Johnson & Johnson today announced results for fourth quarter 2022 that were below analyst estimates. Sales declined 4.4% to $23.7 billion primarily driven by reduced COVID-19 Vaccine sales and a strong dollar, vs. prior year.

Operational growth excluding COVID-19 Vaccine was 4.6% while earnings per share decreased 24.9% ($1.33) compared to the same period from previous year. Net earnings came ar $3.52 billion, a 26% decline.

On Consumer Health segment adjusted operational sales increased 3.9% predominately driven by over-thecounter (OTC) products like TYLENOL and MOTRIN analgesics, as well as upper respiratory products and digestive health products in the international markets.

Health&Beauty adjusted operational growth was primarily driven by NEUTROGENA outside the U.S, partially offset by Oral Care in the international markets.

In 2023, the company is expecting adjusted operational sales growth excluding COVID-19 Vaccine to be around 4.0% and adjusted operational EPS of $10.50, reflecting growth of 3.5%.

“Our full year 2022 results reflect the continued strength and stability of our three business segments, despite macroeconomic challenges,” said Joaquin Duato, Chairman of the Board and Chief Executive Officer.