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Better than expected results despite vaccine studies suspended

(Washington) The US pharmaceutical and personal care group Johnson & Johnson, which announced the suspension of its clinical trial for a COVID-19 vaccine on Monday evening, performed better than expected in the third quarter.

Posted Oct 13, 2020 at 8:45 am

Agence France-Presse

The group posted net income of $ 3.5 billion or $ 1.33 per share, up from 1.7 billion or 66 cents per share in the third quarter of 2019, according to the results released Tuesday.

The adjusted earnings per share, forecast by analysts, was $ 2.20, while the median forecast was $ 1.98.

Despite these results, due to the announced delay in clinical trials for the coronavirus vaccine, the share lost 1.71% in premarket exchanges on Wall Street.

Before the publication of its results, the group announced the suspension of its clinical trial with a vaccine against COVID-19 after one of the participants became ill.

Serious adverse events are "an expected part of any clinical trial, especially large studies," said Johnson & Johnson. Company protocols provide for the suspension of a study to determine whether the serious adverse reaction is related to the drug being tested and whether it is possible to resume the study.

For the third quarter, sales were $ 21.08 billion, an increase of 1.7%. International sales, or 9.9 billion, were up 0.6%, while those in the United States (11.1 billion) were up 2.7%.

Sales growth was driven by the pharmaceutical division, up 5% and weighing in at $ 11.3 billion.

In contrast, the medical device industry declined 3.6% as a result of the COVID-19 epidemic, which has caused hospitals around the world in particular to delay numerous surgical, orthopedic or ophthalmic procedures. group in a statement.

Johnson & Johnson has raised its full-year guidance, with expected revenues between $ 81.2 billion and $ 82 billion and adjusted earnings per share between $ 7.95 and $ 8.05. The adjusted earnings forecast is between $ 7.75 and $ 7.95.

Written by Rahis

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