The early second-quarter earnings reports from Johnson & Johnson (J&J) and Novartis AG had two linked binary themes that then percolated through the rest of the season: oncology franchises that may or may not be recovering from a pandemic-induced backlog of patients, and the fading, or not, of the sales of pandemic diagnostics, vaccines and antivirals. (Also see "Stock Watch: Contrasting Novartis And J&J Stock Movements Defy Explanation" - Scrip, 26 July, 2022.)
Stock Watch: Binary Second-Quarter Oncology And COVID-19 Trends
Favorable And Unfavorable Comparisons Resulting From The Pandemic
Oncology drug sales plummeted during the pandemic leading to a backlog of untreated patients that lingered even after the impact of COVID-19 drugs. While Q2 reports suggest this cancer backlog is now being addressed, the contrasting fates of vaccines and treatments for SARS-CoV-2 are actually turning out to be opaquer than expected.
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