulting in the wastage of millions of doses.

The J&J shot, once touted an as important tool for vaccinating hard-to-reach areas, is behind its schedule for deliveries in the US and Europe.The vaccine has the lowest uptake in the US at a time when rivals Moderna and Pfizer are signing up supply deals for booster doses in 2022 and beyond. headtopics.com

“It’s hard to say whether J&J will meet that target, but with the booster guidance coming out soon, that could provide a push to the fourth quarter,” Edwards Jones analyst Ashtyn Evans told Reuters.The US Food and Drug Administration (FDA) has yet to authorise a booster dose of the J&J vaccine, with a decision expected in days.

J&J’s shares rose almost 2% in morning trade, reversing a pre-market fall, as the company raised its overall adjusted profit forecast and beat earnings estimates.Sales in its medical devices unit rose 8% to $6.64bn but missed analyst estimates of $6.87bn, hurt by a resurgence in Covid-19 cases due to the Delta variant.

Excluding items, J&J earned $2.60 per share, beating expectations of $2.35 per share, according to Refinitv data.J&J lifted its 2021 forecast for adjusted earnings per share to between $9.77 and $9.82, from its prior estimates of $9.60 to $9.70.

Overall sales of $23.34bn missed expectations of $23.72bn. Covid-19 vaccine sales of $502m missed estimates of $815m, according to FactSet. Read more: Business Day »

LIVESTREAM | Eskom provides update on system challenges

Eskom CEO Andre de Ruyter is back with an update on the grid.

So, if COVID didnt happen they would be in trouble? Also, is this the real reason why a second jab is recommended - to boost revenue and not for health benefits? Really!? Words alone won’t express how thankful I am 💐, I'm recommending you all to you shantelll_142 .....,investing with shantelll_142 has been a good opportunity for me and my family I just received my profit of $5000 within 7 days of investment with the help of shantelll_142

I saw several people testifying of making so much money with the help of shantelll_142 on Bitcoin option trade and I decided to give it a try and now I'm glad now she helped me and my colleagues to make $5000 in one week, thank you shantelll_142 for transparency and trust.

Devastating impact of Covid-19 shows on Airports Company SA's booksPassenger figures in SA for the year fell by 78%.

New Zealand reports record number of daily Covid-19 cases as Delta variant spreadsNew Zealand recorded on Tuesday the highest number of daily cases since the pandemic began last year, as the Delta variant of the coronavirus spreads in its biggest city Auckland. 94 cases. 94.... Let's reign in the hyperbole, shall we? People who give up are the people who lose in life, my first experience happens to be a failure but i never gave up cause I knew it was going to work out for me trying continuously, fortunately I'm smiling ☺ today getting involved with lethica10

Failure to launch: SA rejects Sputnik V Covid-19 vaccine over HIV concernsThe South African Health Products Regulatory Authority has not approved the Sputnik V vaccine because of concerns that it might lead to higher HIV infection rates among vaccinated males. Only in South Africa will this cause HIV infections to men Wtf? My male specifically? These are definitely some of the reasons why people are skeptical about this whole vaccination thing. If Sputnik is rejected because of this, what might be the case with all the other Vaccines Don't make fool of us, we know Bill Gates controls Ramaphosa...

THERESE RAPHAEL: UK Covid surge raises myriad questionsIt’s too simplistic to say that Britain’s case numbers are entirely due to the government’s approach in lifting lockdown restrictions

Global fight against HIV playing second fiddle to that of Covid-19HIV testing rates are falling and treatment targets missed as governments place more emphasis on the new pandemic

Full health continues to elude millions who have recovered from Covid-19The first “Long Covid” study done in SA, found that 82% of patients still had persistent or new symptoms a month after their discharge from hospital. think covid never leave the body, 3 months on an I still have symptoms 6 months later and my feet still swells up to the size of tennis balls due to some kind of acid build up in my legs and feet. Wife is in a wellness clinic seeing a psychiatrist due to the effect that Longhaul Covid had on her brain and emotional state