J&J Predicts Massive Vaccine Sales

Johnson & Johnson (NYSE:JNJ) 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.

In releasing its second-quarter financial results, the company also reported earnings and revenue that beat Wall Street’s expectations.

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. That unit was hit hard last year as the pandemic forced hospitals to postpone elective surgeries and Americans stayed home.

"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 reporters 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.

JNJ shares opened Wednesday up 33 cents to $168.78.