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J&J rescinds Covid-19 vaccine sales forecast due to market surplus
By Shubhangi Mathur - Apr 20, 2022, 01:37 AM ET
Last Updated - Jun 07, 2024, 12:52 AM EDT
The company had earlier predicted sales of $3.5 billion in 2022 from the vaccines
• The company had earlier predicted sales of $3.5 billion in 2022 from the vaccines
Johnson & Johnson (NYSE: JNJ) Tuesday rescinded its full-year forecast for sales of its Covid-19 vaccines, citing a surplus of its single-dose vaccines.
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The healthcare-products company had earlier predicted sales of $3.5 billion in 2022 from the vaccines. J&J reported $457 million in vaccine sales in the first quarter.
High-income countries, including the US, have reported low vaccine demand.
J&J may still continue to generate vaccine sales, but a surplus of vaccines and uncertain demand make it tough to predict, J&J Chief Financial Officer Joseph Wolk said in an interview, reported WSJ.
“The demand outlook has become cloudy, I think, in the first quarter,” Wolk said.
Vaccine hesitancy
In low-income countries, where most of the company’s doses are being shipped, people are hesitant about the vaccines.
Poor countries have ordered insufficient doses to meet the goal of vaccinating at least 70% of their population by the middle of the year, the World Health Organization has said.
In the first quarter, J&J posted overall sales of $23.43 billion, compared to analysts’ expectations of $23.62 billion, according to FactSet. The company posted sales of $22.32 billion in the same quarter last year.
Profit was $5.15 billion in the quarter, or $1.93 a share, down from $6.19 billion, or $2.32 a share, a year earlier.
Picture Credits: Reuters
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