J&J announces $5bn share repurchase

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New Jersey-based pharma firm Johnson & Johnson plans to buy back $5 billion in shares after news agency Reuters released an investigation which led to the company losing more than $45 billion in market value over just two days.

Shares in the company plummeted on Friday after a Reuter’s investigation revealed that the company had known its baby powders had been contaminated with asbestos since at least 1971.

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New Jersey-based pharma firm Johnson & Johnson plans to buy back $5 billion in shares after news agency Reuters released an investigation which led to the company losing more than $45 billion in market value over just two days.