(Reuters) - Drugmaker Johnson & Johnson (NYSE: JNJ) 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.

(Reporting by Vidya L Nathan in Bengaluru; Editing by Kirti Pandey and Don Sebastian)

Reuters