In the past few months, the New Brunswick, New Jersey-based pharmaceutical company has terminated manufacturing agreements with companies that helped to produce the vaccine during the pandemic, including Catalent and Sanofi. Reuters reported on Sunday, citing sources, that the company is exploring a plan to offload liabilities from widespread Baby Powder litigation into a newly created business that would then seek bankruptcy protection.With demand for its COVID-19 vaccine decreasing, Johnson & Johnson (J&J) has begun scaling back production of the shots. J&J did not comment on other issues facing the company, including liability lawsuits related to its talc and pelvic mesh products, or the recall of five of its sunscreen products after it detected a cancer-causing chemical in some samples. The FDA has so far approved five batches from the Emergent facility since production there was paused, and J&J is working to clear additional doses for use, Wolk said. Food and Drug Administration in April said its inspection found a long list of sanitary problems and bad manufacturing practices in the Baltimore factory run by J&J's subcontractor Emergent BioSolutions Inc (EBS.N), shutting down production. regulators last week also added a warning related to a rare autoimmune disorder. Its vaccine has been linked to a very rare, potentially life threatening blood clotting condition, similar to AstraZeneca's. But after safety concerns and manufacturing stumbles, it has the lowest uptake in Europe among all the vaccines approved for use, and has also struggled to gain traction in United States. The J&J vaccine appears to be durable for at least eight months and effective against prevalent coronavirus variants, Wolk said, citing recently published data from laboratory studies.īecause of its one-dose convenience and less onerous storage and shipping requirements, J&J's shot was once touted as an important tool for vaccinations in hard-to-reach areas. J&J had previously said it expected to be able to make as many as 3 billion vaccine doses in 2022. "It is simply too early to provide specific information on a 2022 outlook for our COVID-19 vaccine given the uncertainty on the need for boosters and new variants," Wolk said.
Revenue for all the vaccines could jump if health officials determine a round of booster shots is needed should evidence show COVID-19 immunity is waning. J&J reported second-quarter earnings per share of $2.35 on sales of $23.3 billion. Pfizer and Moderna have forecast $26 billion and $19.2 billion in annual sales of their vaccines, respectively.Īnalysts have said that lower demand for J&J's vaccine should not affect the enormous company's overall financial performance. While the J&J shot was authorized in the United States just a few months after those from Pfizer and Moderna (MRNA.O) were cleared, its vaccine sales outlook pales in comparison and reflects the widening gap in the global vaccine race. AstraZeneca Plc (AZN.L) is charging $3 per shot for its two-dose vaccine. South Africa has said it is paying $10 per dose for both the J&J and the two-shot Pfizer/BioNTech (PFE.N), vaccines. The $8 price is a bit lower than previous indications.
The healthcare conglomerate, which promised it would not make a profit on the vaccine during the pandemic, said the fluctuating price reflected the net costs of the vaccine and production volumes.
J&J estimated its vaccine price at $5 per dose in the first half of the year and said it would likely be as much as $8 by year end. It reported $164 million in COVID-19 vaccine sales for the second quarter, bringing total sales to $264 million so far. The company expects to record more than half of the projected $2.5 billion in sales in the fourth quarter, Wolk said on a conference call to discuss financial results.
J&J offered no timeline on Wednesday for when it would resume production at a problematic Baltimore plant, which had been expected to produce vaccines for Europe and the United States. The company now expects to produce 500 million to 600 million doses of its one-shot vaccine this year, Chief Financial Officer Joseph Wolk told CNBC on Wednesday, down from its original goal to produce a billion shots this year. July 21 (Reuters) - Johnson & Johnson (JNJ.N) on Wednesday forecast $2.5 billion in 2021 sales for its COVID-19 shot and set a lower production target for the vaccine as lengthy manufacturing problems took a toll.
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