WOONSOCKET, R.I.--(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.
CVS Caremark Corporation
Investor Contact:
Nancy Christal, 914-722-4704
Senior Vice President
Investor Relations
or
Media Contact:
Eileen Howard Dunn, 401-770-4561
Senior Vice President
Corporate Communications &
Community Relations
Copyright Business Wire 2009
