Johnson & Johnson might trim its workforce because of financial pressures and its plans to spin off its consumer health business in 2023, The Wall Street Journal reported Oct. 18.
J&J CFO Joseph Wolk told the Journal various jobs could be affected but it wouldn't be a big layoff.
"We're not immune to some of the economic pressures that are out there just like many companies are facing in many industries," Mr. Wolk told the Journal. "So we're taking this opportunity to really look at the resources, how we deploy them."
J&J announced the consumer health spinoff in November 2021 and has since chosen some of its top executives and named it Kenvue. The pharmaceutical company plans the split to happen in mid- to late 2023.
The news followed the drugmaker's third-quarter report, which showed a higher revenue compared to last year — $4.46 billion, a step up from $3.67 billion in 2021.