Categories: J’sprofits

J&J’s profits soar 73 percent amid healthcare sector demand spike

The world’s biggest maker of healthcare products reported net income of $6.28bn in the second quarter, up from $3.63bn a year earlier.

Johnson & Johnson’s (J&J) second-quarter profit soared 73 percent, thanks to strong sales growth across all of its businesses, particularly its medical device and diagnostics segment, as hospitals and the rest of the healthcare industry continued recovering from the effects of the coronavirus pandemic.

The healthcare giant also got a boost from favourable currency exchange rates and hiked its sales and profit forecasts sharply for the year.

The world’s biggest maker of healthcare products on Wednesday reported net income of $6.28bn, or $2.35 per share, in the quarter, up from $3.63bn, or $1.36 per share, a year earlier.

Adjusted income came to $6.63bn, or $2.48 per share. That easily topped Wall Street projections for $2.28 per share, according to a survey by Zacks Investment Research.

Revenue totalled a whopping $23.31bn, up 27.1 percent from $18.34bn in 2020’s second quarter.

The one weak spot was dismal sales of J&J’s COVID-19 vaccine, which brought in just $164m in the quarter and a total of $264m so far this year.

The vaccine has been plagued by concerns about some very rare side effects and the shutdown of the Maryland factory of J&J’s US contract manufacturer, Emergent BioSolutions, due to contamination problems that have led to tens of millions of vaccine doses having to be trashed. It is unclear when – or if – the United States Food and Drug Administration will allow the factory to resume production.

J&J has the only authorized vaccine that only requires one shot, so it had been expected to play a huge role in vaccinating people in rural areas a

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