Johnson & Johnson reported mixed first-quarter results on Tuesday, with adjusted earnings surpassing Wall Street's expectations despite underwhelming sales in its medical devices and pharmaceutical divisions. The healthcare giant's shares closed more than 1% lower following the announcement, as investors weighed the company's performance and ongoing talc-related liabilities.

J&J's medical devices business, which provides products for surgeries, orthopedics, and vision, generated $7.82 billion in sales for the quarter, falling short of analysts' estimates of $7.88 billion. The company attributed the growth in this segment to strong demand for Abiomed heart pumps and devices used in wound closure surgeries. However, sales of vision products, including contact lenses, declined 3.3% to $1.26 billion, missing Wall Street's expectations of $1.33 billion.

CFO Joseph Wolk told CNBC's "Squawk Box" that consumers are prioritizing their health and mobility, leading to elevated procedure levels post-pandemic. "We haven't seen any backtracking of that," he added.

In the pharmaceutical division, J&J reported $13.56 billion in sales, marking a modest 1% year-over-year growth. Excluding sales of its Covid vaccine, revenue in this segment grew almost 7%. The company cited strong sales of Darzalex, a multiple myeloma treatment, and Erleada, a prostate cancer drug, as key growth drivers. However, sales of the blockbuster drug Stelara, used to treat various chronic conditions, remained flat at $2.45 billion, falling short of analysts' expectations of $2.6 billion.

J&J began losing patent protections on Stelara late last year, opening the door for cheaper biosimilar competitors to enter the market. The company has signed settlement agreements with Amgen and other drugmakers to delay the launch of some Stelara copycats until 2025.

"We probably expect this year to be flattish, maybe a little bit up in the United States, as we prepare for some contracts to preserve volume, but maybe give a little bit on price for the longer term," Wolk said regarding Stelara's performance.

The company's first-quarter results come amid ongoing investor concerns over the tens of thousands of lawsuits claiming that J&J's talc-based products were contaminated with asbestos and caused ovarian cancer and several deaths. While these products now fall under the recently spun-off Kenvue, J&J will assume all talc-related liabilities arising in the U.S. and Canada.

In March, a federal judge ruled that J&J can contest scientific evidence linking its talc products to ovarian cancer, potentially disrupting a federal court case consolidating 53,000 lawsuits. Wolk called the ruling a "very significant development" but noted the difficulty in providing a timeline for reaching a broad resolution to the ongoing litigation.

Despite the mixed results and legal challenges, J&J narrowed its full-year guidance, expecting sales of $88 billion to $88.4 billion and adjusted earnings of $10.57 to $10.72 per share. The company also announced a 4.2% increase in its quarterly dividend to $1.24 per share, marking its 62nd consecutive year of dividend increases.

Looking ahead, J&J's $13.1 billion acquisition of heart device firm Shockwave Medical is expected to close in the middle of the year, further strengthening its presence in the cardiovascular space. The company remains confident in its ability to navigate patent expirations and legal challenges while capitalizing on growth opportunities in the healthcare sector.