Johnson & Johnson on Tuesday projected that its Covid vaccine would generate $3 billion to $3.5 billion in gross sales in 2022, after posting a blended fourth-quarter report that barely beat on earnings’ estimates however missed on income.

This is how they carried out in contrast with what Wall Avenue anticipated, based mostly on analysts’ common estimates compiled by Refinitiv:

• Adjusted EPS: $2.13, vs. $2.12 anticipated.
• Income: $24.8 billion, vs. $25.29 billion anticipated

CFO Joseph Wolk advised CNBC a strengthening greenback negatively impacted prime line gross sales by $150 million to $200 million. Hospital staffing shortages brought on by the omicron Covid variant additionally generated uncertainty within the firm’s medical units enterprise, significantly with elective procedures, Wolk stated. The patron well being division was hit by provide constrains in uncooked supplies, labor shortages amongst third occasion producers and better transportation prices, he added.

“We expect the second half of 2022 shall be stronger than the primary half,” Wolk advised CNBC’s Meg Tirrell on “Squawk Box.” “However a few of these dynamics persevering with within the early a part of this 12 months.”

J&J reported $93.77 billion in gross sales in 2021, a 13.6% improve over the prior 12 months. The corporate’s pharmaceutical division generated $52.08 billion in income, a 14.3% year-over-year improve. J&J’s medical units enterprise reported gross sales of $27.06 in 2021, a 17.9% improve in contrast with 2020. The patron well being part posted $14.63 billion in income, a 4.1% improve.

J&J stated it expects to generate $10.40 to $10.60 in earnings per share this 12 months and $98.9 billion to $100.4 billion in income.

CEO Joaquin Duato will lead J&J’s earnings name this morning for the primary time in his new function. Duato formally took the reins from Alex Gorsky earlier this month.

The fourth-quarter outcomes mark the top of a troublesome 12 months for J&J. Public confidence within the firm’s single-shot Covid vaccine took successful in December, when the Facilities for Illness Management and Prevention recommended Pfizer and Moderna’s vaccines over J&J’s shot. The CDC discovered dozens of individuals, largely youthful girls, developed a uncommon blood clot situation after receiving J&J’s vaccine.

In June, J&J lost its appeal to have the Supreme Court docket evaluate $2.1 billion in damages {that a} decrease courtroom awarded to girls who stated asbestos within the firm’s talc powder brought on ovarian most cancers.

J&J can be splitting its consumer product business from its pharmaceutical and medical machine operations to create two publicly traded corporations. J&J expects to finish the transaction by the top of 2023.