DEERFIELD, Ill.--(BUSINESS WIRE)-- Baxter International Inc. (NYSE:BAX) announced today that its Board of Directors has approved a share repurchase authorization of up to $2.5 billion of the company’s common stock.
Baxter has approximately $600 million of remaining authorization under a previous $2.0 billion share repurchase program approved in July 2009. Shares will be repurchased in the open market at times and amounts determined by the company based on its evaluation of market conditions and other factors.
“This approval is consistent with our disciplined capital allocation approach and reflects the confidence we have in our ongoing ability to generate strong cash flows and deliver increased value to our shareholders,” said Robert J. Hombach, chief financial officer.
Over the last five years, the company has returned more than $10 billion to shareholders in the form of dividends and share repurchases. Baxter has doubled its dividend rate during this period, and recently announced a 7 percent increase for 2011.
Baxter International Inc., through its subsidiaries, develops, manufactures and markets products that save and sustain the lives of people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma, and other chronic and acute medical conditions. As a global, diversified healthcare company, Baxter applies a unique combination of expertise in medical devices, pharmaceuticals and biotechnology to create products that advance patient care worldwide.
This release includes forward-looking statements concerning the company's dividend. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: continued strength in the company’s financial position, including cash flows; future decisions of the board of directors with respect to the repurchase of shares and the payment of dividends as compared to other alternative uses of funds; and other risks identified in the company's most recent filing on Form 10-K and other SEC filings, all of which are available on the company's website. The company does not undertake to update its forward-looking statements.
Baxter International Inc.
Deborah Spak, (847) 948-2349
Mary Kay Ladone, (847) 948-3371
Clare Trachtman, (847) 948-3085
KEYWORDS: United States North America Illinois
INDUSTRY KEYWORDS: Health Biotechnology Medical Devices Pharmaceutical