AP–Surging sales of Johnson & Johnson’s prescription medicines and the rebound of its recall-plagued consumer health business lifted fourth-quarter profit 19 percent.
The health care giant also enjoyed a US$707 million tax benefit from writing off money-losing subsidiary Scios.
However, shares fell on J&J’s less-stellar 2014 profit forecast due to factors including continued pressures for lower prices.
The maker of baby shampoo and biological drugs said Tuesday that fourth-quarter net income was US$3.52 billion, or US$1.23 per share, up from US$2.57 billion, or 91 cents per share, a year earlier.
Excluding one-time items, income was US$1.24 per share. Analysts expected 4 cents less.
Revenue totaled US$18.36 billion, up 4.5 percent. Analysts expected US$17.94 billion, according to FactSet.