Johnson & Johnson Announces $5 Billion Share Repurchase Program
September 14 2022 - 6:30AM
Business Wire
Johnson & Johnson (NYSE: JNJ) today announced that the Board
of Directors has authorized the repurchase of up to $5 billion of
the company's common stock.
“The last few years have demonstrated the resilience of Johnson
& Johnson. With continued confidence in our business and
pipeline, the Board of Directors and management team believe that
Company shares are an attractive investment opportunity,” said
Joaquin Duato, Chief Executive Officer. “With our strong cash flow
and lowest level of net debt in five years, we have the ability to
invest in innovation, grow our dividend, execute strategic
acquisitions, and take this action to deliver shareholder returns
and drive long-term growth.”
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 2,629.2 million shares of common stock
outstanding as of July 22, 2022. The company does not expect to
incur debt to fund the share repurchase program.
Johnson & Johnson reaffirms its full-year 2022 adjusted
operational sales growth and earnings per share guidance of 6.5% -
7.5% and $10.65 to $10.75 per share, respectively.
About Johnson & Johnson At Johnson & Johnson, we
believe good health is the foundation of vibrant lives, thriving
communities and forward progress. That's why for more than 135
years, we have aimed to keep people well at every age and every
stage of life. Today, as the world's largest and most broadly-based
health care company, we are committed to using our reach and size
for good. We strive to improve access and affordability, create
healthier communities, and put a healthy mind, body and environment
within reach of everyone, everywhere. We are blending our heart,
science and ingenuity to profoundly change the trajectory of health
for humanity.
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 descriptions 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 January 2, 2022, including in the sections captioned
“Cautionary Note Regarding Forward-Looking Statements” and “Item
1A. Risk Factors,” and in Johnson & Johnson’s subsequent
Quarterly Reports on Form 10-Q and other filings with the
Securities and Exchange Commission. Copies of these filings are
available online at www.sec.gov, www.jnj.com or on request from
Johnson & Johnson. Any forward-looking statement made in this
release speaks only as of the date of this release. Johnson &
Johnson does not undertake to update any forward-looking statement
as a result of new information or future events or
developments.
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