Johnson & Johnson on Tuesday reported a 2.4 percent drop in fourth-quarter sales, hurt by a strong dollar.
The company's net earnings rose to $3.22 billion, or $1.15 per share, for the quarter ended Dec. 31, from $2.52 billion, or 89 cents per share, a year earlier. J&J posted adjusted earnings of $1.44 a share.
Sales fell to $17.81 billion from $18.25 billion.
Analysts had expected J&J to report adjusted earnings of about $1.42 a share on $17.88 billion in revenue, according to a consensus estimate from Thomson Reuters.
Its stock price was up slightly in premarket trading. (Click here for the latest price.)
Johnson & Johnson CFO Dominic Caruso told CNBC's "Squawk Box" the company sees the impact of the strong dollar moderating this year. Currency headwinds had a 7 to 7.5 percent negative impact on sales in 2015, but Caruso said he is forecasting a 1.5 percent hit this year.
"We'll have to see where currency actually lands, but that's our expectation for 2016," he said.
Johnson & Johnson announced plans last week to slash 3,000 jobs within its medical devices unit over the next two years.
In a separate announcement, the that it would not hear the health-care giant's appeal for a $140 million lawsuit alleging Johnson & Johnson had failed to adequately warn consumers of a skin condition linked to its Children's Motrin pain and fever medication.
—CNBC's Christine Wang and Reuters contributed to this report.