J&J Shares Slip as Covid-19 Trial Pause Overshadows Outlook
- Drugmaker sticks to vaccine timetable as it probes illness
- Cancer-drug sales, Tylenol demand bolster quarterly profit
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Johnson & Johnson shares fell after the drugmaker was forced to pause its late-stage study of a coronavirus vaccine, overshadowing an improved financial outlook for the year.
The temporary halt in the trial after one participant became ill unnerved investors in spite of the company’s sound business performance and could add to concern about the rapid pace of coronavirus vaccine research. J&J said adverse events are an expected part of drug studies and that it’s investigating. The shares fell 1.9% at 11:15 a.m. in New York.