Johnson & Johnson raised its revenue estimates for 2021 on Wednesday, forecasting that it would sell its $ 2.5 billion worth of its COVID-19 vaccine this year as it struggles to quell production and safety issues and catch up with rivals Pfizer. and Modern.
Although Johnson & Johnson’s single-dose injection was approved in the United States months after the Pfizer Inc and Moderna Inc vaccines were approved, its vaccine sales outlook still pales in comparison to its peers and reflects the gap each time. greatest in the global vaccine race.
Pfizer and Moderna have forecast $ 26 billion and $ 19.2 billion in annual sales of their vaccines, respectively.
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The J&J vaccine, once touted as an important tool for vaccines in hard-to-reach areas, has the lowest acceptance in Europe of all vaccines approved for use and has run into trouble in the United States as well.
J&J expects to produce 500 million to 600 million doses of the vaccine this year, Chief Financial Officer Joseph Wolk told CNBC on Wednesday.
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J&J raised its full-year sales expectations, buoyed by a recovery in sales at its medical devices unit and increased demand for treatments such as psoriasis and the Crohn’s disease drug Stelara.
Sales at the company’s medical device unit increased 62.7 percent to $ 6.98 billion, increasing its second-quarter figures.
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The company now expects annual sales in a range of $ 93.8 billion to $ 94.6 billion, including the vaccine contribution, and $ 91.3 billion to $ 92.1 billion for the rest of the business. .
It had previously forecast sales between $ 90.6 billion and $ 91.6 billion.
J&J recorded $ 164 million in sales of its COVID-19 vaccine for the second quarter.
In the second quarter, J&J earned $ 2.48 per share, beating the average analyst estimate of $ 2.27 per share, according to IBES data from Refinitiv.
The company’s shares rose marginally to $ 169.97 before the opening bell.
(Report from Manas Mishra in Bengaluru; Edited by Saumyadeb Chakrabarty)
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