(Source: Business Wire)
The Board of Directors of Baxter International Inc. (NYSE:BAX) today declared a quarterly dividend of $0.26 per share of Baxter common stock. This payment represents a continuation of the current rate. The quarterly dividend is payable on October 1, 2009, to shareholders of record as of the close of business on September 10, 2009.
The Board of Directors also authorized the repurchase of an additional $2 billion of the company's common stock, which is expected to be executed upon completion of the company's existing share repurchase program. Baxter has less than $300 million remaining under its previous $2 billion share repurchase authorization from March 2008. Shares will be repurchased in the open market at times and amounts determined by management based on its evaluation of market conditions and other factors.
"Our focused capital allocation strategy and ongoing ability to generate strong cashflows has allowed us to return significant value to our shareholders over the last several years," said Robert M. Davis, chief financial officer. "The continuation of our share repurchase program reflects our confidence in achieving longer-term objectives while investing in R&D and new business development opportunities."
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 expected cashflows, investments in R&D, accelerating business development activities and share repurchases and investments. 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: the company's ability to identify and execute on business development and R&D opportunities; continued strength in the company's financial position, including cashflows; alternative uses of funds including, but not limited to dividends, business development transactions, and other investments in the company's businesses; 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.
A service of YellowBrix, Inc.
