Caremark Rx, Inc. Announces $1.25 Billion Increase in Share Repurchase Authorization.NASHVILLE, Tenn. -- Caremark Rx  The introduction to this article may be too long. Please help improve the introduction by moving some material from it into the body of the article according to the suggestions at , Inc. (NYSE NYSESee: New York Stock Exchange : CMX CMX Corel Presentation Exchange (file extension) CMX Cisco Mobile Exchange CMX Cloaca Maxima (sewage system of ancient Rome; Finnish rock band) CMX Crisis Management Exercise ) today announced that its Board of Directors has authorized a $1.25 billion increase in its existing share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. program, raising the total authorization of the program to $3.0 billion. The timing and amount of the repurchases of the company's common stock will be at management's discretion. The repurchases will depend on a variety of factors, including share price, regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. and market conditions. At the close of business on May 11, 2006, the company had repurchased a total 44.4 million shares, at an aggregate cost of approximately $1.71 billion since inception of the program in the third quarter of 2002. About Caremark Rx, Inc. Caremark Rx, Inc. is a leading pharmaceutical services company, providing through its affiliates comprehensive drug benefit services to over 2,000 health plan sponsors and their plan participants Plan participants Employees or other beneficiaries who are eligible to receive benefits from a company's employee benefit plan. throughout the U.S. The company's clients include corporate health plans, managed care organizations, insurance companies, unions, government agencies and other funded benefit plans. In addition, Caremark is a national provider of drug benefits to eligible beneficiaries under the Medicare Part D program. The company operates a national retail pharmacy network with over 60,000 participating pharmacies, seven mail service pharmacies, the industry's only FDA-regulated repackaging plant and 21 licensed specialty pharmacies for delivery of advanced medications to individuals with chronic or genetic diseases and disorders. Additional information about Caremark is available at www.caremarkrx.com or in the company's Forms 10-K, 10-Q and other SEC filings. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion