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Johnson & Johnson is planning to produce close to 1 billion COVID-19 doses by March 2021 if its human trials go well. Meanwhile, despite a small fall now, JNJ is slowly climbing higher and higher.
New-Jersey based multinational corporation Johnson & Johnson is hoping to set a forefront record in the coronavirus battle. At the moment, several companies are working on treatments and vaccines for COVID-19, the disease caused by the coronavirus. Johnson & Johnson (NYSE: JNJ) has now announced that it hopes to produce up to 900 million doses of its vaccines by the end of 2021’s first quarter.
According to a CNBC report, the company revealed this intention during a post-earnings conference call it had with investors on Tuesday, April 15. Some members of JNJ’s top management said the company plans to produce between 600 million and 900 million doses, by the end of March 2021. However, this will only be possible if its human trials for the vaccine go well. JNJ plans to begin the trials in September and if successful, would keep to its Q2 2021 promise. The company also hopes to produce at least 1 billion doses annually.
The company had announced the September start-date for its human trials last month. JNJ said clinical data on the vaccine and its potency would be ready before the year. Chairman and CEO Alex Gorsky said at the time, that the company was optimistic the vaccine would be potent enough to protect against the virus. He also mentioned that JNJ isn’t hoping to earn a profit from the vaccine.
Johnson & Johnson (JNJ) Waxing Strong amid Coronavirus Pandemic
While many other companies are suffering serious effects of the pandemic, Johnson & Johnson’s figures have been healthy. The company said its total revenue for the first quarter of 2020 stood at $20.69 billion. It also declared a 6.3% addition in its quarterly dividend rate, increasing its earnings per share from $0.95 to $1.01.
The company’s figures could have been driven by its efforts at tackling the coronavirus and the promise of a successful vaccine. On March 31 when it announced plans for trials to begin in September, the company’s stock climbed by 7%.
JNJ stock closed yesterday at $146.03 after climbing 4.48%. It climbed another 1.15% to $147.71 in pre-market trading but is currently at $144.28, after falling 1.20%. JNJ in the last month has climbed 6.45% and 3.72% in the last year. It however has a year-to-date (YTD) loss of 1.51%. Johnson & Johnson is the first pharmaceutical company to release Q1 earnings.
The company has however reduced the forecast for its adjusted earnings. It previously announced an $8.95 to $9.10 range for its earnings per share, but has now reduced it to $7.50 to $7.90.
So far, COVID-19 has infected more than 2 million people worldwide, with over 120,000 deaths. With new cases recorded every day, the current pandemic is expected to deplete financial markets even further. The International Monetary Fund (IMF) has announced that this year, the world might see its worst economic recession since the Great Depression of 1930.