By Leroy Leo and Aditya Samal
(Reuters) – Johnson & Johnson will look for opportunities to merge with or acquire firms that add value to its focus areas of eye care, surgical robots, orthopedics and cardiovascular products, the company’s Chief Executive Officer Joaquin Duato said on Monday.
The healthcare giant is in the process of spinning off its consumer healthcare business under the brand Kenvue to focus on its pharmaceutical and medical devices businesses.
“We’ll continue to be disciplined in looking for opportunities in which we can create value that serve a significant unmet medical need like heart failure,” Duato said at the J.P. Morgan Healthcare Conference.
J&J last month completed its acquisition of heart pump maker Abiomed for $16.6 billion, which will operate as an independent division in its medical devices business.
Duato said many of its future deals would likely be small “tuck-in” acquisitions.
The company’s CEO expects J&J to continue growing towards its goal of $60 billion in pharmaceutical sales by 2025, and is confident of exceeding current Street expectations by the targeted year.
(Reporting by Leroy Leo and Aditya Samal; Editing by Krishna Chandra Eluri)