J&J to shutter cardiovascular, metabolic drug unit: report

Johnson & Johnson (NYSE:JNJ) is reportedly shuttering its cardiovascular and metabolic drug unit as part of a restructuring of its pharmaceutical division.

Impacted employees were notified on Wednesday of the move, which primarily affects personnel in sales, marketing and medical affairs. A J&J spokesperson attributed the decision to an evolving business environment, according to Endpoints.

Endpoints noted that J&J (JNJ) wound down its infectious disease and vaccine operations last year. It added that the latest closure will primarily impact the company’s commercialized cardiovascular products rather than research and development.

J&J (JNJ) announced it planned to restructure its pharmaceutical division last year to focus on immunology, neuroscience and oncology products, Endpoints added.

Earlier this week, SA analyst Manika Premsingh downgraded J&J (JNJ) to hold, commenting that “litigation issues and the V-Wave acquisition cast a shadow over EPS forecasts, which, along with the recent price rise, suggest limited upside for the stock.”