Johnson & Johnson has exceeded it’s quarterly earning expectations as the pharmaceutical company reportedly earned $100m in sales of its COVID-19 vaccine.
The company had previously said the vaccine will be available on a not-for-profit basis until the end of the pandemic, however, their forecast was tightened for adjusted profit this year, suggesting it was largely performing as previously expected.
J&J is aiming to deliver 100 million doses of the vaccine to the US before the end of May. More than 17 million of those doses have already been distributed as of Monday.
“While we expect many questions on its COVID-19 vaccine, this should not overshadow the strong recovery for J&J,” Citi analyst Joanne Wuensch wrote in a note to clients.
US regulators temporarily halted the company’s vaccine to investigate reports of blood clots in six women, which led to a delay in roll-out in Europe.
Sales of J&J’s cancer drug Darzalex rose 45.7 percent to $1.37bn and sales of its Stelara, a treatment for Crohn’s disease and plaque psoriasis, rose about 18 percent to $2.15bn.
The company now expects full-year adjusted profit of $9.42 to $9.57 per share, compared with its prior forecast of $9.40 to $9.60 per share.