Johnson & Johnson's FY21 COVID-19 Vaccine Sales Below Expectations

Johnson & Johnson JNJ has reported Q4 adjusted earnings of $2.13 per share, up 14.5% Y/Y over the $1.86 posted a year ago and marginally ahead of the consensus of $2.12.

• Net sales increased 10.4% Y/Y to $24.8 billion, missing the consensus of $25.29 billion.
• Pharmaceutical contributed $14.29 billion in sales, +16.5%, due to Darzalex (daratumumab), Stelara (ustekinumab), Tremfya (guselkumab), Erleada (apalutamide), and paliperidone palmitate and COVID-19 vaccine.
• JNJ generated $1.62 billion in COVID-19 vaccine sales during the quarter, compared to $502 million in Q3 FY21.
• FY21 COVID-19 vaccine sales were $2.38 billion lower than the management expectation of $2.5 billion.
• The company's Q4 sales from Medical Devices grew 4.1% to $6.85 billion, driven primarily by the market recovery from COVID-19 impacts and the associated deferral of medical procedures.
• Consumer health segment sales increased 1.1% Y/Y to $3.65 billion, primarily driven by over-the-counter products. 
• Related: What To Expect When Johnson & Johnson Unveils Q4 Performance This Month.
• Outlook: Johnson & Johnson expects FY22 total sales of $100.3 billion – $101.8 billion, including $3 billion -3.5 billion from COVID-19 Vaccine sales.
• It expects adjusted EPS of $10.40 - $10.60, higher than the consensus of $10.37.
• Price Action: JNJ shares are down 2.59% at $158.75 during the premarket session on the last check Tuesday.