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J&J 4Q profit jumps on higher sales, lower charges

January 22, 2013 • Business


FILE – In this Monday, July 16, 2012, photo, Johnson & Johnson products are displayed in Orlando, Fla. Higher sales helped Johnson & Johnson post a much bigger fourth-quarter profit than a year ago, when a slew of charges depressed results. The New Brunswick, N.J., company said Tuesday, Jan. 22, 2012, that net income was $2.57 billion, or 91 cents per share, up from $218 million, or 8 cents per share, in 2011′s fourth quarter. (AP Photo/John Raoux, File)

Higher sales of prescription drugs and medical devices helped Johnson & Johnson post a much bigger fourth-quarter profit than a year ago, when a slew of charges depressed results.

However, consumer health product sales dipped and the company again pushed back its timeline for returning recalled products to stores. In addition, J&J’s 2013 profit forecast, for $5.35 to $5.45 per share, is below the average analyst estimate of $5.49.

The New Brunswick, N.J., company said Tuesday that net income was $2.57 billion, or 91 cents per share, up from $218 million, or 8 cents per share, in 2011′s fourth quarter.

Excluding about $800 million in charges in the latest quarter, earnings would have been $3.38 billion, or $1.19 per share, 2 cents above analysts’ expectations. The charges include J&J’s biggest acquisition ever and increased litigation reserves over recalls of defective DePuy hip implants.

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