In 2021, Johnson & Johnson decided to split into two companies. The legacy Johnson & Johnson will focus on pharmaceuticals and medical technology, while a newly formed company named Kenvue (NYSE: KVUE) will concentrate on consumer products.In early 2023, Johnson & Johnson completed an initial public offering of Kenvue. It plans to spin off the rest of the shares to shareholders later in the year.The J&J split means existing shareholders will receive shares of Kenvue in addition to their Johnson & Johnson stock.