J&J suspends sales forecast for COVID vaccine

STORY: Johnson & Johnson on Tuesday cut its full-year profit expectations and said it would stop forecasting sales of its COVID-19 vaccine.

Before, J&J had predicted as much as $3.5 billion in sales from its single-dose shot, while Pfizer and Moderna have forecast $32 and $21 billion, respectively, in full-year profit from their vaccines.

J&J's vaccine has fared poorly compared to rival vaccines due to low demand in the U.S. and manufacturing concerns, since production at a Maryland plant was halted by the FDA due to an accidental mix-up of ingredients last year.

J&J said uncertain demand and a global supply surplus of other COVID vaccines was the reason for suspending the forecast.

Overall first-quarter sales of $23.4 billion slightly missed Wall Street estimates, which the company's CFO said was "really around the COVID-19 vaccine," adding "There was just a disconnect into how the Street assumed it was going to play out over the year."

J&J also warned that supply chain constraints in its consumer health unit would hit sales of its skin health and beauty products for the rest of the year.

Despite all this, shares of the world's largest healthcare conglomerate rose as much as four and a half percent in Tuesday morning trading.

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