Johnson & Johnson cut its guidance for 2023 adjusted profit after separating the Kenvue Inc. consumer health company.

J&J is among a host of big drugmakers divesting themselves of lower-margin, yet dependably profitable, consumer units in order to focus on the high-stakes business of making new medicines. The lure of exclusive new products has intensified with the success of cancer treatments like Merck & Co.’s Keytruda and weight —loss therapies from Novo Nordisk A/S and Eli Lilly & Co.

Earnings excluding some items will be $10 to $10.10 a share without the consumer division, J&J said Wednesday in a statement. It had forecast earnings of $10.70 to $10.80 a share in July.

J&J secured $13.2 billion in cash from the offering of Kenvue debt and the sale of its shares. It now holds a 9.5 percent equity stake in the consumer health spinoff. J&J said it will maintain its quarterly dividend of $1.19 a share.

Adjusted earnings per share will rise from 12 percent to 13 percent this year; the company said, up from the earlier forecast that topped out at a 6.5 percent increase. The shares rose 0.3 percent as of 10 a.m. in New York.

By John Lauerman

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