Johnson & Johnson to spin off consumer pharma to Kenvue
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Today, September 28, Johnson & Johnson Corporation (J&J) announcedthat the new company into which it will spin off its consumer medicines division will be called Kenvue. The separation should be completed by November 2023, Kenvue will become an independent public company.
About plans to create a separate company that will produce products and drugs such as Band-Aid patches and antipyretic Tylenol (paracetamol), J&J informed even last year. The revenue of this division in 2021 amounted to $ 14.6 billion. Together with the manufactured goods, 40 thousand claims from accusations that J&J’s talc-based baby powder causes cancer.
Recently, more and more pharmaceutical companies are selling or spinning off units that deal in consumer goods or not the most modern drugs. In August, the Swiss Novartis informed of its intention to spin off its Sandoz generics division into a separate company. In 2019 Pfizer and Mylan singled out its generic drug divisions to Viatris with $12 billion in revenue, and this year GSK singled out over-the-counter drug business to Haleon.
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