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Covid and JNJ earnings This autumn 2021

The Janssen Johnson & Johnson COVID-19 vaccine.

Allen J. Schaben | Los Angeles Occasions | Getty Photographs

Johnson & Johnson on Tuesday projected that its Covid vaccine would generate $3 billion to $3.5 billion in gross sales in 2022, after posting a combined fourth-quarter report that barely beat on earnings’ estimates however missed on income.

Here is how they carried out in contrast with what Wall Road anticipated, primarily based on analysts’ common estimates compiled by Refinitiv:

  • Adjusted EPS: $2.13, vs. $2.12 anticipated.
  • Income: $24.8 billion, vs. $25.29 billion anticipated

On an unadjusted foundation, J&J’s fourth-quarter income surged to $4.74 billion, virtually triple the $1.74 billion it earned throughout the identical quarter the earlier yr. Its income of $24.8 billion rose 10.8% from $22.48 billion throughout the identical quarter in 2020, principally pushed by $1.82 billion in worldwide gross sales of its Covid vaccine.

The corporate’s shares fell by virtually 2% in premarket buying and selling.

CFO Joseph Wolk instructed CNBC a strengthening greenback negatively impacted high line gross sales by $150 million to $200 million. Hospital staffing shortages brought on by the omicron Covid variant additionally generated uncertainty within the firm’s medical units enterprise, significantly with elective procedures, Wolk stated. The buyer well being division was hit by provide constrains in uncooked supplies, labor shortages amongst third get together producers and better transportation prices, he added.

“We predict these are quick lived,” Wolk instructed CNBC’s Meg Tirrell on “Squawk Box.” “We predict the second half of 2022 can be stronger than the primary half, however a few of these dynamics proceed into the early a part of this yr.”

J&J reported $93.77 billion in gross sales in 2021, a 13.6% enhance over the prior yr. The corporate’s pharmaceutical division generated $52.08 billion in income, a 14.3% year-over-year enhance. J&J’s medical units enterprise reported gross sales of $27.06 in 2021, a 17.9% enhance in contrast with 2020. The buyer well being part posted $14.63 billion in income, a 4.1% enhance.

J&J stated it expects to generate $10.40 to $10.60 in earnings per share this yr and $98.9 billion to $100.4 billion in income.

CEO Joaquin Duato will lead J&J’s earnings name this morning for the primary time in his new function. Duato formally took the reins from Alex Gorsky earlier this month.

The fourth-quarter outcomes mark the top of a troublesome yr for J&J. Public confidence within the firm’s single-shot Covid vaccine took a success in December, when the Facilities for Illness Management and Prevention recommended Pfizer and Moderna’s vaccines over J&J’s shot. The CDC discovered dozens of individuals, principally youthful ladies, developed a uncommon blood clot situation after receiving J&J’s vaccine.

In June, J&J lost its appeal to have the Supreme Court docket evaluation $2.1 billion in damages {that a} decrease court docket awarded to ladies who stated asbestos within the firm’s talc powder prompted ovarian most cancers.

J&J can be splitting its consumer product business from its pharmaceutical and medical machine operations to create two publicly traded corporations. J&J expects to finish the transaction by the top of 2023.

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