NEW BRUNSWICK, N.J., July 9 /PRNewswire-FirstCall/ -- Johnson & Johnson
today 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 Chief Executive Officer.
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. The Company expects to retain its
triple-A credit rating. Johnson & Johnson will discuss the share repurchase
plan on its second-quarter earnings conference call on July 17, 2007.
Johnson & Johnson is the world's most comprehensive and broadly based
manufacturer of health care products, as well as a provider of related
services, for the consumer, pharmaceutical and medical devices and
diagnostics markets. The more than 250 Johnson & Johnson operating
companies employ approximately 121,000 men and women in 57 countries and
sell products throughout the world.
(This press release contains "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995. These statements are
based on current expectations of future events. If underlying assumptions
prove inaccurate or unknown risks or uncertainties materialize, actual
results could vary materially from Johnson & Johnson's expectations and
projections. Risks and uncertainties include general industry conditions
and competition; economic conditions, such as interest rate and currency
exchange rate fluctuations; technological advances and patents attained by
competitors; challenges inherent in new product development, including
obtaining regulatory approvals; domestic and foreign health care reforms
and governmental laws and regulations; and trends toward health care cost
containment. A further list and description of these risks, uncertainties
and other factors can be found in Exhibit 99 of the Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 2006. Copies of this
Form 10-K, as well as subsequent filings, are available online at
http://www.sec.gov, http://www.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.)
SOURCE Johnson & Johnson
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CONTACT:
Press Contacts: Jeffrey J. Leebaw,
+1-732-524-3350, or +1-732-821-6007 (H), or Bill Price,
+1-732-524-6623, +1-732-668-3735 (M), Investor Contacts: Louise
Mehrotra, +1-732-524-6491, Stan Panasewicz, +1-732-524-2524, or
Lesley Fishman, +1-732-524-3922, all of Johnson & Johnson
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