Excluding charges totaling $2.9 billion, net income was $3.13 billion, or $1.13 per share.
In the last five years, weve never felt better about our business coming out of one year and going into the next, CEO Bill Weldon told analysts during a conference call.
A slew of charges for recalls, product liability, litigation and an acquisition dragged Johnson & Johnsons fourth-quarter profit down to barely a tenth of what the health care giant made a year
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Erik Gordon, an analyst and professor at the University of Michigans Ross School of Business, called the results mediocre, adding that they were saved, as has become typical for big pharma, by non-U.S. sales.
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Revenue rose 4 percent to $16.26 billion, up from $15.64 billion in 2010s fourth quarter.
The U.S. decline was mostly due to an 8 percent drop in sales of prescription drugs, as two big sellers the powerful antibiotic Levaquin and Concerta for attention deficit hyperactivity disorder got generic competition late last spring.
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Revenue fell 3.4 percent in the U.S., to $6.99 billion, but jumped 10.2 percent in foreign countriepull ins, to $9.27 billion.
The New Brunswick-based company said Tuesday that net income was $218 million, or 8 cents per share, down from $1.94 billion, or 70 cents a share, a year earlier.
A slew of charges for recalls, product liability, litigation and an acquisition dragged Johnson & Johnsons fourth-quarter profit down to barely a tenth of what the health care giant made a year ago, and some recalled products wont be back till years end. But higher sales overseas boosted enough revenue to end an unprecedented two-year Problems pull down profits for Johnson & Johnson pull indecline.
Problems pull down profits for Johnson & Johnson pull in,Prospective Academy Awards nominees have pretty much every decade of the last century covered, from...
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Analysts on average expected earnings per share of $1.09 and revenue of $16.28 billion.
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Revenue rose 2.7 percent to $6.49 billion for medical devices, and 6.7 percent to $6.09 billion for prescription drugs.
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Analysts were not impressed.
Shares of the company closed unchanged at $65.
But he said he doesnt expect significant improvement this year in macroeconomic conditions, with escalating government pricing pressures in the U.S. and Europe and slower growth in the emerging markets that medical product makers are targeting as their best chance for expansion.
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After an embarrassing series of product recalls and other problems overshadowed the past two years, the maker of Tylenol, prescription drugs and medical devices managed to beat Wall Streets forecast for adjusted profit and came in just below its revenue forecast.
Weldon said the slump in elective surgeries, due to unemployed and uninsured people delaying them, continues. That affects sales of J&Js artificial joints and surgical implements and supplies.