Merck (NYSE: MRK), known as MSD outside the United States and Canada, today announced that its Board of Directors has approved additional purchases of up to $5 billion of Merck's common stock for its treasury. The treasury stock purchase has no time limit and will be made over time on the open market, in block transactions or in privately negotiated transactions.
“Merck has a history of leadership in returning cash to shareholders”
"Merck has a history of leadership in returning cash to shareholders," said Kenneth C. Frazier, Merck's president and chief executive officer. "Together with our strong dividend, today's action reflects our confidence in Merck's strategy and demonstrates our commitment to delivering shareholder value."
The company's total current share repurchase program is now $6.4 billion, with today's announcement and the $1.4 billion share repurchase authorization remaining under the program announced on November 24, 2009.