Johnson & Johnson expects 2022 COVID-19 vaccine sales to exceed $3 billion

The American multinational expects a 46 percent jump in COVID-19 sales, reports double-digit results.

On Tuesday, the American pharmaceutical giant confirmed it expects sales of its COVID-19 vaccine to range between $3 billion and $5 billion for the year 2022. The announcement came as the company posted a mixed set of financials for the fourth quarter. For the quarter in question, its revenue came in at $24.8 billion – a 10% jump compared to the $22.48 billion reported during the equivalent quarter in 2020. The impressive growth was largely driven by international sales for its COVID-19 vaccine, which has been an essential weapon in the fight against the pandemic worldwide. On an unadjusted basis, its profit for the quarter surged to $4.74 billion, which was almost triple the $1.74 billion profit it earned during the fourth quarter of the previous year.

On a full year basis, the company reported $93.77 billion in sales - marking a 13.6% jump compared to the prior year. Its pharmaceutical division brought in $52 billion in revenue, which was a 14.3% year-over-year increase. The company’s medical devices business on the other hand, generated sales of $27 billion during the full year - a 17.9% increase compared with 2020. Its consumer health business reported nearly $15 billion in revenue, which was a 4.1% increase compared to the prior year. To further fuel its growth, the company is also reportedly looking for acquisition targets. “We are constantly looking at M&A as a key source of growth for our business. Our position in cash today makes us be more aggressive in that area,” said its new CEO Joaquin Duato.