Johnson & Johnson announced that its board of directors has approved a share repurchase program, authorizing the company to purchase up to $10 billion of the corporation's shares of common stock.
"This share repurchase program is consistent with our strategy of providing value to our shareholders while maintaining flexibility to continue to invest in future growth opportunities," said William C. Weldon, chairman and CEO, J&J.
Share repurchases will take place on the open market from time to time based on market conditions. 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 2,896.6 million shares of common stock outstanding as of April 29, 2007.
The company intends to finance the share repurchase program through a combination of available cash and debt.