May 22 Johnson & Johnson said on Thursday it planned to file for approvals of more than 30 major products by the end of 2016 as the diversified healthcare company looks to restore luster and growth to a medical device and diagnostics division that has been overshadowed by its drugs business in recent years.
The company, prior to a review of the division for analysts and investors, said its recently launched products and extensive pipeline position it for continued growth.
J&J also said it would expand business with a significant focus on fast-growing emerging markets, particularly China and Russia.
The company is hoping to jumpstart growth in the device and diagnostics business that saw flat first-quarter sales of $7.06 billion. J&J's pharmaceuticals division by comparison grew nearly 11 percent in the first quarter with new drugs for cancer, hepatitis C and to prevent blood clots leading the way.
The medical device and diagnostic division posted 2013 sales of $28.5 billion. (Reporting by Bill Berkrot; Editing by Meredith Mazzilli)