Johnson & Johnson is likely to make "modest cuts" to its workforce ahead of its spinoff of its consumer health businesses, The Wall Street Journal reported Oct. 18.
CFO Joseph Wolk told the Journal that the workforce cuts come from economic pressures and the planned separation.
"We're not immune to some of the economic pressures that are out there just like many companies are facing in many industries," he told the Journal. "So we're taking this opportunity to really look at the resources, how we deploy them."
Johnson & Johnson's split was announced in November 2021. Johnson & Johnson will continue focusing on pharmaceuticals and medical devices, including orthopedics. The new consumer health company will focus on consumer products, including bandages, lotions and Tylenol.
The separation is expected to be completed in 2023.