LONDON, UK: Johnson & Johnson will split into two public companies, a news release said.
The pharmaceutical and medical devices divisions will be separated from the consumer products business known for Band-Aid and Tylenol, and baby shampoo.
The larger pharmaceutical and medical device business will retain the Johnson & Johnson name. The divisions — which includes its coronavirus vaccine — brought in nearly $13 billion in the most recent quarter.
The other company will be built around such well-known brands as Tylenol, Listerine and Band-Aid, assets that took in about $3.7 billion in the most recent quarter. It is referred to in the company’s announcement as “The New Consumer Health Company.”
The separation is expected to take 18 to 24 months and subject to approval of the company’s board.