J&J tops 4Q earnings forecasts as profit, revenue slip

Johnson & Johnson beat earnings expectations in the final quarter of 2022 even as a strong dollar and sinking COVID-19 vaccine sales hurt revenue.

The health care giant also debuted on Tuesday a better-than-expected 2023 earnings forecast.

J&J said fourth-quarter earnings slipped 26% to $3.52 billion and revenue declined 4.4% to $23.71 billion.

Sales were hurt last year by the strong U.S. dollar, which is currently worth more than a euro. That can affect companies with a lot of international business because they have to convert those sales into dollars when they report earnings.