COVID-19 vaccine maker Johnson & Johnson splitting into two companies
Global News
Johnson & Johnson, a medical manufacturing titan and COVID-19 vaccine maker, has announced it is dividing its business into two companies for better market impact.
Johnson & Johnson is splitting into two companies, separating the division that sells Band-Aids and Listerine, from its medical device and prescription drug business.
The company said Friday the move will help improve the focus and speed of each company to address trends in their different industries.
The company selling prescription drugs and medical devices will keep Johnson & Johnson as its name, the company said Friday. That company will include treatments such as Darzalex, Erleada, Imbruvica, Stelara and Tremfya as well as medical device solutions across interventional solutions, orthopaedics, surgery and vision.
The prescription drug arm also makes one of three COVID-19 vaccines currently approved for use in the United States.
The new consumer health company will house brands including Neutrogena, Aveeno, Tylenol, Listerine, Johnson’s, and Band-Aid. It is expected to generate revenue of approximately US$15 billion for the year. A name was not disclosed for the new company.
“Following a comprehensive review, the board and management team believe that the planned separation of the consumer health business is the best way to accelerate our efforts to serve patients, consumers, and healthcare professionals, create opportunities for our talented global team, drive profitable growth, and – most importantly – improve healthcare outcomes for people around the world,” CEO Alex Gorsky said in a statement.
Details are sparse, but Johnson & Johnson expects the split to occur in the next two years, if approved by the company board.
The announcement comes just days after General Electric said that it plans to split into three separate companies.
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