J&J Q1 Financials Are All About COVID-19 Progress And Impact
Johnson & Johnson will move a vaccine candidate for COVID-19 into clinical testing in September and lowered 2020 financial guidance as a result of the pandemic. Pharma sales were resilient, however.
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Phase I/IIa trial is poised to start in July versus a prior target of September, with a Phase III start targeted for late September. J&J also reported 2.1% pharma sales growth, reflecting an impact from COVID-19.
Results from the first major trial of remdesivir are positive, but fail to show clear mortality benefit - making its forthcoming approval just the first step towards winning the war on COVID-19.
Earnings preview: Pfizer's newly launched rare disease drug Vyndaqel and vaccines could be impacted by COVID-19. Investors will also be eager to hear more about the timeline for closing the Upjohn transaction.