–25.38% since Feb. 19
The goal of the partnership is to start a Phase 1 clinical study of a potential vaccine candidate by the end of the year.
Even as J&J engages in vaccine and antiviral drug development — and other coronavirus-fighting activities — its taking a hit from the elective procedures decline. The Centers for Medicare and Medicaid Services released guidance on March 18 that asked healthcare providers to postpone adult elective surgeries and procedures to combat the coronavirus. CMS recommended postponing surgery/procedures for non-urgent spine and orthopedic examples, including hip, knee replacement and elective spine surgery, which could spell trouble for the company’s orthopedic subsidiaries.
“There is no higher priority than patient health for Johnson & Johnson. Since January, we have been deeply engaged in a multipronged response to the coronavirus outbreak, leveraging proven vaccine technology that we also used to develop and manufacture our Ebola vaccine and construct our Zika, RSV, and HIV vaccines candidates. We have been working collaboratively with governments, global health organizations, academics and others and are moving at an unprecedented pace. We hope to start a Phase 1 clinical study potentially as soon as November, compared to the 5-7 years it typically takes for this milestone in vaccine development. We will continue to lead on this important research in support of everyone impacted by the disease,” said Paul Stoffels, vice chairman of the executive committee and chief scientific officer, told Medical Design & Outsourcing.
Down 25.38% since the market’s Feb. 19 peak, JNJ shares were down 7.3% to $111.14 apiece at the close of trading today. –DK