NEW BRUNSWICK, N.J.,
Oct. 13, 2015 /PRNewswire/ -- Johnson
& Johnson (NYSE: JNJ) today 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 on October 13, 2015 at
8:30 a.m. Eastern Time.
About Johnson & Johnson
Caring for the world, one person at a time, inspires and unites
the people of Johnson & Johnson. We embrace research and
science - bringing innovative ideas, products and services to
advance the health and well-being of people. Our approximately
128,000 employees at more than 265 Johnson & Johnson operating
companies work with partners in health care to touch the lives of
over a billion people every day, throughout the world.
Cautions Concerning Forward-Looking Statements
This press release contains "forward-looking statements," as
defined in the Private Securities Litigation Reform Act of 1995,
related to the company's plans with respect to share repurchases,
involving, among other things, uncertainties inherent in business
and financial planning. The reader is cautioned not to rely on
these forward-looking statements. These statements are based on
current expectations of future events. If underlying assumptions
prove inaccurate or known or unknown risks or uncertainties
materialize, actual results could vary materially from the
expectations and projections of Johnson & Johnson. Risks and
uncertainties include, but are not limited to, market conditions;
the possibility that the repurchase program may be suspended or
discontinued; economic factors, such as interest rate and currency
exchange rate fluctuations; uncertainty of commercial success for
new and existing products; the ability of the company to
successfully execute strategic plans; the impact of acquisitions
and divestitures; significant adverse litigation or government
action, including related to product liability claims; challenges
and uncertainties inherent in new product development; changes in
behavior and spending patterns or financial distress of purchasers
of health care products and services; financial instability of
international economies and legal systems and sovereign risk;
changes to governmental laws and regulations and domestic and
foreign health care reforms. A further list and description of
these risks, uncertainties and other factors can be found in
Johnson & Johnson's Annual Report on Form 10-K for the fiscal
year ended December 28, 2014,
including Exhibit 99 thereto, and the company's subsequent filings
with the Securities and Exchange Commission. Copies of these
filings are available online at www.sec.gov, www.investor.jnj.com
or on request from Johnson & Johnson. Johnson & Johnson
does not undertake to update any forward-looking statements as a
result of new information or future events or developments.
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SOURCE Johnson & Johnson