JNJ
#Well, <UNK>, as a broadly based Company in human health care, we have an equal amount of interest across each of the businesses.
And the way we compensate for that is basically looking at an appropriate risk-adjusted return for the particular assets that we're interested in.
And that is the same, even regardless of size.
Obviously size matters for a couple reasons.
One is that the asset may be well understood, the business may be well penetrated, the premium required for the asset may be excessive and, therefore, to generate value for our shareholders would be a challenge.
But it doesn't mean we wouldn't try to do that or we wouldn't look for areas where that may in fact be available for us.
So that would be across any of the businesses.
Within Consumer and Medical Devices, in particular, Consumer, just like we have in Pharma, we have specific areas of focus.
We have 11 need states.
The primary focus for us is growing internationally in emerging markets.
So, strong brands in emerging markets, a focus on over-the-counter medications, and the beauty space, particularly in Asia, are of interest to us.
We just did a recent transaction with Dr.
Ci:Labo in Japan, where we have an interest in that Asian marketplace and utilizing that brand throughout ---+ broader throughout Asia, beyond Japan, where it's currently marketed, just as an example of one.
And the Medical Devices, as you know, we have a very strong presence in Orthopaedics and in General Surgery.
We keep looking for additional bolt-on acquisitions there, and we have a very strong Electrophysiology business in Cardiovascular.
But there are other areas within Cardiovascular that seem attractive in Structural Heart and other areas.
But the valuation would be something we would always consider.
So we'd also be very disciplined about doing a transaction where the valuations seem pretty high, which is what they are today.
Thank you.
That concludes the Q&A.
I'll now turn the discussion back over to <UNK> for some closing remarks.
Okay, thanks, <UNK>.
Well, as I noted earlier, we're very pleased with our overall performance this quarter, and we're tracking well through the second half of the year.
I'd like to thank <UNK> and <UNK> for their outstanding leadership and for the great presentation they gave this morning about the continued progress we are making in our Pharmaceutical business.
I would also like to thank all of our colleagues around the world for their extraordinary achievements and dedication to the success of Johnson & Johnson.
Thank you for your time today, and I look forward to updating you on our full-year results in January.
Have a great day.
