Johnson & Johnson on Tuesday rescinded its forecast for sales of its COVID-19 vaccine, as hesitancy in low income countries has led to a glut of supply of a shot once hoped to be the inoculation of choice for the developing world.
The company had previously predicted as much as $3.5 billion in 2022 sales from the single-dose vaccine, but demand has withered.
Still, the company reported strong results for its medical devices business and raised its dividend, driving shares up around 3 percent.
Use of the shot has been weak in high-income countries, hurt by reports of rare, potentially deadly blood clots, production issues, including an accidental mix-up of ingredients by a contract manufacturer, and concerns about efficacy.
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