Janssen Johnson & Johnson COVID-19 vaccine.
Allen J. Charven | Los Angeles Times | Getty Images
International Covid vaccine sales sparked Johnson & Johnsonrevenue of beat On Tuesday, though, the company said it expected no further sales from Shot.
“With respect to the Covid-19 vaccine, we have completed our contractual commitments and do not anticipate material sales beyond those recorded in the first quarter,” Chief Financial Officer Joseph Wolk said in a conference call on Tuesday. said in
Those commitments include external end-of-life costs and clinical trial costs, the consumer goods giant said in the first quarter. Financial results announcement.
It marks the end of a difficult three years for J&J’s Covid vaccine, even though it was one of the first shots to enter the U.S. market during the pandemic. The vaccine that was Pfizer and Moderna Because there is a rare but serious risk of blood clotting disorders.
J&J’s unpopular shots seemed to come to fruition on Tuesday, contributing $747 million in sales in the three months ending March 23rd. This has led to strong growth in the company’s pharmaceutical business, with sales up more than 4% year-on-year. .
Notably, all Covid vaccine revenue during the quarter came from outside the United States.It’s unclear which countries contributed to sales.
Its earnings numbers beat Wall Street analyst estimates.
Bank of America analyst Jeff Meacham had expected the shot to bring in $150 million in sales during the quarter. Forecasts by Wells Fargo analysts “didn’t see any Covid sales in the first quarter for him,” but noted that some of the revenue from contractual commitments could “work”. I’m here.
After J&J reported earnings, SVB Securities analyst David Risinger also noted that vaccine sales exceeded consensus estimates by more than $500 million. JP Morgan analyst Chris Schott added that part of J&J’s first-quarter strong performance was “due to the rise in Covid vaccines.”
Covid vaccine sales in the first quarter also increased from J&J’s $544 million won last quarter. $457 million The company reported a year ago.
The last time J&J reported vaccine sales in the US was Q2 2022ended weeks after the Food and Drug Administration’s decision strictly limited who can receive the shot. The agency notes that the vaccine can only be given to adults who specifically request it or are unable to receive another shot, and the risk of blood clots.
Earlier this year, pharmaceutical companies also announced We scaled back shot production amid sluggish demand.
J&J’s vaccine has fallen out of favor in the United States and other wealthy countries, but developing countries continue to rely on it. Because the vaccine is a single dose, it is inexpensive and easy to distribute to hard-to-reach people.
