J&J Sees Sales Jump on COVID Vaccine

Johnson & Johnson (NYSE:JNJ) on Tuesday reported $100 million in first-quarter sales of its COVID-19 vaccine that’s on hold in the U.S. while federal health regulators investigate a rare blood-clotting issue.

In releasing its first-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 $12.19 billion in revenue, a 9.6% year-over-year increase. The results were driven by sales of the company’s multiple myeloma drug Darzalex and Stelara, a treatment for Crohn’s disease.

The company’s consumer unit, which makes products such as Neutrogena face wash and Listerine, generated $3.5 billion in revenue, down 2.3% from a year earlier. Its medical device unit generated $6.57 billion, a 7.9% increase.

&J Chief Financial Officer Joseph Wolk told reporters on Tuesday that its three business segments are "healthier" than they were entering the pandemic last year.

The company raised its earnings and revenue guidance for the year. J&J now expects full-year profit of $9.42 to $9.57 per share, compared with its previous forecast of $9.40 to $9.60 per share. It expects revenue between $90.6 billion and $91.6 billion, compared with its prior forecast of $90.5 billion to $91.7 billion.

J&J’s COVID vaccine has been put on pause in the United States after six women developed a rare but potentially life-threatening blood clotting disorder. One woman died and another was in critical condition.

J&J shares began Tuesday up $2.16, or 1.3%, to $164.85.