Johnson & Johnson is raising its 2021 profit forecast again after growth in sales of Darzalex cancer treatment and other drugs pushed it beyond Wall Street profit expectations in the third quarter.
The health giant also said on Tuesday that sales of its single-injection COVID-19 vaccine began to increase in the quarter, nearly doubling what it reported in the first half of the year.
J&J now expects adjusted earnings to be between $ 9.77 and $ 9.82 per share this year. The company also tightened its forecast for operational sales, which exclude the impact of currency exchange rates, to $ 92.8 billion to $ 93.3 billion, including vaccine sales.
Analysts are forecasting, on average, earnings of $ 9.71 per share on $ 94.36 billion in sales, according to FactSet.
Global sales of the Darzalex multiple myeloma treatment jumped 44% in the quarter to $ 1.58 billion, helping revenues for the company’s largest segment, pharmaceuticals, increase by about 14% to almost $ 13 billion.
J&J also increased sales of its COVID-19 vaccine in the third quarter by $ 502 million after raising $ 264 million in the first half of 2021.
The vaccine from the New Brunswick, New Jersey company started slowly earlier this year. Its deployment has been hampered by issues such as manufacturing issues at a Baltimore plant and concerns about the rare side effects of the shot, including a blood clotting disorder.
But business leaders said they expected sales to pick up in the second half of the year and that sales could be further boosted by booster injections.
Food and Drug Administration advisers last Friday approved an additional injection of the vaccine, as they did for other injections from rivals Pfizer and Moderna. The FDA will now decide whether or not to authorize the recall, and then the Centers for Disease Control and Prevention will decide who needs to roll up their sleeves.
J&J has said he has no plans to take advantage of his COVID-19 vaccine during the pandemic. He sells the vaccine for between $ 5 and $ 8 a dose.
Excluding pharmaceuticals, J & J’s medical device segment sales increased 8% to $ 6.64 billion, while consumer healthcare revenue increased 5% to $ 3.7 billion. dollars.
The pandemic hurt sales of most of J&J’s products in the third quarter of last year.
Overall, J&J net income climbed 3% to $ 3.67 billion in the third quarter. Adjusted earnings totaled $ 2.60 per share while sales increased nearly 11% to $ 23.34 billion.
Analysts on average expected earnings of $ 2.35 per share on revenue of $ 23.64 billion.
J&J shares slipped less than 1% to $ 158.79 in pre-market trading.