Johnson & Johnson profits soar 73% amid global COVID-19 healthcare crisis

As COVID-19 pandemic is still prevalent worldwide, vaccine manufacturers Johnson & Johnson's, on Wednesday, forecast a 73 per cent of growth in ir second-quarter profit, reported AP.  According to reports, health care giant has reported a jump of $2.65 billion ($3.63 billion to $6.28 billion) in net income during second quarter.  world's biggest maker of health care products excelled Wall Street presupposition and hiked its 2021 sales and profit forecasts sharply by two folds in terms of share value.

Johnson & Johnson's COVID vaccine sales miles away to compete its rivals

Its rival COVID-19 vaccines companies like Pfizer Inc and Moderna Inc which was approved months before Johnson & Johnson got green signal, it has not been able to compete among or vaccine makers as it has been troubled by concerns about some very rare side effects. According to reports, Pfizer forecast $26 billion annual sales of its vaccines while Moderna forecast $19.2 billion in annual businesses of ir vaccines. Earlier, its factory based in Maryland, U.S. h to close its operations following contamination problems that led drug manufacturer to trash ir millions of coronavirus vaccine shots. 

Only vaccine that requires a single dose

re seems to be a tough time for Johnson & Johnson's as it is still unpredictable that when U.S. Food and Drug ministration would allow factory to resume its operation which has been halted for nearly three months. It is worth noting that Johnson & Johnson's is only COVID-19 vaccine that requires a single dose. It is expected that J&J manufactured vaccine would play a key role in rural and developing countries where arranging two doses of covid vaccine would be a tough deal for government.

Earlier, company has announced to provide affordable vaccines to poor and middle-income countries with help World Health Organization (WHO). However, announcement turned to be hazy as it has not yet fulfilled orders that it h taken from US government. Meanwhile, with approval of expanding its manufacturing units in Nerlands, it is expected that company would soon fulfil its promises. In recent studies, Johnson & Johnson show vaccine works well against newer covid variants and protects people for at least eight months. 

(With inputs from AP)

(Image Credit: PTI)