J&J expects to generate more than $3 billion from vaccine sales in 2022

• Shares of the company fell by almost 2% in premarket trading

• J&J generated $2.39 billion in vaccine sales in 2021, slightly missing goal of $2.50 billion

Johnson & Johnson (NYSE: JNJ) said on Tuesday that its Covid-19 vaccine would generate as much as $3.5 billion in 2022 as the demand of vaccines increase.

J&J generated $2.39 billion in vaccine sales in 2021, slightly missing its goal of $2.50 billion due to delivery delays and uneven demand.

Shares of the company fell by almost 2% in premarket trading as it posted a mixed fourth-quarter report.

Quarterly results

Fourth-quarter profit of J&J surged to $4.74 billion, compared to $1.74 billion during the same quarter the previous year. Revenue rose 10.8% to $24.8 billion, slightly missing analysts’ estimates of $25.29 billion, according to Refinitiv.

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Poor results were also attributed to the low sales of cancer drug Imbruvica at $1.06 billion, below estimates of $1.17 billion and Crohn's disease treatment Stelara at $2.33 billion, missing estimates of $2.45 billion.

Coronavirus vaccine sales has a small contribution in J&J’s overall sales as it sells vaccines at a not-for-profit price.

However, Pfizer (NYSE: PFE) and Moderna (NYSE: MRNA) have made big vaccine sales in 2021 and expect the same in 2022. Moderna expects $18.5 billion while Pfizer expects $29 billion from vaccine sales in 2022.

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J&J expects overall annual sales of $98.9 billion to $100.4 billion, beating expectations of $97.79 billion.

J&J is planning to focus more on its medical devices and pharmaceuticals businesses as the unit has been under pressure after non-urgent procedures getting delayed due to Covid-19.

Picture Credits: Reuters