Pharmaceutical major Johnson & Johnson is seeking approval for 11 new drugs by 2015 in an attempt to revive its pharmaceuticals business, including medications for Alzheimer’s, diabetes and arthritis.

Generic competition to the company’s prescription medicines have diminished Johnson & Johnson’s earnings over the past two years, and 30 approvals for product line extensions are also being sought.

Underwhelming performance in 2010, which has seen shares rise by just 2%, sparked the new strategy which was planned during a six-hour meeting with analysts on Thursday.

The company expects US regulators to make a decision this year over its blood-clot preventer Xarelto, to be used in patients undergoing hip and knee replacements, whereas its new Type II diabetes treatment canagliflozin could receive US and European approval next year.