Johnson & Johnson Adjusts Full-Year Outlook to Reflect Kenvue Split
August 30 2023 - 7:20AM
Dow Jones News
By Will Feuer
Johnson & Johnson cut its full-year adjusted profit outlook
and updated its other financial guidance metrics after splitting
off its consumer-health division, which is now a separate company
called Kenvue.
J&J is now targeting full-year adjusted earnings of $10.00 a
share to $10.10 a share, down from its previous outlook for
adjusted earnings of $10.70 a share to $10.80 a share. The
company's previous outlook, issued in July, includes the
consumer-health unit that has since been separated.
J&J is targeting full-year sales, excluding Covid-19 vaccine
sales, of $83.2 billion to $84.0 billion, down from previous
outlook for sales of $98.8 billion to $99.8 billion. The new sales
outlook implies year-over-year growth of 7% to 8%.
After the separation of Kenvue, J&J's business is focused on
pharmaceuticals and medical technology.
Shares of J&J fell less than 1% in premarket trading.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
August 30, 2023 07:05 ET (11:05 GMT)
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