# GUIDANT CORPORATION

EXHIBIT 99

# Factors Possibly
Affecting Future Operating Results

From time to time, Guidant
Corporation (the Company) publishes forward-looking statements relating to anticipated
financial performance, Guidant business development (mergers, acquisitions, etc.),
Guidants acquisition by Johnson & Johnson, product development and regulatory
approval timelines, intellectual property matters, market developments and similar
matters. A variety of factors could cause the Companys actual results to differ
materially from those projected, including the following:

1.    
          Product development and production factors, including:

|a. |  | The difficulties and uncertainties inherent in new product development
               (including with respect to the Companys drug eluting stents), including
               products that appear promising during development but fail to reach the market
               or reach the market later than expected as a result of safety, performance or
               efficacy concerns, inability to obtain necessary regulatory approvals,
               unanticipated restrictions imposed on approved indications, excessive costs to
               manufacture or technological advances by competitors of the Company.
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|b. |  | Unexpected safety, performance or efficacy concerns arising with respect to
               marketed products, whether or not scientifically justified, leading to product
               recalls, withdrawals or declining sales.
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|c. |  | Unexpected interruptions of manufacturing operations as a result of regulatory
               enforcement actions by the FDA, or other regulatory authorities or the
               unavailability of necessary components or materials used in manufacturing the
               Companys products.
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|2. | Litigation and other legal factors that could preclude commercialization of
          products, negatively affect the level of sales or profitability of existing
          products or otherwise affect the Companys reported results, including
          litigation of product liability matters, commercial, shareholder and patent
          litigation or regulatory enforcement actions (including any action with respect
          to the Companys Corporate Integrity Agreement with the Department of
          Health and Human Services), which could result in injunctions, the payment of
          royalties or other damages or penalties.
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3.    
          Competitive factors, including:

|a. |  | The ability of the Company to obtain intellectual property rights sufficient to
               protect its products or the acquisition of patents by competitors that prevent
               the Company from selling a product or including key features in the
               Companys products.
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|b. |  | The introduction of new products or therapies (including products currently
               under development by the Company and others) or scientific or medical
               developments that render the Companys existing products less competitive.
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|4. | Domestic and international governmental factors including changes to laws and
          regulations, policies and judicial decisions that affect the regulation and
          reimbursement of medical devices, product liability, healthcare reform or tax
          laws.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | Healthcare industry factors, including increased customer demands for price
          concessions and inventory management, reductions in third-party (Medicare,
          Medicaid and other governmental programs, private healthcare insurance and
          managed care plans) reimbursement levels or refusals to provide reimbursement
          for procedures using the Companys products. Customers may limit the number
          of manufacturers or vendors from which the customers will purchase products,
          which can result in the Companys exclusion from large hospital system,
          integrated delivery network or group purchasing organization contracts.
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|6. | Internal factors, such as retention of key employees, including sales employees,
          and changes in business strategies.
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|7. | Factors relating to the pending merger with Johnson & Johnson, including:
|-- | -------------------------------------------------------------------------

|a. |  | Satisfaction of conditions to closing, including requirements for antitrust
               approvals, particularly in the United States and the European Union and other
               customary closing conditions, including the absence of any material adverse
               change in or effect on the Company prior to closing.
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|b. |  | Potentially adverse effects relating to the pendency of the transaction,
               including potential disruptions as management devotes attention to the merger,
               costs incurred relating to the transaction and any impact on long-term customer
               and business partner relationships while the transaction remains open.
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|8. | General economic factors, including changes in foreign currency exchange rates,
          interest rates and inflation.
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|9. | Other factors beyond the control of the Company, including earthquakes
          (particularly in light of the fact that the Company has significant facilities
          located near major earthquake fault lines), floods, fires, explosions or acts of
          terrorism or war, the outcomes of which may not be covered by insurance.
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The Company does not undertake to
update its forward-looking statements.

The Companys Form 10-K further
describes risks associated with manufacturing, patents, competition, regulation,
third-party reimbursement and related matters.