Johnson & Johnson has announced that it plans to separate its Consumer Health business, leaving the new Johnson & Johnson to focus on pharmaceuticals and medical devices.
The new Johnson & Johnson will remain a diverse healthcare company and continue with global healthcare R&D and innovation, including pharmaceuticals and medical devices. Alex Gorsky, current CEO, will become the Executive Chairman of the new Johnson & Johnson. Joaquin Duato, currently Vice Chairman of the Company’s Executive Committee, will become the new CEO.
The new Consumer Health company will focus on consumer brands in areas such as baby care, plasters, and oral health. The organisational design for that company is expected to be completed by the end of 2022.
Gorsky said: “For the new Johnson & Johnson, this planned separation underscores our focus on delivering industry-leading biopharmaceutical and medical device innovation and technology with the goal of bringing new solutions to market for patients and healthcare systems, while creating sustainable value for shareholders.”
Duato said: “This planned transaction would create two businesses that are each financially strong and leaders in their respective industries. We believe that the new Johnson & Johnson and the New Consumer Health Company would each be able to more effectively allocate resources to deliver for patients and consumers, drive growth and unlock significant value.”
According to The Financial Times, Johnson & Johnson is the latest company to split from its consumer department in order to focus on innovation, as GSK and Pfizer also have similar plans.
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