Johnson & Johnson Inc. reported earnings results for the fourth quarter and full year of 2015. Net income for the quarter was $3.2 billion, or $1.15 per share, up from $2.53 billion, or 89 cents per share, a year earlier. Adjusted net income was $4.04 billion, or $1.44 per share. Revenue for the maker of baby shampoo, prescription medicines and medical devices fell 2.4% to $17.81 billion, weighed down by a strong dollar that has weighed on other U.S. multinationals as well.

For all of 2015, J&J reported net income fell 5.6% to $15.41 billion, or $5.48 per share. Revenue dropped 5.7% to $20.07 billion. Consolidated sales to customers for the year of 2015 were $70.1 billion, a decrease of 5.7% as compared to the same period a year ago. For the year, 2015 adjusted net earnings were $17.4 billion and adjusted earnings per share were $6.20, down 4.8% and 3%, respectively, versus the 2014 results. On an operational basis, adjusted diluted earnings per share grew 5.8%. Estimated free cash flow for the year was strong at $15.9 billion, up $1.1 billion versus 2014.

For 2016, the company expects transaction currency impacts to negatively impact its gross margin by approximately 60 basis points to 80 basis points as compared to 2015. The company expects adjusted EPS guidance in the range of $6.53 to $6.68 per share on a constant currency basis, reflecting operational or constant currency growth rates of 5% to 8%. Reported adjusted EPS would be negatively impacted by approximately $0.10 per share. Therefore, reported adjusted EPS would range from $6.43 to $6.58 per share, which excludes one-time items, with revenue in the range of $70.8 billion to $71.5 billion. Although operational sales growth is expected to range between 2.5% and 3.5%, when excluding the impact of acquisitions and divestitures and hep C sales, operational sales growth is expected to be around 5.5% for the full year 2016. With regards to expected EPS growth on an operational basis, adjusted EPS growth guidance is strong in the range of 5% to 8%. Also for 2016, pretax operating margins are expected to expand by more than 200 basis points.