Feb. 19 at 8:58 PM
PickAlpha Midday:
Johnson & Johnson is reportedly prepping a potential sale of its orthopedics unit DePuy Synthes, with sponsors already circling; the business could be valued at
$20B+ and generated about
$9.3B of sales in 2025. 
That’s a meaningful pivot from J&J’s October plan to separate the slower-growing ortho business within 18–24 months—now the company is assembling materials to meet buyers in the coming weeks.  Bloomberg Intelligence has pegged value closer to ~
$28B incl. debt if the process turns into a real auction. 
Tickers:
$JNJ
Our view is this is J&J choosing speed + certainty over a “clean” spinoff story. If a competitive process clears at a premium and capital gets recycled into higher-growth pharma/medtech (or buybacks), the stock’s conglomerate discount should compress; if it drifts back into a slow separation with no price discovery, this becomes just another “strategic review” headline.
