$re = '/\b(?<!!)[A-Z]{1,2}[0-9]/';
$str = '=+(sheet_factory_costs!A17/sheet_employees!D23)+T12+W12
=+(sheet_factory_costs!A17 / sheet_employees!D23)+sheet_turnover!T12+sheet_turnover!W12';
$subst = "sheet_turnover!$0";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php