J&J’s Consumer Health Product Sales Slump In Comparison A Year After COVID-19 Stockpiling
Worldwide consumer health sales in January-March period were down 3.3% to $3.5bn with results off 7.4% to $1.6bn in the US and up 0.5% to $1.9bn internationally. However, excluding “COVID-19 comparison” in the year-ago period, the consumer health segment grew low-single-digits.
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Q1 results arrive with cautionary forecasts on “external challenges” limiting sales and net income growth. Limited availability and higher commodity prices and increased costs for labor, energy and transportation are “pervasive across the enterprise but most notable in consumer health,” says CFO Joseph Wolk.
April-June sales of OTC drugs, supplements and personal care products likely will show at least notable and potentially strong increases from year-ago period when consumers slowed spending after splurging during 2020 Q1 as novel coronavirus pandemic sent shockwaves through the marketplace.
CEO Alex Gorsky and medtech business leader Joaquin Duato say consumers’ growing interest in self-care is influencing the firm’s work across segments. Consumer health also is driver for Healthy Lives Mission to invest $800m through 2030 to improve the health of people and the world.