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J&J tops 4Q earnings forecasts as profit, revenue slip
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FILE - The Johnson & Johnson logo appears above a trading post on the floor of the New York Stock Exchange, Monday, July 12, 2021. Johnson & Johnson reports earnings on Tuesday, Jan. 24, 2023. - photo by AP Photo/Richard Drew, file

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

Adjusted earnings totaled $2.35 per share.

Analysts expected earnings of $2.23 per share on $23.9 billion in revenue, according to FactSet.

For 2023, the company expects adjusted earnings of between $10.40 and $10.60 per share, a range that starts off well above Wall Street expectations.

Analysts forecast earnings of $10.33 per share.