Here’s how J&J did compared with what Wall Street expected, according to average estimates compiled by Refinitiv:
- Adjusted EPS: $2.48 per share vs $2.27 expected.
- Revenue: $23.31 billion vs $22.21 billion expected.
The company’s share price was up nearly 1% in premarket trading following the report.
Johnson & Johnson said Wednesday it expects to sell $2.5 billion of its Covid-19 vaccine this year, even as concerns mount over the shot’s effectiveness against the delta variant.
J&J’s pharmaceutical business, which developed the single-shot Covid vaccine, generated $12.59 billion in revenue, a 17.2% year-over-year increase.
The company’s consumer unit, which makes products such as Neutrogena face wash and Listerine, generated $3.7 billion in revenue, up 13.3% from a year earlier. Its medical device unit generated $6.9 billion, a 62.7% increase.
“We’ve all realized over the last 18 months just how important good health is and elective isn’t elective forever,” J&J Chief Financial Officer Joseph Wolk told CNBC after the company released its earnings report Wednesday.
Global sales of the Covid vaccine in the quarter were $164 million. The company raised its earnings and revenue guidance for the year. J&J now expects a full-year profit of $9.50 to $9.60 per share, compared with its previous forecast of $9.30 to $9.45 per share. It expects revenue between $92.5 billion and $93.3 billion, compared with its prior forecast of $89.3 billion to $90.3 billion.
Wolk told CNBC Wednesday that people should be “guarded” about the new study, adding the results were based on blood samples in a lab and may not reflect the shot’s performance in a real world setting.
“I think it’s probably best for everyone to refer to health officials who have not yet recommended a booster, even for some less duration vaccines out there,” he said.