The company reported net earnings of $13.8 billion for the full-year 2013. Fully reported earnings per share came in at $4.81, 15-cents ahead of the Street's $4.66 consensus estimate. Sales were $71.3 billion. For the fourth quarter, net earnings were $3.5 billion on $18.4 billion in revenue. Per share earnings were $1.23, 7-cents above the consensus estimate.
Looking ahead, the company announced 2014 guidance of $5.75 to $5.85 in earnings per share, excluding the impact of special items. Currently, Wall Street analysts are estimating annual per share earnings of $5.85 ($5.68 fully reported).
In a statement, CEO Alex Gorsky noted that the beat was led by pharmaceutical segment strength and continued success of key consumer brands in the United States.
Full year pharmaceutical sales were up 10.9% to $28.1 billion year-over-year. Drivers of the growth included Remicade and Simponi which are used to treat immune-mediated inflammatory diseases, a schizophrenia treatment that patients take just once a month and HIV medication Prezista. New products that added to the upside included Zytiga which can be used to treat certain prostate cancers, Edurant for HIV and Invokana for type 2 diabetes.
The successes were partially offset by the loss of patents for Aciphex/Pariet which treats gastrointestinal disorders, and Concerta which is used to treat attention deficit hyperactivity disorder.
Consumer sales overall increased 1.7% to $14.7 billion, with domestic sales gaining 2.3% and international sales gaining 1.4%. Popular over-the-counter products included Tylenol, Motrin and upper respiratory treatments. Neutrogena, Aveeno and Listerine were among the successful personal care products.
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