J&J results top estimates, takes $13.6B tax charge

(Reuters) - Johnson & Johnson (NYSE:JNJ) 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 percent 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 percent 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.

Analysts on average were expecting a profit of $7.87 per share and revenue of $80.7 billion.

(Reporting by Divya Grover in Bengaluru; Editing by Anil D'Silva)