Pfizer may spin off or sell its consumer healthcare division, according to The New York Times.
The drug company on Tuesday said it launched a strategic review of Pfizer Consumer Healthcare, which sells common over-the-counter products like Advil, Centrum and ChapStick.
"A range of options will be considered, including a full or partial separation of the Consumer Healthcare business from Pfizer through a spin-off, sale or other transaction," the drugmaker said Tuesday, adding that it may ultimately decide to keep the unit.
Pfizer Consumer Healthcare represents one of the biggest OTC healthcare products businesses in the world. The unit generated $3.4 billion in sales last year, accounting for 6 percent of Pfizer's total revenue, according to The New York Times.
Pfizer expects to make a decision on the unit's future next year.