Shares of Johnson & Johnson were rising into record territory in early trading Tuesday, after the medicines and medical-technology giant beat quarterly earnings expectations and raised its outlook, while also announcing plans for another spinoff.

The company said it would separate its orthopedics business to operate as DePuy Synthes to strengthen its focus on its core businesses. The separation, which is expected to be completed within 18 to 24 months, comes after J&J

JNJ completed the spinoff of its consumer-health business into Kenvue Inc. KVUE in 2023.