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J&J (NYSE:JNJ) also said it would present its consumer health business as discontinued operations and record a gain of $20 billion in the third quarter as a result of the spinoff.
It expects 2023 adjusted reported earnings per share of $10.00 – $10.10, 12.5% higher at the midpoint compared with 2022.
The separation of Kenvue was the biggest shake-up in the healthcare conglomerate’s history as it sought to focus on its two big businesses – pharmaceuticals and medical devices.
J&J completed an exchange offer for its shares to finalize the separation of Kenvue last week, and said it had generated $13.2 billion in cash proceeds as a result of the Kenvue debt offering and initial public offering.
Kenvue, which debuted on the New York Stock Exchange in May, has a market capitalization of about $78.9 billion. J&J retains a 9.5% stake in the company.
