J&J says COVID-19 vaccine added $502 million to Q3 sales

Headline results for the third quarter:

  • Prescription drug sales: $13 billion, up 13.8%
  • Overall revenue: $23.3 billion (forecasts of $23.7 billion), up 10.7%
  • Profit: $3.7 billion, up 3.2%

Note: All changes are versus the prior-year period unless otherwise stated

What the company said:

CEO Alex Gorky, who hands over the reins to Joaquin Duato in January, said "our third-quarter results demonstrate solid performance across [the company], driven by robust above-market results in pharmaceuticals…and strong growth in consumer health." Johnson & Johnson said quarterly sales were driven by Darzalex, Stelara, Tremfya, Erleada and Invega Sustenna/Xeplion/Invega Trinza/Trevicta and Opsumit. Also contributing was the company's COVID-19 vaccine Ad26.COV2.S, which recently won FDA advisory panel backing for booster doses. However, Johnson & Johnson said this growth was partially offset by declines in US sales of Remicade and Invokana.

Other quarterly results:

  • Immunology product sales: $4.3 billion, up 12.2%
    • Stelara: $2.4 billion, up 22.2%, driven by strong uptake in Crohn's disease and ulcerative colitis
    • Remicade: $761 million, down 17.4%, with revenues down due to biosimilar competition
    • Tremfya: $537 million, up 64.1%, boosted by sales in psoriasis and uptake in psoriatic arthritis
  • Oncology product sales: $3.7 billion, up 17.1%
    • Darzalex: $1.6 billion, up 43.7%, with share gains in all regions and solid uptake of the subcutaneous formulation launched last year
    • Imbruvica: $1.1 billion, up 3.5%, with gains offset by COVID-19-related market dynamics
    • Zytiga: $548 million, down 7.2%
    • Erleada: $344 million, up 66.7%
  • Infectious diseases product sales: $1.4 billion, up 60.6%
    • Prezista/Prezcobix/Rezolsta/Symtuza: $517 million, down 1.7%
    • COVID-19 vaccine: $502 million – including $270 million in the US and $233 million in the international region – after pulling in global sales of $264 million in the first half
  • Invega Sustenna/Xeplion/Invega Trinza/Trevicta: $1 billion, up 8.5%, lifted by new patient starts and persistency
  • Pulmonary hypertension products: $868 million, up 15.9%, boosted by "strong sales" for Opsumit and Uptravi
  • Xarelto: $636 million, up <1%
  • Consumer health: $3.7 billion, up 5.3%, driven by increased paediatric fever incidences, category recovery for cough, cold and influenza

Looking ahead:

Johnson & Johnson lifted the lower end of its revenue forecast for the year from $93.8 billion previously to $94.1 billion, while maintaining the upper end of $94.6 billion. The outlook represents year-over-year growth of 13.9% to 14.5%. Meanwhile, earnings per share are forecast to be between $9.77 and $9.82, boosted from its July prediction of $9.60 and $9.70 per share.

The guidance includes revenue from its single-dose COVID-19 vaccine Ad26.COV2.S, which the company continues to expect will generate $2.5 billion this year. In July, Johnson & Johnson said it anticipates producing 500 million to 600 million doses of its vaccine in 2021, down from its goal to make 1 billion.

Meanwhile, analysts are calling for Johnson & Johnson to earn $9.71 a share on $94.3 billion in sales this year.

To read more Top Story articles, click here.