Surging sales of Johnson & Johnson’s prescription medicines and the rebound of its recall-plagued consumer health business lifted fourth-quarter profit 19 percent.
The health care giant – which is the parent company of Vacaville’s Alza Corp. – also enjoyed a $707 million tax benefit from writing off money-losing subsidiary Scios.
However, shares fell on J&J’s less-stellar 2014 profit forecast due to factors including continued pressures for lower prices.
The maker of baby shampoo and biological drugs said Tuesday that fourth-quarter net income was $3.52 billion, or $1.23 per share, up from $2.57 billion, or 91 cents per share, a year earlier.
Excluding one-time items, income was $1.24 per share. Analysts expected 4 cents less.