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13 October 2020 By Robert Cyran Follow @rob_cyran

The $390 bln firm paused its Covid-19 vaccine trial – and raised estimates amid rising demand for everything from Tylenol to oncology drugs. The shares fell. Whether the halt means anything is unclear. It’s also of little importance relative to J&J’s core business.

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Johnson & Johnson said on Oct. 13 revenue in the third quarter was $21 billion, an increase of 1.7% from the same period last year. The healthcare conglomerate earned $3.6 billion, or $1.33 per share, compared to $1.8 billion, or 66 cents a year ago.

J&J raised its 2020 revenue estimate based on “the strength of the recovery and strong business fundamentals.” In July it estimated revenue would be between $79.9 billion to $81.4 billion. It now expects $81.2 billion to $82 billion.

On Oct. 12, the company said it had paused all dosing in its Covid-19 vaccine trials following an unexplained illness in a participant. The 60,000-patient trial is blinded, so it’s not yet known if the illness occurred in a recipient of the vaccine or a placebo.

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