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VALLEY FORGE, Pa. — AmerisourceBergen Corp.’s board of directors has authorized a new $500 million share repurchase program.
The pharmaceutical and health care products distributor said late Thursday that the new stock buyback plan will become effective after the completion of the current repurchase program, which has about $98 million remaining.
AmerisourceBergen reported that to date in fiscal 2010, which ends Sept. 30, it has spent roughly $470 million to repurchase its outstanding shares of common stock. The company said it plans to use the new program to repurchase its outstanding shares of common stock, subject to market conditions.
"The $470 million repurchase of common stock in fiscal 2010 and the new share repurchase program illustrate our continued confidence in delivering long-term shareholder value," R. David Yost, AmerisourceBergen president and chief executive officer, said in a statement.
AmerisourceBergen’s current buyback program was authorized last November for $500 million. The company said it has about 277 million common shares outstanding.
