Johnson & Johnson 2019 revenue forecast misses expectations
Citi Private Bank managing director David Bailin reacts to the November jobs report and weighs in on the impact corporate earnings will have on the markets.
(Reuters) - Johnson & Johnson on Tuesday forecast 2019 sales that fell short of analysts' estimates after reporting better-than-expected fourth-quarter profit and revenue.
The company said it expects 2019 sales in the range of $80.4 billion to $81.2 billion, compared with the average analyst estimate of $82.69 billion, according to IBES data from Refinitiv.
Overall fourth-quarter sales rose to $20.39 billion from $20.20 billion, also topping the Wall Street estimate of $20.20 billion.
Pharmaceuticals sales rose 5.3 percent to $10.19 billion in the fourth quarter, led by Crohn's disease treatment Stelara. Analysts had expected revenue of $10.08 billion for the unit.
The company posted net profit of $3.04 billion, or $1.12 per share, for the fourth quarter, compared with a loss of $10.71 billion, or $3.99 per share, a year earlier, when it recorded a $13.6 billion charge related to changes to the U.S. tax law.
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Excluding items, the company earned $1.97 per share, beating analysts' average estimate of $1.95 per share.
The company said it expected adjusted 2019 profit in the range of $8.50 per share to $8.65 per share, compared with analysts' expectation of $8.60 per share.
(Reporting by Manas Mishra in Bengaluru; Editing by Saumyadeb Chakrabarty)