NEW YORK — Johnson & Johnson announced on Friday plans to split into two companies, separating its consumer health division  from its pharmaceuticals and medical devices business.

This has been the case in the health care arena where the slow-and-steady business of selling consumer products such as moisturisers and shampoos has increasingly diverged from the high-risk, high-reward work of developing and marketing drugs.

Johnson & Johnson said it will separate its consumer health business into a new publicly traded company.

“The new Johnson & Johnson and the new consumer health company would each be able to more effectively allocate resources to deliver for patients and consumers, drive growth and unlock significant value,” said Joaquin Duato, who is expected to become J&J’s chief executive officer in January.