(J&J) Johnson & Johnson reported sales of $23.4 billion in the first quarter of 2022, up 5% from the prior year but below the forecast of $23.6 billion.
The company said its pharmaceutical sales rose by 6.3% year-over-year to $12.87 billion. Sales at the company’s consumer health business, which is expected to be a spin-off to a publicly traded entity, fell 1.5% to $3.57 billion.
J&J announced that it sold $457 million of Covid-19 vaccine sales in the quarter, up from $100 million. US sales were $75 million, down from $100 million.
J&J reported earnings per share of $2.67, an increase of 3.1% from the prior year, surpassing estimates of $2.58 per share. The net income was down by almost 17% to $5.15 billion.
The company now projects total sales of $94.8 billion to $95.8 billion in FY22, $1 billion lower than the prior guidance. FY22 EPS is expected to range between $10.15 to $10.35, down from the previous $10.40 to $10.60.
The company suspended its sales forecasts for its Covid-19 vaccine on demand uncertainty and supply chain issues.
JNJ: NYSE is up 0.19% on premarket.
