Johnson & Johnson Breakup Is No Clean Sweep

Johnson & Johnson is the third major multinational to announce this week that it will break itself up, after General Electric and Toshiba . But unlike the first two, it is no ungainly colossus in obvious need of shaking up.

J&J shares were up just over 1% in morning trading Friday after the company said it would split off the consumer business that makes brands like Tylenol and Listerine, leaving behind its still-huge pharmaceutical and medical-device units.