Johnson & Johnson (NYSE:JNJ) stock fell 0.014% (As on Apr 20, 11:17:31 AM UTC-4, Source: Google Finance) after the company posted mixed result for the first quarter of FY 22, slashed its 2022 guidance and cut its Covid vaccines outlook entirely. Consumer Health worldwide adjusted operational sales, which exclude the net impact of acquisitions and divestitures and translational currency, increased 1.6% primarily driven by over-the-counter (OTC) products. Major contributors to growth in OTC were upper respiratory products, TYLENOL and MOTRIN analgesics, and IMODIUM in digestive health products. Growth was partially offset by external supply constraints mainly impacting Skin Health / Beauty. During the first quarter, Johnson & Johnson’s Covid vaccine generated $457 million in sales. But most of the sales took place internationally. A year ago, those geographies weren’t yet using J&J’s single-shot vaccine. And U.S. sales tumbled by one-quarter. Now, Johnson & Johnson is shifting its focus. There’s a glut of Covid vaccines globally and demand is uncertain. The company suspended its Covid vaccines outlook. Previously, J&J guided to $3 billion to $3.5 billion in sales of the vaccine. But the company only trimmed its overall sales view by $1.1 billion.

Moreover, Pharmaceutical worldwide adjusted operational sales, which exclude the net impact of acquisitions and divestitures and translational currency, grew 9.3%* driven by DARZALEX (daratumumab), a biologic for the treatment of multiple myeloma, STELARA (ustekinumab), a biologic for the treatment of a number of immune-mediated inflammatory diseases, TREMFYA (guselkumab), a biologic for the treatment of adults living with moderate to severe plaque psoriasis, and for adults with active psoriatic arthritis, ERLEADA (apalutamide), a next-generation androgen receptor inhibitor for the treatment of patients with prostate cancer, and INVEGA SUSTENNA/XEPLION and INVEGA TRINZA/TREVICTA (paliperidone palmitate), long-acting, injectable atypical antipsychotics for the treatment of schizophrenia in adults.

JNJ in the first quarter of FY 22 has reported the adjusted earnings per share of $2.67, beating the analysts’ estimates for the adjusted earnings per share of $2.58. The company had reported the adjusted revenue growth of 35.9 percent to $23.43 billion in the first quarter of FY 22, missing the analysts’ estimates for revenue of $23.62 billion.

For the year, Johnson & Johnson cut its adjusted earnings outlook by 25 cents at the midpoint. Now, the company expects $10.15-$10.35 per share, below analysts’ call for $10.55.

J&J also sees $94.8 billion to $95.8 billion in sales, down $1.1 billion at the midpoint from its prior view. Analysts forecast $99.63 billion in sales.