The drugmaker’s 2019 guidance a year ago predicted sales growth of about 2 percent.
“We still have more work to do and we are committed to continuing to build upon this momentum and return to above-market growth in 2020,” J&J CEO Alex Gorsky told Bloomberg.
In the U.S., J&J is one of the drugmakers feeling the effects of the ongoing drug cost debate. Pricing pressure is expected to persist as Congress works to pass legislation to lower the costs of prescription medications.
Foreign exchange fluctuations also will cut some of the company’s sales growth. Almost half of J&J’s fourth-quarter revenue growth came from abroad, but the “stronger U.S. dollar will likely result in a negative impact on reported results in 2019,” J&J CFO Joseph Wolk said during the earnings call.
J&J also faces thousands of lawsuits over the company’s artificial hips, vaginal reconstructive mesh and baby powder. In the fourth quarter of 2018, J&J reported $1.29 billion in litigation expenses.
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