Pfizer Inc. is reviewing strategic alternatives for its consumer healthcare business, including a full or partial separation via a spin-off, sale or some other transaction.

The company may also choose to retain the unit.

"Although there is a strong connection between consumer healthcare and elements of our core biopharmaceutical businesses, it is also distinct enough from our core business that there is potential for its value to be more fully realized outside the company," Pfizer Chairman and CEO Ian Read said in a statement.

The segment develops, manufactures and markets major non-prescription medicines, vitamins and personal care products including pain management drugs Advil and Thermacare. The unit generated approximately $3.4 billion in revenue in 2016.

The company has engaged Centerview Partners LLC, Guggenheim Securities LLC and Morgan Stanley & Co. LLC as financial advisers for the strategic review process. Pfizer expects that a final decision on the segment would be made during 2018.