Johnson & Johnson (NYSE: JNJ) reported third-quarter 2015 results before markets opened Tuesday. The health care giant reported quarterly adjusted diluted earnings per share (EPS) of $1.49 on revenue of $17.1 billion. In the same period a year ago, the company reported EPS of $1.61 on revenue of $18.47 billion. Third-quarter results also compare to the consensus estimates for EPS of $1.45 on revenue of $17.45 billion.

On a GAAP basis it posted EPS of $1.20, compared with $1.66 in the same period a year ago. Adjustments included after-tax intangible amortization expense of about $400 million and after-tax charge for special items totaling approximately the same amount.

In a separate announcement, the company said its board had approved a $10 billion share buyback plan. The plan has no time limit and may be suspended or discontinued at any time. Johnson & Johnson reported that it had about 2.77 billion shares outstanding at the end of the third quarter.

CEO Alex Gorsky said:

New and core products drove solid underlying growth for Johnson & Johnson in the quarter. Consistent with the plans we’ve laid out for the year, we’re focusing our portfolio and are advancing our innovation agenda to expand our leadership position in key categories while seeking new opportunities for growth. Our dedicated employees are committed to improving healthcare and making a difference in the lives of patients and consumers worldwide.

The company increased its adjusted EPS guidance for full-year 2015 to a new range of $6.15 to $6.20. The current consensus estimate calls for EPS of $6.16 on revenues of $70.58 billion. For the fourth quarter, analysts are looking for EPS of $1.44 on revenues of $17.98 billion.

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Worldwide consumer sales declined by 7.7% year-over-year to $3.3 billion, including a negative currency impact of 10.8% and a positive operational impact of 3.1%. Pharmaceutical sales fell 7.4% to $7.7 billion due to an operating decline of 0.3% and a negative currency impact of 7.1%. Medical devices sales fell 7.3% to $6.1 billion as a result of an operational increase of 0.9% and a negative currency impact of 8.2%.

Shares traded about 0.1% higher in the premarket Tuesday morning, at $96.00 in a 52-week range of $81.79 to $109.49. Thomson Reuters had a consensus analyst price target of about $107.77 before the results were announced. Johnson & Johnson pays a dividend yield of 3.15%.

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