On Tuesday, Johnson & Johnson (JNJ) announced better-than-expected quarterly results and said that prescription drug sales surged during the fourth quarter of 2013.
JNJ reported earnings of $3.52 billion during the fourth quarter, up from $2.57 billion during the same period in the prior year. Adjusted EPS came in at $1.24 a share of JNJ stock, topping the $1.20 per share that Wall Street analysts were expecting. Sales also climbed, hitting $18.36 billion, up 4.5% year-over-year. Analysts had been looking for sales of $17.95 billion, Reuters noted.
During the quarter, sales of prescription drugs surged 11.8%. The company noted that price hikes on a number of key drugs helped fuel the gains.
However, JNJ warned that it expected prescription drug sales to “decorate” this year. The company forecast adjusted 2014 earnings of between $5.75 and $5.85 per share of JNJ stock. That fell in the lower range of most analysts’ estimates for JNJ stock.
In November, JNJ said that it had agreed to settle thousands of lawsuits over defective hip implants made by its DePuy division for $4 billion.
JNJ stock fell almost 2% in Tuesday morning trading. JNJ stock has rise about 30% over the past 12 months.