Johnson & Johnson plans to split into two companies

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FILE PHOTO: The American flag is seen on the company logo for Johnson & Johnson to celebrate the 75th anniversary of the company’s listing on the New York Stock Exchange (NYSE) in New York, US, September 17, 2019. REUTERS/Brendan McDermid/ File photo
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(Businesshala) – Johnson & Johnson said on Friday it plans to split into two companies, separating its consumer health division that sells Band-Aids and baby powder from its larger pharmaceutical unit.

The healthcare company will separate its consumer health business into a new publicly traded company and is aiming to complete the planned separation in 18 to 24 months, it said in a statement.

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J&J will retain its pharmaceuticals and medical device units, which sell drugs such as the cancer treatment Darzalex. The units are expected to generate approximately $77 billion in revenue in 2021.

Shares of the company were up 5% before the bell.

Reporting by Manas Mishra in Bengaluru; Editing by Arun Koyur

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