Covid vaccines took a major toll on two separate drugmakers Tuesday as the shots took a bite out of Johnson & Johnson’s (JNJ) fourth-quarter sales and Danaher’s (DHR) outlook. The news left JNJ stock flat and DHR stock tumbling.
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For Johnson & Johnson, pharmaceutical sales accounted for roughly 56% of total revenue, but declined 7.4% on a strict, as-reported basis. Revenue from its mostly defunct Covid vaccine plummeted more than 57% to $689 million. All of those sales came from outside the U.S.
Lee Brown, global sector lead for health care at research firm Third Bridge, blamed the Covid shot for “effectively dragging down the entire segment’s performance.” Excluding the Covid vaccine, pharma sales fell just 1%, Johnson & Johnson said in a news release.
In morning action on the stock market today, JNJ stock was flat near 168.40.
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