BRIEF—J&J announces $5 billion share repurchase program

Johnson & Johnson (J&J) has announced that the board of directors has authorized the repurchase of up to $5 billion of the company's common stock.

Explaining the move, Joaquin Duato, chief executive of J&J, said: "The last few years have demonstrated the resilience of J&J. With continued confidence in our business and pipeline, the board of directors and management team believe that company shares are an attractive investment opportunity.

"With our strong cash flow and lowest level of net debt in five years, we have the ability to invest in innovation, grow our dividend, execute strategic acquisitions, and take this action to deliver shareholder returns and drive long-term growth."