Johnson and Johnson (J&J) announced on Tuesday its total sales in the first quarter of the year came in at $23.4 billion, increasing 5.0% in comparison to the same period in 2021 but slightly missing expectations.
The company's net earnings decreased by 16.9% to $5.15 billion, and its diluted earnings per share (EPS) fell by 16.8% to $1.93 per share year-on-year. Due to global oversupply and demand uncertainty, the company also reported that it is suspending COVID-19 Vaccine sales guidance.
"Our first-quarter results demonstrate strong performance across the enterprise, despite macro-economic headwinds. I am incredibly proud of Johnson & Johnson's 144,000 employees for their relentless passion and Credo-based commitment to delivering transformative healthcare solutions to patients and customers around the world," stated Joaquin Duato, Chief Executive Officer.
J&J's shares went down by 2.76% in the premarket trading following the report's release.
