Johnson & Johnson (JNJ): No More Worlds To Conquer
In a sign that it is still struggling as competition emerges for it major drugs Procrit and Risperdal and that its stent business is still troubled by safety concerns, Johnson & Johnson (JNJ) announced that it would buy back as…
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In a sign that it is still struggling as competition emerges for it major drugs Procrit and Risperdal and that its stent business is still troubled by safety concerns, Johnson & Johnson (JNJ) announced that it would buy back as much as $10 billion of its shares.
JNJ has a market cap of $186 billion. The announcement did not move the shares much. They inched up 1.5% to $63, and are down about 6% this year.
With 2006 revenue of $53 billion, its is a bit surprising that JNJ is not using the capital to buy another company. It is hard not to imagine that it pharma business could not benefit from the R&D at one or more of its smaller biotech partners.
But, it’s only $10 billion.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
