Lilly initiates new $1.5 bln stock-repurchase program
Dec 17 (Reuters) - Eli Lilly and Co on Monday said its board of directors had authorized a new $1.5 billion share-repurchase plan that the U.S. drugmaker expects to complete in 2013.
The company said the initiative follows a $3 billion stock-buyback program that was started in 2000 but was not completed until this year.
Lilly in June said it expected to complete by the end of 2012 the remaining $420 million in share repurchases from the earlier $3 billion program. The company said it would then resume "systematic" share repurchases, the first of which was announced late on Monday in a press release.