Drugmaker Johnson & Johnson said it plans to buy back up to $10 billion of common stock over time.The company said on Tuesday it had about 2.77 billion shares of common stock outstanding as of Sept. 27, valuing the company at $251.82 billion
The repurchase would take away nearly 104 million shares of the company's outstanding shares, according to Thomson Reuters calculations.
The company had already bought back $5 billion of shares in a program it announced in July last year.
J&J is expected to report its third-quarter results on Tuesday before the markets open.
Shares of the New Brunswick, New Jersey-based company rose 1.3 percent to $97.25 in light trading before the bell.
(Image: Reuters)