J&J misses Q3 revenue estimates, raises full-year forecast
Johnson & Johnson said it sold $502 million of its Covid-19 vaccine in the third quarter, in its earnings report Tuesday that beat Wall Street’s profit expectations.
Here’s how J&J did compared with what Wall Street expected, according to average estimates compiled by Refinitiv:
Adjusted EPS: $2.60 per share vs $2.35 expected.
Revenue: $23.34 billion vs $23.72 billion expected.
J&J increased its full-year earnings guidance to between $9.77 per share and $9.82 per share, from its previous estimates of $9.60 to $9.70 per share. It expects sales to range from $94.1 billion to $94.6 billion, up from previous guidance of $93.8 billion to $94.6 billion.
At the same time, the company maintained its Covid vaccine sales outlook for the year at $2.5 billion.
Shares of J&J jumped more than 1% in premarket trading.
J&J’s report came under a shadow of criticism about how it handled the opioid crisis and the development of a comparatively less-effective Covid vaccine under outgoing CEO Alex Gorsky.
In a press release, Gorsky said the financial results “demonstrate solid performance across Johnson & Johnson, driven by robust above-market results in Pharmaceuticals, ongoing recovery in Medical Devices, and strong growth in Consumer Health.”
