In its earnings report released Tuesday morning, Johnson & Johnson lowered its full-year estimated reported sales outlook and suspended its COVID-19 vaccine sales guidance.
J&J now estimates its reported sales will be in the range of $94.8 billion to $95.8 billion, down from its January 2022 projection of $95.9 billion to $96.9 billion. Additionally, the company is projecting its adjusted earnings per share (EPS) will be between $10.15 to $10.35, down from previous estimates of $10.40 to $10.60.
In Q1 2022, J&J generated reported sales of $23.4 billion, marking an increase of 5% year-over-year, but the company’s quarterly EPS dropped nearly 17%.
The company also announced it is suspending its COVID-19 vaccine sales guidance, citing "global supply surplus and demand uncertainty." J&J noted that this will have "no impact" on its adjusted operational earnings per share guidance.
According to the earnings release, reported sales of the J&J COVID-19 vaccine in the U.S. totaled $75 million during Q1 2022, down $25 million compared to Q1 2021.
"Our first-quarter results demonstrate strong performance across the enterprise, despite macroeconomic headwinds. I am incredibly proud of Johnson & Johnson's 144,000 employees for their relentless passion and Credo-based commitment to delivering transformative healthcare solutions to patients and customers around the world," said J&J CEO Joaquin Duato in a statement. "Looking ahead, I remain confident in the future of Johnson & Johnson as we continue advancing our portfolio and innovative pipeline."
Beyond its earnings report, J&J has made headlines for developments in two separate lawsuits. The drugmaker released its financials one day after agreeing to pay $99 million to the state of West Virginia to settle claims that it contributed to the opioid epidemic. Last week, a federal judge ruled that the company's bid to file for a "Texas two-step" bankruptcy won't stop a proposed class-action lawsuit over its talc products.
This story first appeared on mmm-online.com.