Johnson & Johnson on Tuesday projected that its Covid vaccine would generate $3 billion to $3.5 billion in sales in 2022, after posting a mixed fourth-quarter report that slightly beat on earnings’ estimates but missed on revenue.

Here’s how they performed compared with what Wall Street expected, based on analysts’ average estimates compiled by Refinitiv:

• Adjusted EPS: $2.13, vs. $2.12 expected.
• Revenue: $24.8 billion, vs. $25.29 billion expected

CFO Joseph Wolk told CNBC a strengthening dollar negatively impacted top line sales by $150 million to $200 million. Hospital staffing shortages caused by the omicron Covid variant also generated uncertainty in the company’s medical devices business, particularly with elective procedures, Wolk said. The consumer health division was hit by supply constrains in raw materials, labor shortages among third party manufacturers and higher transportation costs, he added.

“We think the second half of 2022 will be stronger than the first half,” Wolk told CNBC’s Meg Tirrell on “Squawk Box.” “But some of these dynamics continuing in the early part of this year.”

J&J reported $93.77 billion in sales in 2021, a 13.6% increase over the prior year. The company’s pharmaceutical division generated $52.08 billion in revenue, a 14.3% year-over-year increase. J&J’s medical devices business reported sales of $27.06 in 2021, a 17.9% increase compared with 2020. The consumer health section posted $14.63 billion in revenue, a 4.1% increase.

J&J said it expects to generate $10.40 to $10.60 in earnings per share this year and $98.9 billion to $100.4 billion in revenue.

CEO Joaquin Duato will lead J&J’s earnings call this morning for the first time in his new role. Duato officially took the reins from Alex Gorsky earlier this month.

The fourth-quarter results mark the end of a difficult year for J&J. Public confidence in the company’s single-shot Covid vaccine took a hit in December, when the Centers for Disease Control and Prevention recommended Pfizer and Moderna’s vaccines over J&J’s shot. The CDC found dozens of people, mostly younger women, developed a rare blood clot condition after receiving J&J’s vaccine.

In June, J&J lost its appeal to have the Supreme Court review $2.1 billion in damages that a lower court awarded to women who said asbestos in the company’s talc powder caused ovarian cancer.

J&J is also splitting its consumer product business from its pharmaceutical and medical device operations to create two publicly traded companies. J&J expects to complete the transaction by the end of 2023.