Pharmaceutical companies have made huge profits since the Coronavirus pandemic started as they manufacture and sell billions of the vaccines to governments all over the world.
J&J Sells Over $500 Million Worth Of Covid Vaccine
Johnson & Johnson has reported that it sold $502 million of its Covid-19 vaccine in the last quarter. The company said this while reporting its third-quarter earnings, which surpassed Wall Street’s profit expectations.
The company’s adjusted earnings per share for Q3 was $2.60, surpassing the $2.35 estimated by market analysts. The revenue of $23.34 billion in the previous quarter fell short of the $23.72 billion Wall Street analysts had expected.
Following the excellent performance in the third quarter, the pharmaceutical company increased its full-year earnings guidance to between $9.77 per share and $9.82 per share. These are higher than the previous estimates of $9.60 to $9.70 per share. Johnson & Johnson also expects its 2021 total sales to range from $94.1 billion to $94.6 billion, higher than the $93.8 billion it previously estimated.
After selling more than $500 million worth of Covid vaccines in Q3, Johnson & Johnson maintained its total sales outlook for the year at $2.5 billion. The better-than-expected profit was due to the company’s increased sales in other areas such as medical devices, pharmaceuticals and consumer health.
Its pharmaceutical unit, which developed the single-shot Covid vaccine, raked in nearly $13 billion in revenue, a 13.8% increase from the same period last year.
JNJ Rally Following Superb Q3 Earnings Report
The shares of Johnson & Johnson have been rallying since the company announced its third-quarter earnings result. JNJ is up 2.58% over the past 24 hours and is currently trading at $164 per share.
Year-to-date, JNJ has performed decently, adding 6.3% to its value within that period. It is one of the best-performing pharmaceutical companies in the market at the moment.
This article was originally posted on FX Empire