Johnson & Johnson slumps despite 1.7% sales rise
Mammoth US healthcare company Johnson & Johnson reported a 1.7% rise in its sales during the final quarter of 2016, but its stock was trading 1.68% lower in pre-market trade.
Johnson & Johnson reported earnings of $3.81bn, or $1.38 a share, from $3.22bn, or $1.15 a share, in the same period a year ago.
Adjusted earnings per share ended up at $1.58, higher than analysts' expectations of $1.56. Revenue for the company's fourth quarter was also higher compared with a year ago, growing from $17.81bn to $18.11bn.
"The strong adjusted sales and EPS growth was driven by the impressive performance of our Pharmaceutical business and continued momentum in our Medical Device business and share gains while improving profitability in our Consumer business," said Alex Gorsky, chairman and chief executive officer.
"Looking forward to 2017, we expect to continue driving sustainable, long-term growth through the new products, science and innovation that our talented colleagues and partners of Johnson & Johnson are advancing to positively impact human health."
Johnson & Johnson's share price has been boosted 18% over the last 12 months, finishing at $113.91 at the close on Monday.