(Source: Business Wire)
CVS Caremark Corporation (NYSE: CVS) today announced that its Board of
Directors has approved a new share repurchase program for up to $2.0
billion of its outstanding common stock. The share repurchase
authorization, which is effective immediately and expires at the end of
2011, permits the Company to effect the repurchases from time to time
through a combination of open market repurchases, privately negotiated
transactions and/or accelerated share repurchase transactions.
Dave Rickard, Executive Vice President and Chief Financial Officer of
CVS Caremark, stated: "We're very pleased with the Board's approval of
this new share repurchase program and believe it reflects well-placed
confidence in the future growth of CVS Caremark's business and an
ongoing commitment to increase shareholder value."
There can be no assurance as to the amount, timing or prices of
repurchases. The specific timing and amount of repurchases will vary
based on market conditions and other factors. The share repurchase
program may be modified, extended or terminated by the Board of
Directors at any time.
About the Company
CVS Caremark is the largest provider of prescriptions in the nation. The
Company fills or manages more than 1 billion prescriptions annually.
Through its unmatched breadth of service offerings, CVS Caremark is
transforming the delivery of health care services in the U.S. The
Company is uniquely positioned to effectively manage costs and improve
health care outcomes through its more than 7,000 CVS/pharmacy and Longs
Drugs stores; its Caremark Pharmacy Services division (pharmacy benefit
management, mail order and specialty pharmacy); its retail-based health
clinic subsidiary, MinuteClinic; and its online pharmacy, CVS.com.
General information about CVS Caremark is available through the
Investors section of the Company's website, at cvscaremark.com, as well
as through the Newsroom section of the Company's website, at
cvscaremark.com/newsroom.
Forward-looking Statements
This press release contains certain forward-looking statements that are
subject to risks and uncertainties that could cause actual results to
differ materially. For these statements, the Company claims the
protection of the safe harbor for forward-looking statements contained
in the Private Securities Litigation Reform Act of 1995. The Company
strongly recommends that you become familiar with the specific risks and
uncertainties outlined under the Risk Factors section in our Annual
Report on Form 10-K for the year ended December 31, 2008 and under the
section entitled "Cautionary Statement Concerning Forward-Looking
Statements" in our most recently filed Quarterly Report on Form 10-Q.
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