Apr 22, 2021 (IAM Newswire via COMTEX) -- On Tuesday, Johnson and Johnson /zigman2/quotes/201724570/composite JNJ +0.45% reported $100 million in first-quarter sales of its single shot Covid-19 vaccine that's on hold in the U.S. due to a rare and potentially life-threatening blood clotting disorder which has been also related to AstraZeneca /zigman2/quotes/200304487/composite AZN +0.62% vaccine which still hasn't been approved for emergency use in the U.S. But on the financial side, the company exceeded Wall Street estimated both in terms of revenue and earnings.
First quarter figures
Adjusted EPS amounted to $2.59 per share, exceeding the expected $2.34. Revenue amounted to $22.32 billion, also topping the expected $21.98 billion.
The pharmaceutical business behind the vaccine generated $12.19 billion in revenue. Sales sales of the company's multiple myeloma drug and a treatment for Crohn's disease also did their part in fueling the 9.6% YoY increase.
The consumer unit which makes products such as Neutrogena face wash and Listerine mouth wash, generated $3.5 billion in revenue. The drop of 2.3% from a year earlier was due to an "unfavorable comparison" to last year when people were stockpiling on over-the counter- products due to the pandemic-induced lockdowns.
The medical device unit was hit hard last year as hospitals were forced to postpone elective surgeries but it now generated $6.57 billion, a 7.9% increase, as the pandemic recovery is underway.
The FDA halts JNJ's vaccine production
On Wednesday, The US Food and Drug Administration put the production of Johnson & Johnson's vaccine on pause at the Emergent BioSolutions facility where millions of potential doses were contaminated.
Already manufactured vaccines will undergo additional testing to ensure their quality hasn't been compromised before any potential distribution. According to the report, the emergent facility is deeply flawed as written procedures to prevent cross-contamination weren’t followed during production or documented. Components and product containers were not handled or stored in a way to prevent contamination whereas written procedures to assure drug substances are manufactured at the appropriate quality, strength and purity were found inadequate. The report also notes that employees weren’t properly trained and that the facility is of inadequate size or design to allow adequate cleaning and sanitization. Besides unsuitable equipment, the inspection noted peeling paint, unsealed bags of medical waste, residue on walls and damaged floors and rough surface all of which prevent pursuing the intended protocol.
Meanwhile, JNJ is confident about emerging stronger from the pandemic
The CFO, Joseph Wolk told CNBC on Tuesday that the three business segments are "healthier" than they were before COVID-19 shaped our reality last year. The company slightly raised its earnings and revenue guidance for the year as it now expects full-year profit in the range between $9.42 to $9.57 per share with revenue between $90.6 billion and $91.6 billion.
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