UPDATE: Johnson & Johnson Posts Upbeat Q4 Earnings

reported better-than-expected earnings for the fourth quarter. The New Brunswick, New Jersey-based company posted quarterly net earnings of $2.52 billion, or $0.89 per share, compared to $3.52 billion, or $1.23 per share, in the year-ago quarter. Excluding non-recurring items, the company's adjusted earnings came in at $1.27 per share. Its revenue declined 0.6% to $18.25 billion. However, analysts were expecting earnings of $1.26 per share on revenue of $18.55 billion. Sales of Remicade dropped 2.3% to $1.67 billion. Domestic sales rose 7.4%, while international sales declined 6.7%. Worldwide consumer sales dropped 1.4% to $14.5 billion for the full-year 2014, while worldwide pharmaceutical sales gained 14.9% to $32.3 billion for the full-year 2014. Worldwide medical devices sales slipped 3.4% to $27.5 billion for the full-year 2014. "2014 was a strong year for Johnson & Johnson, as we delivered solid financial results while continuing to make investments to accelerate growth for the long term. We have built significant momentum in our Pharmaceutical business, are realizing the benefits of innovation, scale and breadth in our Medical Devices business and are continuing our market leadership with iconic brands in our Consumer business," said Alex Gorsky, Chairman and Chief Executive Officer. For 2015, Johnson & Johnson projects adjusted earnings of $6.12 to $6.27 per share, versus analysts' estimates of $6.16 per share. Johnson & Johnson shares fell 1.19% to $102.80 in pre-market trading.