Johnson & Johnson‘s offered guidance that disappointed investors, even after reporting quarterly report that far exceeded last year’s figures.
J&J sees profit between $5.35 to $5.45 a share. The guidance misses the $5.46 a share in fully reported earnings that analysts had expected. Shares pre-market trading fell by as much as 1.1%.
Beyond that, J&J’s fourth-quarter profit greatly improved from a year before, when one-time charges and hip implants recalls dented earnings. Net income was $2.6 billion, 91 cents a share, from $218 million, 8 cents a share, a year ago.
J&J, the world’s biggest health-care products manufacturer, has been plagued by recalls in the past few years. First, over-the-counter drugs, like Topomax (foul odor) and Mylanta (alcohol content). Then, Tylenol (more bad odor), leading to a FDA takeover of three J&J factories, and hip implants (often needing additional correctivesurgery). It cost CEO Bill Weldon his job; he stepped down last April and was succeeded by Alex Gorsky, who had run J&J&’s medical devices unit and once helmed Novartis. Since Gorsky took command, the stock is up 14%.
Consumer sales fell 2.9% to $14.4 billion from currency problems. All told, revenue was $17.56 billion, less than the $17.67 analysts predicted. J&J competes with health care titans like Pfizer, Merckand GlaxoSmithKline.
In 2012, J&J made $10.9 billion on $67.2 billion in sales, above last year’s $9.7 billion on $65 billion in sales.
www.forbes.com
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