Item 8.01 Other Events.
On September 14, 2022, Johnson & Johnson (the "Company") announced that its
Board of Directors has authorized the repurchase of up to $5 billion of the
Company's common stock. Repurchases may be made at management's discretion from
time to time on the open market or through privately negotiated transactions.
The repurchase program has no time limit and may be suspended for periods or
discontinued at any time. Any shares acquired will be available for general
corporate purposes. The Company had approximately 2,629.2 million shares of
common stock outstanding as of July 22, 2022. The Company does not expect to
incur debt to fund the share repurchase program.
Johnson & Johnson reaffirms the mid-points of our guidance for adjusted
operational sales growth of 7% at $97.8 billion and adjusted operational
earnings per share of $10.70 or 9.2% growth for the full year.
Cautions Concerning Forward-Looking Statements
This press release contains "forward-looking statements" as defined in the
Private Securities Litigation Reform Act of 1995 related to the Company's plans
with respect to share repurchases, involving, among other things, uncertainties
inherent in business and financial planning. The reader is cautioned not to rely
on these forward-looking statements. These statements are based on current
expectations of future events. If underlying assumptions prove inaccurate or
known or unknown risks or uncertainties materialize, actual results could vary
materially from the expectations and projections of Johnson & Johnson. Risks and
uncertainties include, but are not limited to: market conditions; the
possibility that the repurchase program may be suspended or discontinued;
economic factors, such as interest rate and currency exchange rate fluctuations;
uncertainty of commercial success for new and existing products; the ability of
the Company to successfully execute strategic plans; the impact of acquisitions
and divestitures; significant adverse litigation or government action, including
related to product liability claims; challenges and uncertainties inherent in
new product development; changes in behavior and spending patterns or financial
distress of purchasers of health care products and services; financial
instability of international economies and legal systems and sovereign risk;
changes to governmental laws and regulations; and domestic and foreign health
care reforms. A further list and descriptions of these risks, uncertainties and
other factors can be found in Johnson & Johnson's Annual Report on Form 10-K for
the fiscal year ended January 2, 2022, including in the sections captioned
"Cautionary Note Regarding Forward-Looking Statements" and "Item 1A. Risk
Factors," and in Johnson & Johnson's subsequent Quarterly Reports on Form 10-Q
and other filings with the Securities and Exchange Commission. Copies of these
filings are available online at www.sec.gov, www.jnj.com or on request from
Johnson & Johnson. Any forward-looking statement made in this release speaks
only as of the date of this release. Johnson & Johnson does not undertake to
update any forward-looking statement as a result of new information or future
events or developments.
The related press release dated September 14, 2022 is attached as Exhibit 99.1
to this report.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. Description of Exhibit
99.1 Press Release dated September 14, 2022
104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.
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