J&J pulls COVID vaccine sales forecast due to low demand, supply glut

Johnson & Johnson rescinded its forecast for sales of its COVID-19 vaccine, as hesitancy in low income countries has led to a glut of supply of a shot once hoped to be the inoculation of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%.