US PHARMACEUTICAL giant Johnson & Johnson has cut its sales and adjusted profit forecasts, as a postlockdown slowdown and a global economic downturn collide.

Sales are anticipated to be around $1bn less than bosses thought in April, in the range of $93.3bn (£77.6bn).

In its latest quarter, Johnson & Johnson, which owns skincare brand Neutrogena and has its own Covid-19 jab, saw sales rise three per cent to $24bn in the past few months, up from $23.3bn in the same period last year. However, the company's net earnings collapsed nearly a quarter in the three-month period, tumbling from $6.2bn to $4.8bn in the second quarter.

While pharmaceutical firms reaped massive rewards during the pandemic, easing lockdown restrictions has prompted a slowdown in investment in the sector.

The firm, valued at $469bn, had its estimated earnings per share fall from $2.35 to $1.80 in the quarter.

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