Health care giant Johnson and Johnson reported higher earnings but revenue numbers fell short of expectations.
J&J announced Q4 adjusted earnings of $1.58 per share, up 9.75 from a year ago and above the street estimate of $1.56 per share. The firm reported net earnings of $3.8 billion , which was in line with estimates of $3.81 billion.
However, Q4 revenue was announced at $18.11 billion, compared to the consensus of $18.25 billion. J&J issued sales and earnings guidance for 2017 for EPS of $6.90 to $7.10 on revenue of $74.1 to $74.8 billion.
Like many of its peers, J&J is facing generic competition and pricing pressure for some of its pharmaceutical products. As a results, shares of J&J fell over 2% to $111.70, which is close to 7% below the November high of $120.50.