Johnson & Johnson has reported a third quarter total sales growth of 10.7 percent to $23.3 billion — with operational growth of 9.9 percent.
The company announced on Tuesday in their earnings report that "contributing to growth was sales of the not-for-profit COVID-19 Vaccine."
The report shows that Johnson & Johnson sold $502 million of their COVID-19 vaccine in the third quarter alone — up more than 200 percent from the prior period. Sales of the vaccine are likely to reach $2.5 billion for all of 2021.
"Our third-quarter results demonstrate solid performance across Johnson & Johnson, driven by robust above-market results in Pharmaceuticals, ongoing recovery in Medical Devices, and strong growth in Consumer Health," said Alex Gorsky, Chairman and Chief Executive Officer, in a press release."In the face of evolving marketplace dynamics resulting from the effects of COVID-19 and other global trends, we have continued to demonstrate the responsiveness and agility required to meet the needs of our stakeholders, while also successfully investing in a pipeline of innovation and key commercial platforms to drive our future growth," Gorsky continued.
"I am incredibly proud of our Company's transformative growth over the last decade. As I prepare to transition the role of CEO to Joaquin Duato in January, I want to extend my deepest gratitude to our colleagues around the globe who work tirelessly to deliver solutions to address the world's most urgent and unmet healthcare challenges," Gorsky continued.
The company asked the Food and Drug Administration to approve a single shot booster earlier this month.
Shares in Johnson & Johnson were marked up 1.72 percent in pre-market trading immediately following the release of the earnings report. The opening bell price of their stock is expected to be around $162.87 on October 19.
