Johnson & Johnson Authorizes $5 Billion Buyback, Reaffirms FY Guidance

(RTTNews) - Johnson & Johnson (JNJ) Monday announced that the Board of Directors has authorized the repurchase of up to $5 billion of the company's common stock.

"Based on our continued strong performance and, more importantly, the confidence we have in our business going forward, the Board of Directors and management team believe that the company's shares are an attractive investment opportunity," said Alex Gorsky, Chairman and Chief Executive Officer.

Repurchases may be made at management's discretion from time to time on the open market or through privately negotiated transactions.

Johnson & Johnson also reaffirmed its full-year 2018 sales and adjusted earnings per share guidance of $81.0 to $81.4 billion and $8.13 to $8.18 per share, respectively.

Analysts polled by Thomson Reuters currently estimate sales of $81.34 billion and earnings of $8.16 per share.