NEW YORK (CNN/Money) - Johnson & Johnson reported improved fourth-quarter earnings Tuesday that topped Wall Street forecasts, but the news did little to help the drugmaker's stock.

The drug and consumer products company said it earned $1.4 billion, or 48 cents a share, in the quarter, up from $1.2 billion, or 39 cents, a year earlier, excluding special items in that period. Analysts surveyed by earnings tracker First Call had expected earnings of 47 cents a share.

Revenue rose to a fourth-quarter record of $9.4 billion from $8.4 billion, slightly above average forecasts of $9.1 billion. The company said the 14.3 percent revenue gain would have been only 12.8 percent with changes in the value of the dollar.

Shares of Johnson & Johnson (JNJ: Research, Estimates), one of three Dow industrial stocks that reported results Tuesday, were little changed in morning trading.