Johnson & Johnson reported adjusted quarterly profit and revenue slightly above analysts’ expectations on Tuesday, as the healthcare company gained from strong demand for new drugs including cancer and psoriasis treatments.
Shares of J&J, which also forecast higher-than-expected profit and revenue for 2018, were up 1.3 per cent in premarket trading.
The company recorded a huge headline quarterly loss due to a $13.6-billion charge related to taxes paid for a one-time repatriation of accumulated foreign earnings, following the recent U.S. tax overhaul.
The net loss was $10.71-billion, or $3.99 per share, in the fourth quarter, compared with a profit of $3.81-billion, or $1.38 per share, a year earlier.
But excluding items, J&J earned $1.74 per share, slightly above the analysts’ average estimate of $1.72 per share, according to Thomson Reuters I/B/E/S.
Sales jumped 11.5 per cent to $20.20-billion, beating revenue estimate of $20.07-billion.
The Band-Aid maker forecast a full-year adjusted profit of $8 to $8.20 per share on revenue of $80.6-billion to $81.4-billion.