Johnson & Johnson is splitting its consumer health and prescription drugs and medical devices businesses into two separate companies in order to improve the focus and speed of each company to address trends in their different industry segments. Its prescription drugs and medical devices — two of its largest businesses — will be kept under the Johnson & Johnson name, while the company that will sell the consumer health products, including Neutrogena, Aveeno, Tylenol, Listerine, Johnson’s, and Band-Aid and others, will have a new name. This business posted a total sales revenue of $3.7 billion in the last completed quarter.  

J&J CEO Alex Gorsky said in a statement on Friday that the board and the management team believe that the planned separation of the consumer health business is the best way to accelerate the group’s efforts to serve patients, consumers, and healthcare professionals and also to create opportunities for the global team to drive profitable growth. The company, which had a total revenue of $23.3 billion in the last quarter, expects the split to occur in the next two years, if approved by the board of directors.