Johnson & Johnson 2019 revenue forecast misses expectations
(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)