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 percent to $3.52 billion and revenue declined 4.4 percent to $23.71 billion.
Company sales were hurt last year by the strong U.S. dollar, which is currently worth more than a euro. That can affect sales for companies that do a lot of international business. J&J brings in nearly half of its sales from outside the United States.
Companies have to convert international sales into dollars when they report earnings. The stronger dollar decreases the value of those sales….