J&J: launches buyback plan after shares collapse

(CercleFinance.com) - US healthcare giant Johnson & Johnson said that it has authorised the repurchase of up to 5 billion dollars of the company's common stock after the recent collapse of its share price.


The move comes after J&J shares have slid over 10%, wiping out market-cap of close to 60 billion dollars, following news that the company was aware its baby powder contained traces of asbestos.

In a statement, J&J said the company's shares are "an attractive investment opportunity" at these levels.

Johnson & Johnson has also reinstated its full-year 2018 sales guidance of 81 billion to 81.4 billion dollars, with adjusted EPS of between 8.13 dollars and 8.18 dollars.

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