|JNJ||JOHNSON & JOHNSON||158.01||-4.85||-2.98%|
The pharmaceutical giant has been developing and testing Janssen’s experimental COVID-19 vaccine candidate, which is in Phase 3 of its clinical trials, in an effort to help eradicate the pandemic that has already infected more than 99 million people worldwide.
"We continue to progress our COVID-19 vaccine candidate and look forward to sharing details from our Phase 3 study soon," Gorsky said in the company's fourth-quarter and full-year earnings report.
Although Gorsky stopped short of revealing exactly when the results will be released, he expressed extreme confidence in J&J's ability to "deliver lasting value and continued innovation in 2021 and for years to come."
During the fourth quarter, the world’s biggest maker of health care products reported an income of $1.74 billion and a revenue of $22.48 billion, topping Wall Street expectations. Four analysts surveyed by Zacks expected $21.62 billion.
The company had a profit of 65 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.86 per share, which also surpassed Street forecasts. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.81 per share.
In September, Johnson & Johnson became the fourth company to enter the final stage of testing its coronavirus candidate in the United States after Moderna, Pfizer-BioNTech and AstraZeneca.
The company has already entered into an agreement with the U.S. government -- valued at more than $1 billion -- to deliver develop and deliver 100 million doses of its potential vaccine.
The company aims to supply more than one billion doses globally through the course of 2021 as long as the vaccine is safe and effective.
The Associated Press contributed to this report.