Leerink analysts said the announcement meant that an acquisition was still on the cards for J&J, given that it had about $37 billion in cash as of the end of the third quarter. “We continue to believe JNJ is an active acquirer with a focus likely heavily weighted toward it’s lagging Medical Devices business…it’s a matter of when, not if, JNJ does a deal”, they wrote in a note. J&J also reiterated its full-year 2015 forecast, and said the restructuring in the devices business move would not impact the $10 billion share repurchase program.