Johnson & Johnson (NYSE: JNJ) Full-Year 2023 Guidance

Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort. These items are uncertain, depend on various factors, and could be material to Johnson & Johnson’s results computed in accordance with GAAP.


($ in Billions, except EPS)	October 2023	August 2023
Adjusted Operational Sales1,2,5 Change vs. Prior Year / Mid-point	7.2% – 7.7% / 7.5%	6.2% – 7.2% / 6.7%
Operational Sales2,5/ Mid-point Change vs. Prior Year / Mid-point	$84.4B – $84.8B / $84.6B 8.5% – 9.0% / 8.7%	$83.6B – $84.4B / $84.0B 7.5% – 8.5% / 8.0%
Estimated Reported Sales3,5/ Mid-point Change vs. Prior Year / Mid-point	$83.6B – $84.0B / $83.8B 7.5% – 8.0% / 7.7%	$83.2B – $84.0B / $83.6B 7.0% – 8.0% / 7.5%

Adjusted Operational EPS (Diluted)2,4/ Mid-point Change vs. Prior Year / Mid-point	$10.02 – $10.08 / $10.05 12.2% – 12.8% / 12.5%	$9.90 – $10.00 / $9.95 11.0% – 12.0% / 11.5%
Adjusted EPS (Diluted)3,4 / Mid-point Change vs. Prior Year / Mid-point	$10.07 – $10.13 / $10.10 12.7% – 13.3% / 13.0%	$10.00 – $10.10 / $10.05 12.0% – 13.0% / 12.5%
Average Shares Outstanding (Diluted)6	~2,557.2	~2,557.2

1 Non-GAAP financial measure; excludes the net impact of acquisitions and divestitures

2 Non-GAAP financial measure; excludes the impact of translational currency

3 Calculated using Euro Average Rate: October 2023 = $1.08 and July 2023 = $1.09 (Illustrative purposes only)

4 Non-GAAP financial measure; excludes intangible amortization expense and special items

5 Excludes COVID-19 Vaccine

6 Full Year 2023 Projected Average Shares Outstanding (Diluted) only reflects impact from the Kenvue exchange offer

Note: percentages may have been rounded