Teva to buy back $1 billion of its own shares
By KOBY YESHAYAHOU/ GLOBES
December 1, 2010 17:52
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) said Wednesday that its board of directors has authorized a share buyback plan of up to an aggregate of $1 billion of its shares over the next 12 months.
Teva said that it remains committed to executing its long-term strategic plan, including future acquisitions and expansion of its generic and branded R&D programs, and to achieving the revenue and non-GAAP net income targets presented in January 2010 of $31 billion and $6.8 billion by 2015.
The timing of any repurchases and the exact number of shares to be purchased will depend on a variety of factors, including share price and other market conditions, as well as corporate and regulatory requirements. Repurchases may be made from time to time at prices prevailing in the open market or in privately negotiated transactions.
Teva's share price ended 1.65% lower yesterday at $50.04. The price is 23% lower than its one year high of $64.95.