Johnson & Johnson Covid Vaccine Sales In Q3 Surpasses $500 Million

·2 min read

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 stock chart. Source: FXEMPIRE
JNJ stock chart. Source: FXEMPIRE

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

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