Shares of Johnson & Johnson jumped 0.7% in premarket trading Wednesday, after the the pharmaceutical and consumer health products company announced a $5 billion stock repurchase program. The program, which represents 1.2% of J&J's market capitalization of $424.17 billion as of Tuesday's closing stock price, has no time limit. "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 Chief Executive Joaquin Duato. Separately, the company affirmed its 2022 guidance for earnings per share of $10.65 to $10.75. The stock has lost 5.7% year to date through Tuesday, while the SPDR Health Care Select Sector ETF has declined 9.8% and the Dow Jones Industrial Average has dropped 14.4%.
(END) Dow Jones Newswires
September 14, 2022 06:38 ET (10:38 GMT)
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