Johnson & Johnson Posts Higher Quarterly Sales Despite Some Pandemic-Related Pains

Johnson & Johnson Posts Higher Quarterly Sales Despite Some Pandemic-Related Pains

January 25, 2022 Off By administrator

Johnson & Johnson


JNJ 2.33%

finished 2021 with its strongest quarter to date for Covid-19 vaccine sales, contributing to year-over-year revenue growth across the company as it prepares to separate its consumer-health division.

But some parts of J&J’s sprawling business, including medical devices and consumer products, felt pandemic-related effects: a deferral of elective surgeries during the Omicron virus variant wave and supply-chain constraints.

The surge in Omicron caseloads, coupled with hospital staffing shortages, put off procedures that use J&J devices like artificial joints, J&J Chief Financial Officer Joseph Wolk said in an interview Tuesday.

“You do see some, I would say, decelerating recovery trends in medical devices,” he said in an interview.

And supply constraints hit J&J’s consumer-health business, particularly skin-care products. Mr. Wolk said it was difficult to secure some raw materials, which limited the availability of certain products.

Mr. Wolk said the company is cautiously optimistic that some of these trends will reverse in the months ahead. He expects pharmaceutical sales will continue to be strong, but sales of medical devices and consumer products may not accelerate until the second half of the year.

In the three months through December, the healthcare-products company sold $1.62 billion of its Covid-19 vaccine, with international buyers accounting for most of those sales. The quarter brought more than half of J&J’s total Covid-19 vaccine sales last year.

Total 2021 sales of the shot were $2.39 billion, just shy of the roughly $2.5 billion that J&J finance chief

Joseph Wolk

had forecast the company would achieve.

After Merck’s Covid-19 vaccine candidates failed, the drugmaker partnered with rival Johnson & Johnson. WSJ reporter Jared Hopkins takes us behind the scenes, as the first Merck-made shots are released for distribution. Photo: Hannah Yoon/WSJ (Video from 12/11/21)

The shot is one of three for Covid-19 authorized in the U.S., but its use here has lagged behind that of vaccines developed by other manufacturers. About 16.6 million Americans have been vaccinated with J&J’s single-dose shot, a fraction of the number who have been immunized with shots made by

Moderna Inc.

and by

Pfizer Inc.

and

BioNTech S.E.

Those companies’ booster shots have also seen far more use in the U.S. than J&J’s.

J&J has met its contract commitments for supplying…

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