The world’s largest medical device company, Johnson & Johnson, expects to have all the products recalled last year on the shelves again by the end of this year, William Weldon, CEO of Johnson and Johnson, told CNBC Thursday.
“We’ve come into 2011 much stronger than we left 2010,” said Weldon, whose company had 17 recalls last year that spanned across all its businesses and included host of over-the-counter medicines. The company's stock declined 5 percent in the last 12 months.
In April 2010, J&J recalled a number of products made at its McNeil Consumer Healthcare division and shut down production. Over-the-counter children's medicines, such as Tylenol, Motrin, Zyrtec and Benadryl, were made at the Pennsylvania facility.
Weldon said the children’s drugs are taking longer to return to the stores than he’d like. By the end of last year, Weldon said, working with the FDA, the company has tested all of the recalled products to ensure their safety for the consumer.
Much of the company’s performance last year was overshadowed by the recalls, said Weldon, even though there was strength in a number of areas. Among them is the pipeline for new drugs, which include four different ones—for AIDS, bleeding disorders, hepatitis C and prostate cancer—that have been submitted for approval. He added that the company's medical devices, diagnostics and pharmaceutical units are doing well.
Weldon also said that J&J hope to close the deal this year with Crucell , a biotech company that focuses on developing vaccines, proteins and antibodies to fight infectious diseases.