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Johnson & Johnson (NYSE: JNJ) cut its full year sales and profit forecast on Tuesday citing strong dollar.
The healthcare products company now expects sales growth between 2.1% and 3.1%, down from a prior guidance of 3.8% to 4.8%.
Adjusted earnings are expected to increase between 2.1% and 3.1%, down from 3.6% to 5.6%.
The company, though, reported higher sales in the second quarter due to increased sales of its Covid-19 vaccines.
In the second quarter, Johnson & Johnson posted overall sales of $24 billion, compared with $23.3 billion a year earlier.
Revenue was $544 million in the quarter due to sales of Covid-19 vaccines, especially from international buyers.
Last month, J&J decided to terminate agreement with Emergent BioSolutions Inc (NYSE: EBS), which makes Covid-19 vaccines for the pharma company, due to the manufacturer’s breaches.
Picture Credits: Bloomberg News
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