J&J suspends sale of personal care products in Russia
Johnson and Johnson (J&J) (NYSE: JNJ) has announced the suspension of its personal-care products in Russia citing the increasing humanitarian crisis in Ukraine
• It would halt the supply of Listerine mouthwash and Aveeno skincare
Johnson and Johnson (J&J) (NYSE: JNJ) has announced the suspension of its personal-care products in Russia citing the increasing humanitarian crisis in Ukraine.
J&J said it would continue to supply medicines and medical devices in the region, which are excluded from Western sanctions. The company would, however, not enroll more patients in clinical drug trials it was running in Russia.
It would halt the supply of products including Listerine mouthwash and Aveeno skincare.
Reuters reported that J&J gets about 1% of its sales from Russia, and half of its business in the region deals with pharmaceuticals. A majority of its product portfolio from its consumer health business comes within the essential health space of over-the-counter medicines, the agency reported.
Many Western companies have left Russia since it invaded Ukraine in February, heavily impacting Russia’s labor market and leaving shortages of essential goods on supermarket and pharmacy shelves.
The Moscow Times reported that the Kremlin has blamed panic-buying and stockpiling by consumers for shortages of medicines in Russian pharmacies, insisting there is enough stock for everyone.
Also read: Russia’s top lender Sberbank exits Europe due to sanctions, collapses on London stock exchange
Inputs from Reuters and The Moscow Times
