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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Johnson and Johnson | NYSE:JNJ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.18 | -0.78% | 150.00 | 152.33 | 149.14 | 151.77 | 8,579,238 | 23:25:51 |
By Austen Hufford
Johnson & Johnson posted revenue and profit increases, but the health-care giant released an underwhelming forecast for the year.
Shares fell 2.5% in premarket trading as the company's annual guidance was below Wall Street expectations.
The New Brunswick, N.J., company said it expects earnings for the year of $6.93 to $7.08 a share and revenue of $74.1 billion to $74.8 billion. Analysts polled by Thomson Reuters said expected earnings per share of $7.11 on revenue of $75.1 billion.
Chief Executive Alex Gorsky said revenue and profit gains were driven by its pharmaceutical and medical device businesses and that its consumer unit had increased profitability.
The company also said it was evaluating potential strategic options, including a potential sale, for its diabetes care companies, including LifeScan Inc., Animas Corp. and Calibra Medical Inc. In total, its diabetes care unit had $462 million in sales in the quarter, a 3.8% decline.
Still, J&J faces the threat of lower-priced competition emerging for some top-selling prescription drugs. And with nearly half of its sales overseas, J&J's results have been pressured by a strengthening U.S. dollar and weakness in some emerging markets. Currency fluctuations shaved 0.6% off the company's top line.
Sales at J&J's pharmaceutical business, the company's largest, rose 2.6% to $8.23 billion, driven by drugs including blood-cancer drug Imbruvica, arthritis treatment Simponi, blood thinner Xarelto and multiple myeloma drug Darzalex.
J&J's medical devices business posted sales growth of 0.2% to $6.44 billion. In its consumer products division, sales grew 3.4% to $3.43 billion.
In all for the December quarter, J&J posted a profit of $3.81 billion, or $1.38 a share, up from $3.22 billion, or $1.15 a share, in the same period a year before.
Revenue rose 1.7% to $18.12 billion.
Excluding certain items, adjusted earnings were $1.58 a share. Analysts had expected $1.56 in adjusted profit per share and revenue of $18.28 billion.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
January 24, 2017 07:29 ET (12:29 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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