ALEX GORSKY

J&J announced in November that it would sheer off the consumer health business from its faster-growing medical devices and pharmaceutical portfolios.

The company plans to separate its lucrative division that sells prescription drugs and medical devices from its consumer products business. The move could protect the latter from some legal risk.

Formed in 1886, the company will separate its consumer health business from its drug and medical equipment lines.

Johnson & Johnson is splitting into two companies, separating the division that sells Band-Aids and Listerine from its medical device and prescription drug business.

Shares of Johnson & Johnson jumped in premarket trading after the healthcare giant announced that it is splitting itself into two publicly traded companies. Shares of Johnson & Johnson were up 4% in premarket trading after the announcement. Johnson & Johnson was already undergoing a major transition, as CEO Alex Gorsky has previously announced that he will step down in January. Joaquin Duato, who was tapped as Gorsky's successor, will lead the new J&J following the spinoff, the company said Friday. The announcement is the second time this week that a major U.S. company has announced a plan to split itself, following General Electric.

Johnson & Johnson will replace Chairman and CEO Alex Gorsky with another veteran company executive starting next year.

Johnson & Johnson announced Thursday evening that Joaquin Duato will become the company's new CEO effective January 3, replacing current chairman and CEO Alex Gorsky. Duato will also be appointed as a member of the company's Board of Directors following his transition to the C-suite role. Shares of Johnson & Johnson fell nearly 1% during extended trading. This is breaking news. Please check back for updates.

"We could be looking at this tagging along with the flu shot, likely over the next several years," J&J CEO Alex Gorsky said.

Drugmaker called out for giving Alex Gorsky a 14% raise as it was paying billions for its role in the opioid epidemic.

Pfizer CEO Albert Bourla said people will "likely" need a third dose of a Covid-19 vaccine within 12 months of getting fully vaccinated.

Alex Gorsky's 14% raise in a year when J&J paid out billions for its role in the opioid epidemic is called "excessive."

White House aides said Biden’s first priority is ensuring that Americans are vaccinated before considering distributing doses elsewhere. AdRussia has sent millions of doses of its Sputnik V vaccine to countries around the world, even as it vaccinates its own population. Israel, which has vaccinated more than half of its population with Pfizer vaccines produced in Europe, has also attempted to use vaccine diplomacy to reward allies. Biden's purchasing strategy has come under criticism from nongovernmental organizations who have encouraged the White House to develop clear plans and thresholds for sharing vaccine with the world. So we’re not going to be ultimately safe until the world is safe,” acknowledged Biden.

(AP Photo/Andrew Harnik)President Joe Biden delivered his first prime-time speech since taking office. Related: Congress OKs $1.9T virus relief bill in win for Biden, DemsEarlier Thursday, Biden signed a landmark $1.9 trillion COVID-19 relief bill. “This historic legislation is about rebuilding the backbone of this country,” Biden said as he signed the bill in the Oval Office. Biden originally planned to sign the bill on Friday, but it arrived at the White House more quickly than anticipated. Ad“We want to move as fast as possible,” tweeted White House chief of staff Ron Klain.

(AP Photo/Andrew Harnik)President Joe Biden is set to deliver his first prime-time address since taking office. Watch live at 8 p.m. Thursday:Related: Congress OKs $1.9T virus relief bill in win for Biden, DemsEarlier Thursday, Biden signed a landmark $1.9 trillion COVID-19 relief bill. “This historic legislation is about rebuilding the backbone of this country,” Biden said as he signed the bill in the Oval Office. Biden originally planned to sign the bill on Friday, but it arrived at the White House more quickly than anticipated. Ad“We want to move as fast as possible,” tweeted White House chief of staff Ron Klain.

(AP Photo/Andrew Harnik)President Joe Biden delivered his first prime-time address since taking office. This live stream has endedRelated: Congress OKs $1.9T virus relief bill in win for Biden, DemsEarlier Thursday, Biden signed a landmark $1.9 trillion COVID-19 relief bill. “This historic legislation is about rebuilding the backbone of this country,” Biden said as he signed the bill in the Oval Office. Biden originally planned to sign the bill on Friday, but it arrived at the White House more quickly than anticipated. Ad“We want to move as fast as possible,” tweeted White House chief of staff Ron Klain.

The U.S. has already paid more than $1 billion for 100 million doses from J&J and had an option to purchase additional dosesPresident Biden will double the U.S. order of Johnson & Johnson’s (J&J) one-shot vaccine — seeking another 100 million doses — bringing the country’s total vaccine supply to enough for 500 million people. The U.S. had previously ordered 100 million doses, which the company has said will be delivered before the end of June. The initial J&J order, signed in August 2020 under the Trump administration, included an option for as many as an additional 200 million doses. With the order, the U.S. is expecting 200 million doses from J&J, which is enough for 200 million people. That’s on top of 300 million doses each from Pfizer Inc. and Moderna Inc., both of which have a two-shot vaccine.

White House aides said Biden’s first priority is ensuring that Americans are vaccinated before considering distributing doses elsewhere. AdRussia has sent millions of doses of its Sputnik V vaccine to countries around the world, even as it vaccinates its own population. Israel, which has vaccinated more than half of its population with Pfizer vaccines produced in Europe, has also attempted to use vaccine diplomacy to reward allies. Biden's purchasing strategy has come under criticism from nongovernmental organizations who have encouraged the White House to develop clear plans and thresholds for sharing vaccine with the world. So we’re not going to be ultimately safe until the world is safe,” acknowledged Biden.

President Joe Biden is holding a meeting Wednesday at the White House with Kenneth Frazier, chairman and CEO of Merck, and Alex Gorsky, chairman and CEO of Johnson & Johnson. Earlier Wednesday, the Biden administration announced that it plans to buy 100 million additional doses of J&J's Covid-19 vaccine. The deal would double the nation's supply of the J&J vaccine as the company already has a deal with the government to provide 100 million doses by the end of June. Last week, Biden announced that Merck would help make J&J's Covid vaccine. One will make the vaccine and the other will provide "fill-finish" services, when the vaccine is placed in vials.

Biden will sign the bill into law on Friday, but the White House didn’t wait, turning the bill signing into a three-day event. Biden on Wednesday announced that his administration is aiming to secure an additional 100 million doses of the single-shot vaccine developed by Johnson & Johnson. He appeared at an event with executives from Johnson & Johnson and Merck, rival companies both producing doses of the new vaccine. The Obama White House secured its passage, but then the Democratic Party took a big hit in the midterm elections. “You’ve got to create an echo chamber and amplify it,” said Adrienne Elrod, a Democratic strategist close to the White House.

FILE - In this March 5, 2021, file photo, President Joe Biden participates in a roundtable discussion on a coronavirus relief package in the State Dining Room of the White House in Washington. (AP Photo/Patrick Semansky, File)President Biden hosted an event with the CEOs of Johnson & Johnson and Merck Wednesday afternoon at the White House. Merck had previously been working on two of its vaccine candidates but stopped that work after early clinical trial data showed a poor immune response. The J&J vaccine can be stored in a normal refrigerator unlike the Pfizer and Moderna vaccines -- it’s not a mRNA vaccine. Johnson & Johnson CEO Alex Gorsky is a native Michigander.

Over the weekend the Food & Drug Administration authorized Johnson & Johnson's vaccine for emergency use, and 4 million doses are being shipped out today. Medical trials have found the new Johnson & Johnson vaccine is 85% effective against severe illness, and resulted in zero COVID-related deaths. This morning, the first of four million vaccine doses were being packaged at a Johnson & Johnson facility before being loaded onto cargo planes later today at a UPS facility in Louisville, for distribution to the federal government, CBS News correspondent Errol Barnett reported. Johnson & Johnson expects to deliver more than 20 million doses by the end of March, and 100 million by the end of June. Gorsky also said that while the Johnson & Johnson vaccine is approved for use in patients 18 and older, they are starting studies for people between the ages of 12 and 18.

On Saturday, Johnson & Johnson's Covid vaccine gained emergency use authorization by the Food and Drug Administration, making it the third coronavirus vaccine available in the United States. Johnson & Johnson expects to deliver 20 million doses of the single-dose vaccine by the end of March, and 100 million by the end of June. When it comes to preventing severe illness in addition to hospitalization and death, the Johnson & Johnson vaccine was shown to be 86% effective. The vaccine also showed 82% efficacy against severe disease from the more contagious South African strain. Gorsky called the Johnson & Johnson vaccine "an incredibly important tool" in helping healthcare systems keep people out of hospitals and prevent death from Covid.

The state of Michigan is expected to receive 82,700 doses of the Johnson & Johnson (J&J) COVID-19 vaccine this week.

The new, single-dose vaccine is being shipped out to millions of Americans, the company's CEO said on Monday. Photo: ReutersEligible Americans can expect a shot of the new single-dose Johnson & Johnson (J&J) COVID-19 vaccine in their arms in the next day or two, the company’s CEO said on Monday. “They’re literally rolling out with the trucks as we speak.”Gorsky added that the company is shipping 4 million doses and is looking to deliver 100 million doses by June and up to a billion by the end of the year. The head of President Biden’s COVID response team, Jeff Zients, said on Monday that the vaccine will be limited for the next few weeks following the initial distribution of 4 million doses and that he expects Johnson & Johnson to deliver 16 million doses by the end of March. According to the Centers for Disease Control and Prevention (CDC), more than 75 million doses of the Pfizer and Moderna vaccines have been administered as of Sunday.

The Food and Drug Administration has approved Johnson & Johnson’s COVID-19 vaccine for an emergency use authorization. Fauci, who is the director of the National Institute of Allergy and Infectious Diseases, said people should take the single-shot Johnson & Johnson COVID-19 vaccine if that’s what they are offered. Instead, the J&J vaccine uses a harmless, weakened cold virus to carry instructions into the body to trigger the immune response and a method developed a decade ago and used for an ebola vaccine. Johnson & Johnson CEO Alex Gorsky is a native Michigander. Testing, efficacyThe Johnson & Johnson vaccine has been tested on nearly 44,000 people in United States, Latin America and South Africa.

Clinical trial data shows J&J's vaccine is 66% effective overall at protecting against Covid, compared with about 95% for the Pfizer and Moderna vaccines. Some people have questioned whether they should get J&J's vaccine due to the lower effectiveness rate. While the efficacy rate is lower, the most important finding of the vaccine is that it prevented 100% of virus-related hospitalizations and deaths, Gorsky said. Senior administration officials said Sunday that health-care providers will begin receiving the first 3.9 million doses of the J&J vaccine on Tuesday. "Here we are a year later on the cusp of literally having 100 million doses delivered to the United States by the end of June.

Johnson & Johnson CEO on one-shot COVID-19 vaccine authorization Johnson and Johnson CEO Alex Gorsky joins "CBS This Morning" to discuss FDA emergency use authorization of his company's one-shot coronavirus vaccine, a first.

Johnson & Johnson CEO on one-shot COVID-19 vaccine authorization Johnson and Johnson CEO Alex Gorsky joins "CBS This Morning" to discuss FDA emergency use authorization of his company's one-shot coronavirus vaccine, a first.

Here’s what to know about the J&J vaccine:The J&J vaccine can be stored in a normal refrigerator unlike the Pfizer and Moderna vaccines -- it’s not a mRNA vaccine. Testing, efficacyThe Johnson & Johnson vaccine has been tested on nearly 44,000 people in United States, Latin America and South Africa. Henry Ford Hospital in Detroit also was one of the clinical sites for the J&J vaccine, so many Metro Detroiters have already received the vaccine. Johnson & Johnson is running an additional trial to test effectiveness of a second dose of its vaccine. AdFeb. 24: FDA says J&J 1-dose shot prevents COVID; final decision soonFeb. 4: Johnson & Johnson asks US regulators to OK its one-shot COVID-19 vaccineMore: Local 4′s Dr. Frank McGeorge answers COVID vaccine questions

Alex Gorsky, Chairman and CEO of Johnson & Johnson, celebrates the 75th anniversary of his company's listing on the floor at the New York Stock Exchange, September 17, 2019. People may need to get vaccinated against Covid-19 annually, just like seasonal flu shots, over the next several years, Johnson & Johnson CEO Alex Gorsky told CNBC on Tuesday. U.S. officials and Wall Street analysts are eagerly anticipating the authorization of J&J's vaccine, which could happen as early as this month. The deal gives the federal government the option to order an additional 200 million doses, according to the announcement. He said J&J is working "full speed" on vaccine manufacturing, adding the company is "extremely confident" it will meet its target to deliver 100 million doses of its Covid vaccine to the U.S. by the end of June.

Johnson & Johnson reported a strong finish to the year, overcoming the disruption of the global pandemic on some parts of its business like medical devices. Meanwhile, Johnson & Johnson also is testing a two-dose vaccine as a backup and should have results on that in 2021's second half. The pandemic, and the associated deferral of many medical procedures, reduced sales of surgery, vision care and orthopedics products. Prescription drug sales jumped 16.3%, to $12.27 billion, led by immune disorder drug Stelara and cancer drugs Darzelex, Imbruvica and Erleada. For all of 2020, Johnson & Johnson reported revenue of $82.58 billion, up just 0.6% from 2019, and net income of $14.71 billion, which was 2.7% below 2019's net income.

Johnson & Johnson on Tuesday reported fourth-quarter earnings and revenue that beat Wall Street's expectations. The company also said it would release key details on its coronavirus vaccine "soon." "I'm incredibly proud of our Johnson & Johnson teams around the world for going above and beyond to meet stakeholder needs," CEO Alex Gorsky said in a press release. J&J's pharmaceutical business, which is working on a coronavirus vaccine, generated $12.26 billion in revenue, a 16% year-over-year increase as demand rose for its prescription drugs. J&J is expected to release data from its phase three trial testing its Covid-19 vaccine as early as this week.

DETROIT – Johnson & Johnson is on the forefront of finding a vaccine for COVID-19. Its CEO, Alex Gorsky, took time Wednesday to speak with the Detroit Economic Club about where things stand. RELATED: Whitmer applauds Michigan’s role in production of Pfizer vaccineIt was back in January, just as COVID first took hold elsewhere, that Johnson & Johnson started working on treatments. Gorsky couldn’t resist using a Motown metaphor while speaking with the Detroit Economic Club about how Johnson & Johnson are using available data and treatments used for Ebola, Zika and HIV. Meanwhile, the vaccine is one of two m-RNA vaccines currently under investigation, the other is from Moderna.

Alex Gorsky, Chairman and CEO of Johnson & Johnson, rings the opening bell to celebrate the 75th anniversary of his company's listing at the New York Stock Exchange, September 17, 2019. Johnson & Johnson on Tuesday reported third-quarter earnings and revenue that beat Wall Street's expectations, led by higher sales in its medical-device unit and higher demand for some of its drugs. J&J reported an adjusted earnings of $2.20 per share, higher than the $1.98 per share projected by analysts surveyed by Refinitiv. The company generated $21.08 billion in revenue, higher than the $20.2 billion expected and up from $20.72 last year. It also raised its sales forecast to a range of $82 billion to $82.8 billion from $79.9 billion to $81.4 billion.

A separate data system operated by state health officials has documented around 2,300 infections among school-age children since Sept. 1. ___MILAN — Italy has tallied 2,548 new coronavirus cases, the highest daily total in five months. — Maryland is reporting zero coronavirus deaths in a 24-hour period for the first time since March 28. That doesn’t necessarily mean no COVID-19 deaths occurred in that time frame, because sometimes there is a delay in the submission of a death certificate. ___LONDON — The European Medicines Agency has begun its first review process for an experimental COVID-19 vaccine being developed by Oxford University and AstraZeneca.

Alex Gorsky, Chairman and CEO of Johnson & Johnson, rings the opening bell to celebrate the 75th anniversary of his company's listing at the New York Stock Exchange, September 17, 2019. Johnson & Johnson surprised investors with a modest dividend increase of 6.3%, followed by Procter & Gamble, which raised its dividend 6%. "Dividend pain has just begun," analyst Charles Toole of Adviser Investments wrote in a recent note to clients. Right now, investors are anticipating dividends will decline by 16% for full-year 2020 dividends. "Investors who rely on dividends for income are about to feel the pain of the coronavirus pandemic's knock-on effects," Toole wrote.

Johnson & Johnson on Wednesday reported fiscal fourth-quarter profit that beat Wall Street's expectations but missed slightly on revenue. The company's consumer unit, which makes beauty products such as Neutrogena, generated $3.5 billion in revenue, up 0.9% from a year earlier. J&J's medical device unit reported revenue of $6.63 billion, down half a percent from last year. Sales of J&J's rheumatoid arthritis drug Remicade increased 5.4% in the fourth quarter to $3.5 billion, while sales of its multiple myeloma drug Darzalex increased by 9.1% to $2.7 billion. The company sees 2020 earnings of between $8.95 per share and $9.10 a share, with revenue in the range of $85.4 billion to $86.2 billion.

Johnson & Johnson Chief Executive Officer Alex Gorsky has declined to appear at a U.S. congressional hearing set for Tuesday on the safety of the company's Baby Powder and other talc-based cosmetics. J&J spokesman Ernie Knewitz said that the subcommittee had rejected the company's offers to send a talc testing expert or a J&J executive in charge of consumer products. Gorsky "is not, as we have repeatedly told the Subcommittee, an expert in the stated subject of the hearing," Knewitz said. "Since tests for asbestos in talc were first developed, J&J's Baby Powder has never contained asbestos," Gorsky said in the video. J&J said it recalled 33,000 bottles of Baby Powder "out of an abundance of caution."