(Source: Business Wire)
Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) announced today that
its Board of Directors has authorized the Company to repurchase
(including through one or more subsidiaries) up to an aggregate of $3
billion of its ordinary shares/ADRs from time to time, based on market
conditions. At Teva's current market capitalization, this amount would
represent approximately 8 percent of the outstanding common stock.
"This share repurchase program reflects our confidence in the future
outlook of our business and the company's long-term value," said Shlomo
Yanai, President and CEO. "Furthermore, our strong cash flow enables us
to return cash to our shareholders while preserving the ability to
service our debt and continue to drive business growth."
Given the Company's strong cash generation and cash position, the
repurchase program will be financed out of free cash flow, without the
need to increase leverage.
In the twelve months ended September 2011, Teva has returned more than
$2.5 billion to shareholders through dividends, share repurchases and
redemptions of convertible bonds.
The repurchase program has no time limits and is expected to be
completed over a three-year period. 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 priorities and regulatory requirements. Repurchases may be
commenced or suspended at any time or from time to time and made at
prices prevailing in the open market or in privately negotiated
transactions.
About Teva
Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA) is a leading global
pharmaceutical company, committed to increasing access to high-quality
healthcare by developing, producing and marketing affordable generic
drugs as well as innovative and specialty pharmaceuticals and active
pharmaceutical ingredients. Headquartered in Israel, Teva is the world's
largest generic drug maker, with a global product portfolio of more than
1,300 molecules and a direct presence in about 60 countries. Teva's
branded businesses focus on CNS, oncology, pain, respiratory and women's
health therapeutic areas as well as biologics. Teva currently employs
approximately 47,000 people around the world and reached $16.1 billion
in net sales in 2010.
Teva's Safe Harbor Statement under the U. S. Private Securities
Litigation Reform Act of 1995:
This release contains forward-looking statements, which express the
current beliefs and expectations of management.