Johnson & Johnson has announced its intent to separate the company’s Consumer Health business, creating a new publicly traded company.
Following the planned separation, according to a press release, Mr. Alex Gorsky will serve as Executive Chairman of Johnson & Johnson and transition the Chief Executive Officer role to Mr. Joaquin Duato, currently Vice Chairman of the company’s Executive Committee, effective January 3, 2022. Mr. Duato would continue to lead the new Johnson & Johnson following completion of the planned separation.
The new Johnson & Johnson would continue to build on its offering of treatments, including DARZALEX, ERLEADA, IMBRUVICA, STELARA and TREMFYA, as well as medical device solutions across interventional solutions, orthopaedics, surgery and vision.
Pharmaceutical and Medical Devices segments, expected to generate revenue of approximately $77 billion in Full-Year 2021, are united by their shared and complementary focus on scientific research and development to serve similar end users – patients and healthcare providers – and operate in similar regulatory and competitive environments.
The planned organizational design for the New Consumer Health Company is expected to be completed by the end of 2022.
The Company is targeting completion of the planned separation in 18 to 24 months.