Johnson & Johnson reported an increase of 14 percent in its fourth quarter profit Tuesday but issued a lower 2009 forecast.

The health care products maker company said it earned $2.71 billion or 97 cents a share in the fourth quarter, up $2.37 billion or 82 cents in the same period of 2007.

However, pressured by exchange rates and increased competition with generic products, Johnson's revenue declined 4.9 percent to $15.18 billion in the quarter. Excluding charges and gains, the company earned 94 cents per share.

The pharmaceutical firm forecasted earnings of $4.45 to $4.55 a share in the current year, below analysts expectations which according to FactSet Research expected 2009 profit of $4.61 per share, as Marketwatch reported.