Johnson & Johnson reported a slightly better-than-expected quarterly profit as surging sales of new drugs and mainstay older brands offset weak demand for medical devices and consumer healthcare products.

The company's earnings fell to $2.52 billion, or 89 cents per share, in the fourth quarter from $3.52 billion, or $1.23 per share, a year earlier.

Excluding items, J&J earned $1.27 per share.

Total sales fell 0.6 percent to $18.25 billion.

Analysts on average had expected a profit of $1.26 per share and sales of $18.55 billion, according to Thomson Reuters.