A strong increase in prescription drug sales, particularly overseas, helped Johnson & Johnson make a big profit in the fourth quarter after a significant loss a year ago. At the time, the US tax cost a $ 13.6 billion overhaul in late 201
The world's largest manufacturer of healthcare products also benefited from an effective tax rate of just 2.6 percent in the last quarter, at just $ 80 million. This was the main reason why J & J outperformed Wall Street profits, according to Credit Suisse analyst Vamil Divan.
The company also reported lower expenditure on research and development, restructuring and interest charges.
In the pre-market business, J & J's shares fell 1.99 or 1.5 percent to $ 128.70.
Baby shampoo and biotech manufacturer reported net income of $ 3.04 billion or $ 1.12 per share for the fourth quarter of 2018 on Tuesday. A year earlier, J & J had reported a rare net loss – $ 10.71 billion, or $ 3.00 per share. This was due to the $ 13.6 billion charge for a year-over-year taxpayer tax accumulation of more than $ 66 billion in foreign income, which was returned to the United States at low tax rates.
Quarterly Results, Adjusted for Timelines and costs were $ 1.97 per share or 2 cents better than expected by industry analysts, according to a survey by Zacks Investment Research.
New Jersey (New Brunswick) -based company said sales were also $ 20.39 billion, just one percent higher than in the fourth quarter of 2017.
As usual, business was driving J & J prescribes strong performance with a 5.3% increase in sales to $ 10.19 billion. Sales of anticancer medicines such as Darzalex, Imbruviga and Zytiga increased 22 percent to $ 2.49 billion and Remicade, Simponi and Stelara sales for rheumatoid arthritis and other immune-related disorders rose 8.3 percent to 3.34 Billions of dollars.
Johnson & Johnson's Consumer Health business reported sales of $ 3.54 billion, while the medical device and diagnostics business, which has been reshaping the business for several years, dropped 4.4 percent to 6, $ 67 billion.
For all of 2018, Johnson & Johnson reported sales of $ 81.58 billion, up 6.7 percent, and net income of $ 15.3 billion or $ 5.61 per share Share.
Johnson & Johnson expects full-year earnings of between $ 8.50 and $ 8.65 per share, with sales of between $ 80.4 and $ 81.2 billion. Industry analysts expect earnings per share of $ 8.60 and revenues of approximately $ 82.6 billion.
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