Johnson & Johnson Reported Mixed Earnings and Lowering Earnings Outlook
Apr 19, 2022 By MarketDepth
Johnson & Johnson (NYSE: JNJ) reported mixed earnings results Tuesday and ultimately lowered its full-year sales and earnings outlook. Furthermore, the company has stopped disclosing a Covid-19 vaccine guidance amid global surplus and uncertain demand.
Revenue Lower than Expected
The multinational corporation reported earnings of USD2.67 per share, compared to the expected USD2.58 a share. Meanwhile, revenue amounted to USD23.4 Billion, slightly lower than analysts anticipated USD23.6 Billion.
“In recognition of our 2021 results, strong financial position, and confidence in the future of Johnson & Johnson, the Board of Directors has voted to increase the quarterly dividend for the 60th consecutive year.”Joaquin Duato, Chief Executive Officer of the company
The pharmaceutical managed to sell USD457 Million of its Covid vaccine worldwide. According to CFO Joe Wolk, due to reduced capacity of refrigeration in developing countries, there in now a backlog of the Vaccines. Wolk also referenced the lack of a sales outlook by stating that it was not usual to provide guidance for a particular product in the first place.
“We did it last year because we understood the Street had an expectation or at least an excitement around understanding how vaccine sales might play out but it was never material.”Wolk told CNBC’s Meg Tirrell