Conglomerates are big and unwieldy. Wall Street hates them, because it doesn't know how to value them properly. CEOs and corporate boards are finally getting the message: Nimble is the new big.
J&J's split into two companies — one for its consumer products and another for its drugs and medical devices — is the latest shakeup in the health-care sector. Many other Big Pharma companies, including Pfizer, Merck and GlaxoSmithKline, have either already spun off large divisions in the past few years or have plans to do so.
Investors are willing to pay a higher price for rapidly growing drug, biotech and medical equipment businesses than generics and brand-name consumer products. Shares of J&J were up nearly 2% in early trading Friday.
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