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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.

Johnson & Johnson on Tuesday posted better than expected third-quarter earnings on strong demand for its cancer drug Darzalex, but said it may still cut some jobs as it contends with inflationary pressure and challenges created by the strong dollar.