Johnson & Johnson Suspends Guidance On Its COVID-19 Vaccine Sales

(RTTNews) - While reporting first-quarter results on Tuesday, Johnson & Johnson (JNJ) said, given global supply surplus and demand uncertainty, it is suspending COVID-19 Vaccine sales guidance. The company maintained 2022 full-year guidance for adjusted operational earnings per share and base business operational sales.

For fiscal 2022, the company now expects adjusted earnings per share in a range of $10.15 - $10.35. In January, the company estimated $10.40 - $10.60 in adjusted earnings per share. Estimated reported sales are now in a range of $94.8 - $95.8 billion. In January, the company projected $95.9 - $96.9 billion in sales.

First quarter adjusted earnings per share was $2.67, an increase of 3.1% from prior year. Operational adjusted net earnings per share was $2.75, for the quarter. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $2.61, for the quarter. Analysts' estimates typically exclude special items.

Net earnings was $5.15 billion, a decline of 16.9%. Earnings per share was $1.93, down 16.8%.

Total sales growth was 5.0% to $23.4 billion with operational growth of 7.7% and adjusted operational growth of 7.9%. Analysts on average had estimated $23.67 billion in revenue.

Shares of Johnson & Johnson were down 2% in pre-market trade on Tuesday.