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Separation process expected to be completed in 18-24 months
Johnson & Johnson will be separating the company’s consumer health business, creating a new publicly traded company. The business is intending to officially complete the separation within 18-24 months.
However, following the planned separation, the new Johnson & Johnson says it would remain “the world’s largest and most diverse healthcare company” and continue its commitment to healthcare R&D and innovation. As reported by Pharmaceutical Commerce back in August, Alex Gorsky will serve as executive chairman of J&J and transition the CEO position to Joaquin Duato, who is currently vice chairman of the company’s executive committee, effective Jan. 3, 2022. Duato will continue to lead the new Johnson & Johnson following the separation.
“Throughout our storied history, Johnson & Johnson has demonstrated that we can deliver results that benefit all our stakeholders, and we must continually be evolving our business to provide value today, tomorrow and in the decades ahead," Gorsky notes. "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.”