Health

J&J Lowers Annual Profit Outlook After Kenvue Separation

A man walks past a Johnson & Johnson sign in front of the company's headquarters in New Brunswick, New Jersey, Monday, November 7, 2005. Guidant Corp. sued to force Johnson & Johnson to complete a $25.4 billion purchase of the troubled medical-devices maker and reported a plunge in quarterly profit.
Photographer: Emile Wamsteker/Bloomberg

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By John Lauerman

August 30, 2023 at 11:57 AM UTC

Updated on

August 30, 2023 at 2:17 PM UTC

This article is for subscribers only.

Johnson & Johnson cut its guidance for 2023 adjusted profit after separating the Kenvue Inc. consumer health company.

J&J is among a host of big drugmakers divesting themselves of lower-margin, yet dependably profitable, consumer units in order to focus on the high-stakes business of making new medicines. The lure of exclusive new products has intensified with the success of cancer treatments like Merck & Co.’s Keytruda and weight—loss therapies from Novo Nordisk A/S and Eli Lilly & Co.