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J&J’s large pharmaceuticals business is its major profit engine and the company is betting on that and its devices unit as the healthcare conglomerate prepares to spin off its consumer health business by the end of this year.

Gilead Sciences Inc. on Thursday posted a higher-than-expected third-quarter profit on the back of strong demand for its HIV and cancer drugs, which helped offset lower sales of its COVID-19 antiviral drug and acquisition expenses.