J&J reported about the strong quarter

News

J&J reported about the strong quarter

16.10.2020 News

Shares of Johnson & Johnson, which rose till 1.44% over the past week, on Tuesday closed with a decrease of 2.3%, despite on the publication of a better-than-expected Wall Street experts, a report for 3 fin. quarter.

Investors are concerned about the potential consequences of ending the large-scale study of the J&J vaccine against COVID-19, designed to participate 60 thousand patients from different countries.

The company has set up the special committee because one patient has been diagnosed with the “unexplained disease” and now experts are finding out whether this is a consequence of the vaccine. J&J announced the termination as a common practice, however, they do not predict how soon the final study will resume.

For the 3rd quarter that ended September 30, Johnson & Johnson reported the following:

Earnings per share rose to 4% (compared to last year) to $ 2.20, which is $ 0.22 more than analysts estimate at $ 1.98. Total quarterly profit rose to $ 5.87 billion from $ 5.67 billion in the same quarter last year.

Total revenue grew from 2% to $ 21.1 billion, which is above the Wall Street average estimate of $ 20.2 billion.

The main increase in the company’s revenue was due to the high sales of the medical equipment and the higher demand for some of the J&J`s drugs.

The pharmaceutical division increased revenue by 5% to $ 11.4 billion. Consumer goods of the sales rose from 1.3% to $ 3.5 billion. The medical equipment division generated $ 6.1 billion, which is 1.7% more than in the same quarter last year.

J&J raised its financial forecast for the year: earnings per share from the range of $ 7.75 – $ 7.95 to the range of $ 7.95 – $ 8.05, and the total sales forecast: from $ 79.9 billion. – $ 81.4 billion to $ 82 billion – $ 82.8 billion

“Our world-class research team is working tirelessly to advance the third phase of testing of our COVID-19 vaccine and to adherence to the highest standards of the transparency, safety and efficiency,” – said the CEO of J & J, Alex Gorsky, in the press release.

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