Johnson & Johnson Announces $10 Billion Share Repurchase Program
Johnson & Johnson announced that its Board of Directors has approved the repurchase of up to $10 billion of the company's common stock.
"We are pleased that Johnson & Johnson's strong balance sheet and cash flow enable us to simultaneously return value to shareholders through our regular quarterly dividend and share repurchases, while at the same time continuing to invest in internal and external opportunities that will further strengthen our robust enterprise pipeline and drive long-term growth," said Alex Gorsky , Chairman and Chief Executive Officer. "The Board of Directors and management team believe that the company's shares are an attractive investment opportunity and repurchasing stock is an important part of our capital allocation strategy."
Repurchases may be made at management's discretion from time to time on the open market or through privately negotiated transactions. The repurchase program has no time limit and may be suspended for periods or discontinued at any time. Any shares acquired will be available for general corporate purposes. The company had approximately 2,767.3 million shares of common stock outstanding as of September 27, 2015.
The company intends to finance the share repurchase program through issuance of debt. Johnson & Johnson will discuss the share repurchase program on its third-quarter earnings conference call.
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