Sector News

Johnson & Johnson to focus on pharmaceuticals

November 21, 2021
Life sciences

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.

by Amanda Doyle

Source: thechemicalengineer.com

comments closed

Related News

March 15, 2024

Novo’s obesity superstar Wegovy wins FDA nod to cut cardio risks in key label expansion

Life sciences

Novo Nordisk’s fast-growing weight loss med Wegovy just added a new cardiovascular FDA approval to its label, likely enabling the med’s superstar status to reach new levels. The med is now the first weight loss treatment to score an FDA nod to reduce the risk of cardiovascular death, heart attack and stroke in adult patients with cardiovascular disease who have obesity or are overweight.

March 15, 2024

Galderma sets price range for supersized $2.6bn IPO in Europe

Life sciences

Galderma has announced a price range of CHF 49 to CHF 53 ($55.8 to $60.3) per share for floatation on the SIX Swiss Exchange. The Swiss skincare company, which revealed its intention to conduct an initial public offering (IPO) earlier in March, will have 40,453,467 new shares available. The offering also consists of 276,909 existing shares.

March 15, 2024

After transformation under new CEO, Leo Pharma touts innovation model and financial progress

Life sciences

Taking over as CEO for an aging company in dire financial straits and in need of a slim-down was a challenging assignment for Christophe Bourdon. But under Bourdon’s watch, Leo Pharma is taking steps toward a rebound. Last month, the 115-year-old Danish private company reported that it cut its operating costs by 14% in 2023 while increasing its revenues by 7%.

How can we help you?

We're easy to reach