Johnson & Johnson reported lower-than-expected quarterly sales as a stronger dollar offset higher sales of the Band-Aid maker's new drugs and older treatments.
The company's international sales fell about 7 percent to $9.65 billion in the fourth quarter, accounting for about half of its total sales.
The dollar gained nearly 13 percent against a basket of major currencies in 2014, its strongest performance since 1997.
Revenue in J&J's pharmaceuticals business rose 9.6 percent in the quarter, driven by higher sales of new drugs such as hepatitis C drug Olysio and older treatments such as psoriasis drug Stelara. The business accounts for about 44 percent of the company's total sales.
However, sales in J&J's medical devices business, its second largest, fell 9 percent.