J&J raises 2021 profit view, keeps vaccine sales outlook unchanged By Reuters

© Reuters. FILE PHOTO: Vials labelled “COVID-19 Coronavirus Vaccine” and sryinge are seen in entrance of displayed Johnson&Johnson brand on this illustration taken, February 9, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) – Johnson & Johnson (NYSE:) on Tuesday raised its annual adjusted revenue forecast, however caught to its COVID-19 vaccine gross sales goal of $2.5 billion as it really works its manner by way of manufacturing challenges which have resulted in delays.

The drugmaker had earlier this yr confronted high quality issues at a Baltimore manufacturing facility that produces the single-dose vaccine, leading to wastage of hundreds of thousands of doses.

The vaccine has the bottom uptake in the USA at a time when rivals Moderna (NASDAQ:) Inc and Pfizer (NYSE:) enroll provide offers for booster doses in 2022 and past.

The J&J shot, as soon as touted an as essential software for vaccinating hard-to-reach areas, is behind its schedule for deliveries in the USA and Europe.

In the meantime, a choice by the U.S. Meals and Drug Administration on booster doses of the vaccine is pending.

Shares rose 1% because the healthcare conglomerate’s third-quarter revenue beat Wall Road expectations and it lifted 2021 forecast for adjusted earnings per share to between $9.77 and $9.82, from its prior estimates of $9.60 to $9.70.

Gross sales of its most cancers and immune illness medicine helped the healthcare conglomerate report a 13.8% rise in gross sales to roughly $13 billion at its massive prescribed drugs unit. The COVID-19 vaccine solely contributes a fraction to the gross sales.

Gross sales in its medical gadgets unit rose 8% to $6.64 billion within the third quarter, as a restart of hip and knee surgical procedures and different non-urgent procedures helped soften the blow from weak demand for medical gadgets utilized in sports activities and backbone procedures.

Excluding objects, J&J earned $2.60 per share, beating expectations of $2.35 per share.

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