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Johnson & Johnson (NYSE:JNJ) wavered on Tuesday as the healthcare leviathan posted mixed results for the third quarter.
Shares were last up less than 0.1% at US$96.02 at 11:02 a.m. in New York. The stock has lost 9% this year.
Net income fell to US$3.36bn, or US$1.20 per share, in the September quarter, from US$4.75bn, or US$1.66 per share, in the year-earlier period, the New Brunswick, New Jersey-based company said in a statement on Tuesday.
Adjusted earnings per share were US$1.49, above the Capital IQ consensus of US$1.43.
Third-quarter sales fell 7.4% to US$17.1bn, missing the Wall Street consensus of US$17.45bn. International sales decreased 13.7%.
The company boosted its adjusted earnings guidance for the fiscal year 2015 to US$6.15 to US$6.20 a share, from its previous guidance of US$6.10 to US$6.20.
Earlier on Tuesday, the company announced a buyback of up to US$10bn of its common stock. The program will be financed by debt, and is open-ended in terms of duration.