The Janssen Johnson & Johnson COVID-19 vaccine.
Allen J. Schaben | Los Angeles Times | Getty Images
International Covid vaccine gross sales helped spark Johnson & Johnson‘s income and earnings beat on Tuesday, however the firm stated it expects no gross sales from the shot shifting ahead.
“Regarding our Covid-19 vaccine, we do not anticipate material sales beyond that which were recorded in the first quarter as our contractual commitments are complete,” Joseph Wolk, the chief monetary officer, stated throughout a convention name Tuesday.
associated investing information
Those commitments embrace exterior manufacturing exit prices and clinical-trial bills, the buyer staples big stated in its first-quarter earnings launch.
That marks the top of a rocky three years for J&J’s Covid vaccine regardless of being one of many first photographs to enter the U.S. market in the course of the pandemic. The vaccine, initially billed as a single-dose routine, has lengthy been overshadowed by the marginally simpler photographs from Pfizer and Moderna as a consequence of a uncommon however severe threat of a blood-clotting dysfunction.
J&J’s unpopular shot appeared to bear its final fruit Tuesday, contributing $747 million in gross sales in the course of the three-month interval ended March 23. That drove sturdy development within the firm’s pharmaceutical enterprise, which noticed gross sales develop greater than 4% over the identical interval final yr.
Notably, all Covid vaccine income in the course of the quarter got here from outdoors of the U.S. It is unclear which international locations contributed to the gross sales.
That income quantity trounced estimates of Wall Street analysts.
Bank of America analyst Geoff Meacham had anticipated the shot to herald $150 million in gross sales in the course of the quarter. A forecast by Wells Fargo analysts did “not assume any Covid sales in Q1,” however famous that some income from contract commitments might “pull through.”
After J&J reported earnings, SVB Securities analyst David Risinger additionally famous that gross sales of the vaccine beat a consensus estimate by greater than $500 million. JP Morgan analyst Chris Schott added that J&J’s first-quarter beat was partly “driven by Covid vaccine upside.”
First-quarter gross sales of the Covid vaccine are additionally up from the $544 million it raked in throughout J&J’s final quarter, and the $457 million the corporate reported a yr in the past.
The final time J&J reported U.S. gross sales of the vaccine was in the course of the second quarter of 2022, which ended weeks after a Food and Drug Administration resolution that strictly restricted who can obtain the shot. The company stated the vaccine can solely be given to adults who particularly request it or can not obtain a distinct shot, pointing to the danger of blood clots.
Earlier this yr, the drugmaker additionally introduced it scaled again manufacturing of the shot amid slumping demand.
While J&J’s vaccine fell out of favor within the U.S. and different rich international locations, creating international locations have continued to depend on it. As a single shot, the vaccine is inexpensive and simpler to distribute to hard-to-reach populations.
Source: www.cnbc.com”