(Bloomberg) -- Johnson & Johnson reported third-quarter earnings that beat analyst estimates as revenue grew in its drugs and medical-device businesses despite pressure from the stronger dollar.

The diversified health-care company, which is in the process of separating out its consumer division, reported sales results on Tuesday that were roughly in line with Wall Street’s estimates for the pharmaceutical and medical-device businesses that it is retaining. 

The company cut its sales forecast for the year and narrowed its adjusted earnings outlook. J&J said sales were negatively impacted by 6.2% due to the strong dollar in the quarter. The profit forecast was previously cut in both April and July due to currency fluctuations.

The new cut in the revenue forecast “was solely the strong dollar,” Chief Financial Officer Joe Wolk said in an interview on Tuesday morning. Operational performance “has remained very much intact.”

J&J is in a transition period as it prepares to split off its consumer business next year while trying to keep growth going in its larger drugs and medical device businesses. In the recent quarter, it was helped by strong Covid-19 vaccine sales but that isn’t expected to continue.

Adjusted earnings were $2.55 a share in the quarter, topping the average analyst estimate of $2.50 a share. Revenue of $23.8 billion beat the average estimate of $23.4 billion.

Bloomberg Intelligence called the J&J earnings beat “messy” as it was driven by other income.

Its Covid vaccine, which fell out of favor after reports of rare blood clots in some patients, had sales of $489 million, well above analysts’ $170 million estimate.

Wolk said the continuing vaccine sales were due to the company fulfilling existing advance purchase agreements. The vaccine revenue will likely dry up by early next year, as the company isn’t entering into new purchase agreements, he said.

Shares of J&J fell 1.1% at 9:39 a.m. in New York.

(Updates shares in 10th paragraph.)

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