NEW YORK (AP) — Johnson & Johnson said Tuesday that its board of directors approved a $10 billion stock buyback plan.
The health care and pharmaceutical products company said there is no time limit on the program and it will be financed through the issuance of debt.
The New Brunswick, New Jersey-based company had about 2.77 billion shares of common stock outstanding as of September 27.
"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," said Chairman and CEO Alex Gorsky, in a statement.
Its shares rose 13 cents to $96.12 in morning trading Tuesday as the company also reported mixed earnings results. Its shares are down about 8 percent so far this year.