Biotech
Wednesday, September 28th, 2022 9:00 am EDT
Sometime next year, well-known consumer products like Tylenol, Band-Aid and Listerine mouthwash will be sold by a new company called Kenvue.
On Wednesday, Johnson & Johnson, the world’s largest drugmaker and familiar brand to millions, announced the name as the corporate identify of its planned spin-out, which will separate from J&J’s pharmaceutical and medical device businesses next year.
J&J has been planning for the split since November 2021, when it revealed its intentions to break in two and create a large and independent consumer health company. The shakeup is meant to boost the value of each half and is expected to be completed sometime in 2023.
The naming follows several steps by J&J to put in place Kenvue’s leadership. In August, J&J named Larry Merlo, the former CEO of CVS Health, as chair-designate of Kenvue’s board of directors. In May, Thibaut Mongon was appointed as the new company’s CEO and Paul Ruh was named as its chief financial officer.
The new name brings the consumer health company one step closer to officially being an independent entity. The name, according to J&J, is “inspired” by two ideas: ‘ken,’ an English word meaning knowledge, and ‘vue,’ which references sight.
J&J’s consumer business earned nearly $15 billion in revenue last year, led by brands like Tylenol and Band-Aid, as well as Neutrogena, Aveeno and Listerine.
The split follows similar moves taken by other large pharmaceutical companies in recent years. Pfizer, Merck & Co. and Novartis have each split off divisions focused on consumer health or generic drugs, aiming to create more focused drug development organizations.
J&J plans to release more information regarding the split, Kenvue’s finances and its board of directors in the future.
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