Profits dove 57% due to higher research spending, plus litigation and other one-time charges totaling $2.4 billion, but the results still cruised past Wall Street expectations. Meanwhile, J&J is also testing a two-dose vaccine as a backup and should have results on that in 2021’s second half. Adjusted net income came to $4.97 billion, or $1.86 per share, easily topping the $1.81 Wall Street analysts expected. The pandemic, and the associated deferral of many medical procedures, reduced sales of surgery, vision care and orthopaedics products. J&J gave its first financial forecast for 2021, saying it expects sales of $90.5 billion to $91.7 billion and adjusted earnings per share of $9.40 to $9.60.

Source: Mint January 27, 2021 03:00 UTC