“We look forward to and expect to secure favorable rulings on the Dalbert motions, which should be rendered by 2026.”

In context

“e sharpening our focus on high-growth, high-margin markets where we can improve patient outcomes, as this morning's announcement regarding the Depew Cynthesis business indicates. In a moment, I will build upon Joaquin's comments regarding that announcement. The foundation we have set, combined with the progression of our pipeline, strongly positions the company for accelerated growth. It also reinforces our conviction to deliver on the upper end of our long-term growth targets. Let me provide a brief update on the Daubert Motion's pending in the talc litigation. As you are aware, this is the judicial process by which the court will re-examine the junk science that the mass tort plaintiffs, Bart and Cox, to fuel baseless claims against Johnson & Johnson as well as many American businesses. We look forward to and expect to secure favorable rulings on the Dalbert motions, which should be rendered by 2026. Now turning to cash and capital allocation. We generated $14 billion in free cash flow through the first nine months of the year. We ended the third quarter with approximately $19 billion in cash and marketable securities, $46 billion of debt. We have a net debt position of $27 billion versus the $32 billion of net debt reported in the second quarter. We continue to utilize our free cash flow generation and strong balance sheet to invest in innovation and return capital directly to shareholders. We are often asked about our appetite for acquisitions to meet financial targets. I can be very clear on this. We rely on our thoughtful long-term approach to growing through any loss of exclusivity and won't carelessly deploy capital on speculative transactions out of desperation. Our current por”