Thursday, July 22, 2021

Big Pharma gets bigger


Johnson & Johnson’second-quarter profit soared 73 percent, thanks to strong sales growth across all of its businesses, particularly as the healthcare industry continued recovering from the effects of the coronavirus pandemic.

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.

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

J&J’s COVID-19 vaccine 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 and developing countries. Instead, the company has fallen far short of its supply commitments to the US, other governments and a World Health Organization-backed program to get affordable vaccines to poor and middle-income countries.

J&J’s profits soar 73 percent amid healthcare sector demand spike | Business and Economy News | Al Jazeera

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