Johnson & Johnson falls short of expected revenue in last 2021 quarter

3 months ago 227

Johnson & Johnson has reported a steady finish to its 2021 fiscal year with higher earnings than expected but falling slightly short of analyst expectations in revenue.

The healthcare company reported sales of $24.8bn for the fourth-quarter of 2021, a 10.4pc increase compared to 2020’s final quarter. This was just short of analysts’ expected $25.29bn, based on average estimates compiled by Refinitiv, CNBC reports.

Johnson & Johnson’s fourth-quarter profit rose to $4.74bn, almost triple the $1.74bn it earned during the same quarter the previous year.

For the full year of 2021, Johnson & Johnson had $93.77bn in sales, up from the $82.58bn the year before. The company also reported operational sales growth of 12.2pc and adjusted operational sales growth of 12.8pc.

“Our 2021 performance reflects continued strength across all segments of our business.” Johnson & Johnson CEO Joaquin Duato said. “Guided by Our Credo, I am honored to assume the role of CEO, leading our global teams in continuing our work to deliver life-changing solutions to consumers, patients, and health care providers.

“Given our strong results, financial profile, and innovative pipeline we are well positioned for success in 2022 and beyond.”

Its earnings per share (EPS) for the fourth quarter was $2.13, a 14.5pc increase on an adjusted basis. EPS for the full year was $9.8, an increase of 22pc.

Its pharmaceutical adjusted operational sales grew by 13.6pc in 2021, contributed by sales from the Covid-19 vaccine. Medical devices adjusted sales increased by 16.8pc, driven by the market recover from the pandemic compared to 2020.

The healthcare company expects a steady increase for the year ahead, with $100bn to $101bn in predicted operational sales for 2022, a 7pc to 8.5pc increase. It expects Covid-19 vaccine sales to be roughly $3bn for the year.

Last November, Johnson & Johnson revealed plans to split itself into two public companies within 18 to 24 months. Following the separation, Johnson & Johnson will focus on healthcare R&D with its pharmaceutical and medical device units.

Johnson & Johnson has more than 136,000 employees worldwide. This includes a workforce of more than 5,000 in Ireland, with sites across the country for its Janssen, DePuy Synthes, Cerenvous and Johnson & Johnson Vision Care businesses.

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