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J&J caution on full-year sales outlook sends shares lower

Started by riky, January 22, 2014, 09:00:19 AM

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riky

J&J caution on full-year sales outlook sends shares lower

Healthcare company Johnson & Johnson cautioned Tuesday that prescription-drug sales would likely lose some steam this year and forecast 2014 earnings at the lower end of Wall Street expectations, sending its shares down more than 2 percent in morning trading. Chief Financial Officer Dominic Caruso cautioned that the rate of prescription drug sales will "decelerate" in 2014, "following such a good run last year." The company announced the outlook to investors during a conference call reviewing its quarterly financial results. J&J said it expects to earn $5.75 to $5.85 per share in 2014, excluding special items, compared with analysts' forecasts at the top end of that range. The stock was at $92.93, down 2.2 percent in morning trading on the New York Stock Exchange, amid a 0.6 percent advance for the ARCA Pharmaceutical Index of large U.S. and European drugmakers.

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