It is likely J&J would spin out its consumer unit and hold a stock offering, but no decision has been made, Mr. Gorsky said. The decision comes after rivals including Pfizer Inc. and Merck & Co. decided to hive off their consumer businesses and double down on faster-growing pharmaceuticals. The consumer company will be among the industry's largest, after competitors such as Procter & Gamble Co., Nestlé SA and L'Oréal SA. A stand-alone consumer business, however, won't be able to draw on a well-endowed parent while it competes with bigger rivals. Merck sold its consumer business, which makes Coppertone sunscreen, to Bayer AG for $14.2 billion in 2014.
