Johnson & Johnson misses revenue estimates as blockbuster drugs disappoint

Sales of its blockbuster psoriasis medicine Stelara and cancer drug Imbruvica fell short of expectations

(Reuters) - Johnson & Johnson narrowly missed quarterly revenue estimates on Wednesday as sales of its blockbuster psoriasis medicine Stelara and cancer drug Imbruvica fell short of expectations.

Continue Reading Below

Revenue at J&J's pharmaceuticals unit, which also makes antidepressant Spravato and plaque psoriasis drug Tremfya, rose 3.5 percent to $10.55 billion in the fourth quarter, missing the average estimate of $10.63 billion, according to two analysts polled by Refinitiv.

The company said it expects full-year 2020 adjusted earnings per share in the range $8.95 to $9.10.

TickerSecurityLastChangeChange %
JNJJOHNSON & JOHNSON149.94-0.19-0.13%

Litigation expenses fell to $264 million in the fourth quarter, from $1.29 billion a year ago.

CORONAVIRUS DEATH TOLL RISES TO 9 AS IT SPREADS TO HONG KONG

J&J's net earnings rose to $4.01 billion, or $1.50 per share, in the quarter, from $3.04 billion, or $1.12 per share, a year earlier.

Excluding items, it earned $1.88 per share, beating the average analyst estimate by a cent, according to IBES data from Refinitiv.

Total sales rose 1.7 percent to $20.75 billion, also coming in below the average estimate of $20.80 billion.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

(Reporting by Manas Mishra and Saumya Sibi Joseph in Bengaluru Editing by Saumyadeb Chakrabarty)

CLICK HERE TO READ MORE ON FOX BUSINESS