Johnson & Johnson's 4Q profit jumps 19 pct on higher prescription drug sales, tax benefit - InfoNews

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Johnson & Johnson's 4Q profit jumps 19 pct on higher prescription drug sales, tax benefit

In this Tuesday, July 30, 2013, photo, large banners hang in an atrium at the headquarters of Johnson & Johnson in New Brunswick, N.J. Johnson & Johnson reports quarterly financial results before the market opens on Tuesday, Jan. 21, 2014. (AP Photo/Mel Evans)
January 21, 2014 - 5:13 AM

NEW BRUNSWICK, N.J. - Johnson & Johnson says fourth-quarter profit jumped 19 per cent, as prescription drug sales climbed sharply and the health care giant enjoyed a big tax benefit.

The maker of baby shampoo, biological drugs and medical devices says fourth-quarter net income was $3.52 billion, or $1.23 per share, up from $2.57 billion, or 91 cents per share, a year earlier.

Excluding one-time items, net income was $3.56 billion, or $1.24 per share.

Revenue totalled $18.36 billion, up 4.5 per cent from $17.56 billion a year ago.

Analysts surveyed by FactSet were expecting, on average, earnings per share of $1.20 and revenue of $17.94 billion.

The company, based in New Brunswick, N.J., says it expects earnings per share of $5.75 to $5.85 in 2014. That's up from $4.81 per share earned in 2013.

News from © The Associated Press, 2014
The Associated Press

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