Procter & Gamble Co is seeking to identify potential buyers for its pharmaceuticals brands or other ways to exit the business and is working together with Goldman Sachs Group for this effort, the Financial Times reported.

According to reports from the Financial Times, P&G's pharmaceuticals unit accounts for global sales exceeding $2 billion.

The consumer goods group, which sells brands such as Gillette razors and Crest toothpaste, has been working actively to focus more heavily on high-growth businesses and divest non-key assets, the newspaper said.

A.G. Lafley, P&G's chief executive, told analysts in December that the company had stopped investing in new drug development and would consider divesting some of its key pharmaceuticals brands, the paper said.

The forecast sales and earnings for the fiscal year ending in June have been lowered as markets deal with the recession. The company expects a 4 percent reduction in sales.

P&G's pharmaceuticals business sells prescription drugs that focus on women's health and gastrointestinal and musculoskeletal problems, while the broader healthcare arm sells over the counter products such as heartburn treatment Prilosec and Pepto-Bismol, the newspaper said.

Medicine