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JOHNSON & JOHNSON ANNOUNCES $500 MILLION REPURCHASE PROGRAM DIVIDEND INCREASES 13 PERCENT

 NEW BRUNSWICK, N.J., April 29 /PRNewswire/ -- Johnson & Johnson (NYSE: JNJ) announced today that its board of directors had authorized a stock repurchase program under which the company intends to repurchase up to $500 million of its outstanding common stock for general corporate purposes. The company plans to accomplish the repurchase program in open market transactions, from time to time, through Salomon Brothers
Inc. The company has approximately 655 million shares currently outstanding.
 Commenting on the announcement, Mr. Ralph S. Larsen, chairman and chief executive officer, stated, "We view this $500 million repurchase program as a reflection of our confidence in the long term growth of the business. In addition, we believe that Johnson & Johnson's current stock price level reflects the uncertainty in the U.S. marketplace for health care stocks, rather than the market's perception of our deep product pipeline and our prospects for future growth. As a truly global enterprise, Johnson & Johnson operates in 53 countries, selling product in more than 150 nations, and we have achieved
significant successes in both regulated and open markets. Johnson & Johnson's innovation, brand leadership and commitment to science and technology underscore our position as the largest and most competitive health care products company in the world."
 The board also voted to increase the quarterly dividend 13 percent to 26 cents per share from 23 cents per share. This represents the 29th consecutive year of increases in the dividend rate. At the new rate, the indicated dividend on an annual basis is $1.04 compared to the previous rate of $.92. The next quarterly dividend is payable on June 8 to shareholders of record as of May 18.
 Johnson & Johnson, with over 84,000 employees is the world's largest and most comprehensive manufacturer of health care products serving the consumer, pharmaceutical and professional markets.
 Sales in 1992 were $13.8 billion; net income and return on average stockholders' equity were $1.6 billion and 28.5 percent, respectively, before the cumulative effect of accounting changes for post-employment benefits and income taxes.
 -0- 4/29/93
 /CONTACT: F. Robert Kniffin, 908-524-3535, or home, 609-799-0369, or Clarence E. Lockett, 908-524-6491, or home, 215-493-0757, both of Johnson & Johnson/
 (JNJ))


CO: Johnson & Johnson ST: New Jersey IN: MTC SU: DIV

TS -- NY017 -- 2426 04/29/93 08:03 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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