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)

Copyright (c) 2023 Dow Jones & Company, Inc.
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