On the Call: Johnson & Johnson CFO Dominic Caruso

During a conference call with analysts Tuesday on Johnson & Johnson's third-quarter results, Chief Financial Officer Dominic Caruso discussed some recent divestitures and the possibility of further pruning the health care giant's extensive portfolio of prescription and nonprescription drugs, toiletries and medical devices and diagnostic equipment.

Question: Would you consider divesting entire divisions, such as prescription drugs or consumer health products?

Answer: I don't consider a shifting out of pharma, medical devices and diagnostics or consumer as pruning. ... We believe having a broad-based portfolio is our best set of cards. We prune businesses (when they're not strong or worth the required investment), but a wholesale reshaping of Johnson & Johnson, that's not under consideration now.