Johnson & Johnson announced on Wednesday a share repurchase program to buy back up to $5 billion of the company's common stock. The scheme has no time limit, with any shares acquired available for general corporate purposes.

"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," CEO Joaquin Duato said. Johnson & Johnson also reaffirmed its full-year 2022 adjusted operational sales growth and earnings per share guidance of 6.5% to 7.5% and $10.65 to $10.75 per share, respectively.