Reduced COVID-19 vaccine sales and an unfavorable foreign exchange rate contributed to quarterly sales declines for Johnson & Johnson, according to its latest earnings report released Tuesday morning.

The pharma giant’s reported sales during Q4 2022 fell 4.4% to $23.7 billion and its earnings per share slipped 24.9% to $1.33. Still, the company noted that excluding the COVID-19 vaccine, it reported operational growth of 4.6% during the quarter. 

For the full-year, J&J reported sales growth of 1.3% and operational growth of 6.1%, driven largely by strong commercial execution. J&J acknowledged that its full-year EPS declined by 13.8% but added that its adjusted EPS rose by 3.6%.  

For both the quarter and the year as a whole, J&J’s Pharmaceutical segment led the way in terms of sales, followed by its MedTech and Consumer Health segments. Tylenol, Motrin and upper respiratory products generated growth for the company’s over-the-counter offerings while Darzalex and Stelara benefited the pharma sales. 

“Our full year 2022 results reflect the continued strength and stability of our three business segments, despite macroeconomic challenges,” J&J CEO Joaquin Duato said in a statement. “I am inspired by our employees who make a difference in the health and lives of people around the world every day. As we look ahead to 2023, Johnson & Johnson is well-positioned to drive near-term growth, while also investing strategically to deliver long-term value.”

This is the first earnings report released since former longtime CEO Alex Gorsky left the company and transitioned his title of Executive Chairman to Duato. The earnings report also made no mention of Kenvue, the company’s consumer health unit that is slated to be spun off. 

Looking ahead, the company projects adjusted operations sales growth of 4%, excluding COVID-19 vaccine sales, as well as adjusted operational EPS of $10.50 due to 3.5% growth.

J&J’s earnings also come after several days of key decisions and announcements by the company.

On Monday, J&J subsidiary Janssen terminated its research collaboration and option agreement with Morphic Therapeutic.

In the past couple of weeks, media reports indicated that J&J has halted a late-stage global trial on an HIV vaccine after it was found to be ineffective at preventing infections. Additionally, J&J is reportedly slashing production of its COVID-19 vaccine and has terminated its manufacturing agreements with companies that helped produce the vaccine during the pandemic.