Johnson & Johnson logs Q4 beat, misses with 2017 numbers

Johnson & Johnson (NYSE:JNJ) today beat Wall Street’s expectations with its fourth-quarter results but missed the consensus forecast for the full year.

The New Brunswick, N.J.-based healthcare conglomerate swung to red ink during the quarter, posting losses of -$10.71 billion, or -$3.99 per share, on sales of $20.20 billion, compared with profits of $3.81 billion on sales growth of 11.5% for Q4 2016.

Adjusted to exclude one-time items, earnings per share were $1.74, 2¢ ahead of The Street, where analysts were looking for sales of $20.07 billion.

Full-year profits were $1.30 billion, or 47¢ per share, on sales of $76.45 billion, for a bottom-line slide of -92.1% on sales growth of 6.3%. Adjusted EPS were $7.30, 57¢ under the consensus estimate, which called for annual sales of $80.70 billion.

“Johnson & Johnson delivered strong adjusted earnings per share growth of 8.5% and total shareholder return of greater than 24% in 2017, driven by the robust performance of our pharmaceutical business, while continuing to make investments in acquisitions, innovation and strategic partnerships to accelerate growth in each of our businesses,” chairman & CEO Alex Gorsky said in prepared remarks. “As we enter 2018 and look beyond, we are experiencing an incredible pace of change in health care. Johnson & Johnson is uniquely positioned to lead during this dynamic era and deliver innovative solutions for patients and consumers that drive sustainable, long-term growth. We are pleased with the passage of recent legislation modernizing the U.S. tax system, which enables Johnson & Johnson to invest in innovation at higher levels to help address the most challenging unmet medical needs facing health care today.”

J&J said it expects to report adjusted EPS of $8.00 to $8.20 on sales of $80.6 billion to $81.4 billion this year.

Medtech sales rise 6%

Sales for the world’s largest medical device operation were up 5.9% to $26.6 billion, J&J said, with U.S. sales rising 4.5% and O.U.S. sales up 7.1%.

JNJ shares were up 0.3% to $148.54 apiece today in pre-market trading.

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