Johnson & Johnson Announces Special Charge of $500-$600 Million Related to Restructuring Plans for Cordis Corporation Subsidiary

Johnson & Johnson JNJ today announced that it expects to record an after-tax restructuring charge in the range of $500-$600 million in the second quarter of 2011 as a result of restructuring plans announced by its subsidiary, Cordis Corporation. The restructuring charge will be treated as a special item. In its separate news release today, Cordis announced the discontinuation of its clinical development program for the NEVO™ Sirolimus–Eluting Coronary Stent, cessation of the manufacture of CYPHER® and CYPHER SELECT® Plus Sirolimus-Eluting Coronary Stents by the end of 2011, and other plans related to its cardiovascular business.