Johnson & Johnson puts up strong profit and revenue in 4Q
A big jump in prescription drug sales, particularly overseas, helped Johnson & Johnson swing to a large fourth-quarter profit after posting a huge loss a year earlier, when it took a $13.6 billion charge related to the late-2017 U.S. tax overhaul.
The world's biggest maker of health care products also benefited from an effective tax rate of 2.6 percent for the latest quarter, amounting to just $80 million. That was the main reason J&J topped Wall Street profit expectations, Credit Suisse analyst Vamil Divan wrote to investors.
The company also reported lower spending on research and development, restructuring and interest charges. But currency exchange rates have swung from boosting revenue to a drag, reducing revenue by 2.