Published on 22 Jul 2022 on Zacks via Yahoo Finance
This week, J&J JNJ set in motion the second-quarter earnings season for the drug and biotech sector with an earnings and sales beat. Novartis NVS reported mixed results. GSK plc GSK completed the separation of its Consumer Healthcare (CHC) segment into a new company, Haleon. Merck’s (MRK) head and neck cancer study on Keytruda failed while AbbVie ABBV filed a regulatory application in Europe seeking approval for its migraine candidate atogepant.
Recap of the Week’s Most Important Stories
J&J Beats on Q2 Earnings & Sales, Lowers View: J&J reported better-than-expected second-quarter results as it beat estimates for both earnings and sales. Its Pharmaceuticals unit continued to do well. Its COVID-19 vaccine sales improved in the second quarter after a lower-than-expected contribution in the first quarter. Sales in the MedTech segment continued to improve. However, sales were partly hurt by COVID-related restrictions in countries like China and labor and supply constraints.
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