Johnson & Johnson to Cut 6% of Medical Device Jobs

J-J-Biosimilars-will-not-replicate-generic-levels-of-competitionJohnson & Johnson on Tuesday said it would cut about 3,000 jobs in its medical-devices division as part of an effort to remove $1 billion in annual costs in the business that makes sterilization equipment and surgical tools.

The eliminated positions represent 2.5% of J&J’s global workforce and up to 6% of its medical device segment.

Shares of J&J added 1% to $97.98 in premarket trading.

J&J’s medical device sales have been struggling lately, with sales slipping 2.9% in the first nine months of the year and 3.4% in the U.S. The company said the restructuring reflects “the changing needs of the global medical device market.”

The moves relate to J&J’s orthopedics, surgery and cardiovascular businesses. The company said its consumer medical devices businesses, vision care and diabetes care businesses won’t be affected by the restructuring.

J&J said that while it wasn’t providing specific information on potential business exits, it expected “any potential sales impact to be minimal.”

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About Peter Coffaro 1091 Articles
A growth-driven and strategic executive, Peter Coffaro commands more than 20 years of progressive management success within the medical device industry. As a District Sales Manager for Stryker Orthopaedics, Peter was responsible for managing and directing a regional sales force to achieve sales and profit goals within the Rocky Mountain region. Previously, he was the Director of Sales & Marketing for Amp Orthopedics. In this role, Peter was responsible for planning, developing, and leading all sales and marketing initiatives. Peter is a former orthopedic distributor in the Pacific Northwest. He has also worked with DePuy Orthopaedics as well as Zimmer, and held positions in sales, sales training, and sales management. Peter has an extensive background in organizational development, business development, sales management, negotiating and P&L management. Peter holds a B.S. degree in Biology from Northern Illinois University.

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