J&J raises profit forecast amid COVID-19 vaccine sales
By Mychael Schnell - 10/19/21 10:34 AM EDT
https://thehill.com/homenews/administrat...9-vaccine-sales


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Johnson & Johnson raised its 2021 profit forecast after sales for its COVID-19 vaccine, a cancer treatment and other drugs helped the company soar above Wall Street’s third-quarter earnings predictions.

The company said it now expects its adjusted earnings for 2021 to fall between $9.22 and $9.82 per share, according to The Associated Press.

The pharmaceutical company also narrowed its forecast for operational sales, which does not take the impact of currency exchange rates, to between $92.8 billion and $93.3 billion, including vaccine sales.

Analysts predict that the company will see an average of $9.71 in earnings per share with a total of $94.36 billion in sales, the AP reported, citing FactSet.

Overall, the company saw its net income rise by three percent to $3.67 billion last quarter, according to the AP. Adjusted earnings were $2.60 per share, and sales skyrocketed by almost 11 percent to $23.34 billion.

Johnson & Johnson revealed on Tuesday that sales of its single-dose COVID-19 vaccine increased in the third quarter, eclipsing the funds it earned in the first half of the year by almost two-fold, according to the AP.

The company said it brought in $502 million in sales from the jab last quarter, after raking in $264 million from the shot in the first half of the year.

Johnson & Johnson, however, said that it does not intend to turn a profit on the COVID-19 vaccine since the shot is on the market for between $5 and $8 a dose, the AP noted.-- excerpt, rest at link above --