Johnson & Johnson on Tuesday said it expects its medical device business to begin recovering in the fourth quarter as elective medical procedures delayed by the coronavirus pandemic start to resume.
The US healthcare conglomerate lowered its full-year 2020 forecast due to the hit to that business, with procedures like hip and knee replacements on hold. The division accounts for nearly 30 per cent of total sales.
However, investors appeared to take heart that J&J did not simply withdraw its 2020 forecasts over coronavirus uncertainty as the pandemic causes massive business disruptions around the world. It also raised its quarterly dividend to $1.01 per share, and its shares rose 4.4 per cent to $145.87 (Dh535.71).
J&J's 2020 adjusted earnings forecast of $7.50 to $7.90 per share – down from its prior view of $8.95 to $9.10 – assumes any return of the coronavirus outbreak in the fall will look much different than the current global health crisis.
"If the virus does return, the world should be much better prepared to test, identify and isolate it. There may also be therapeutic options available," chief financial officer Joseph Wolk said on a conference call.
Mr Wolk said he expected elective procedures and visits to doctors to largely resume in the second half of the year, with the business seeing a lingering impact but starting to stabilise in the third quarter.
Drugmakers and medical researchers are racing to develop treatments and vaccines for the novel coronavirus, which has infected some 2 million people globally and killed over 123,000.
J&J plans to start human trials of its vaccine candidate by September. It signed a vaccine deal with the US government to jointly invest $1 billion and hopes to be able to manufacture more than 1 billion doses.
J&J said it is developing the vaccine on a "not-for-profit" basis.
"Being part of the solution to conquer the pandemic is good for all businesses, not just the business of Johnson & Johnson," Mr Wolk said in a phone interview.
The company was not looking to recoup research and development costs and plans to price the vaccine to offset costs related to its manufacturing and distribution, he said.
J&J, the first major US drugmaker to report earnings since the outbreak, said medical device sales in the first quarter fell 8.2 per cent to $5.93bn, with products used in high-margin orthopedic procedures and vision correction hit particularly hard.
Consumer health sales jumped 9.2 per cent to $3.63bn, driven by a surge in demand for products like Tylenol and Motrin as consumers faced with an illness that causes fever and cough stocked up on essentials.
Pharmaceutical sales rose 8.7 per cent to $11.13bn for the quarter.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
UAE currency: the story behind the money in your pockets
AUSTRALIA SQUAD
Aaron Finch (captain), Ashton Agar, Alex Carey, Pat Cummins, Glenn Maxwell, Ben McDermott, Kane Richardson, Steve Smith, Billy Stanlake, Mitchell Starc, Ashton Turner, Andrew Tye, David Warner, Adam Zampa
More from Rashmee Roshan Lall
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Strait of Hormuz
Fujairah is a crucial hub for fuel storage and is just outside the Strait of Hormuz, a vital shipping route linking Middle East oil producers to markets in Asia, Europe, North America and beyond.
The strait is 33 km wide at its narrowest point, but the shipping lane is just three km wide in either direction. Almost a fifth of oil consumed across the world passes through the strait.
Iran has repeatedly threatened to close the strait, a move that would risk inviting geopolitical and economic turmoil.
Last month, Iran issued a new warning that it would block the strait, if it was prevented from using the waterway following a US decision to end exemptions from sanctions for major Iranian oil importers.
HOW TO WATCH
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
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Transmission: 8-speed automatic
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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A%20QUIET%20PLACE
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
