Johnson & Johnson COVID-19 vaccine delivers $100M in sales
Single-shot vaccine was put on hold last week
Johnson & Johnson raked in $100 million in first-quarter sales from its single-shot COVID-19 vaccine that was put on hold last week by the U.S. Food and Drug Administration.
The New Brunswick, New Jersey-based drugmaker did not provide an update on the state of the vaccine alongside its quarterly results, but is expected to do so later this week.
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"Johnson & Johnson delivered a strong first quarter performance led by the above market growth of our Pharmaceutical business and continued recovery in Medical Devices," CEO Alex Gorsky said in a statement.
Net earnings in the three months through March rose 6.9% year over year to $6.2 billion, or an adjusted $2.59 per diluted share. Revenue was $22.32 billion.
Wall Street analysts surveyed by Refinitiv were expecting adjusted earnings of $2.34 per share on revenue of $21.98 billion.
Pharmaceutical sales, which made up 55% of all revenue, increased 9.6% from a year ago to $12.2 billion. Stelara, a treatment for Crohn's disease and plaque psoriasis, saw sales climbed 18% to $2.15 billion. Sales of Cancer drug Darzalex jumped 46% to $1.37 billion.
Elsewhere, medical device sales rose 11% to $6.6 bullion while consumer health revenue fell 2.3% to $3.5 billion.
The strong results compelled the company's board of directors to raise the divided by 5 cents to $1.06 per share.
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Looking ahead, Johnson & Johnson tweaked its full-year adjusted profit forecast to between $9.42 and $9.57 per share versus its prior forecast of $9.40 to $9.60 per share.
Johnson & Johnson shares were up 3.37% this year through Monday compared with the S&P 500's 11% gain.