Gilead Sciences, Inc. (Nasdaq:GILD) today announced that the company's Board of Directors has authorized the repurchase of up to $5 billion of the company's common stock through May 2013.
“We have in place the expertise and resources to grow each of the company's core therapeutic areas and confidence in our ability to identify and seize new opportunities with potential industry and academic partners.”
"Gilead's Board of Directors and senior management team believe that the stock repurchase program announced today represents an appropriate and strategic use of the company's cash, while allowing sufficient flexibility for other expenditures going forward, including investments in research and development and licensing or partnership opportunities," commented John C. Martin, PhD, Chairman and Chief Executive Officer.
"In recent weeks, we have made significant progress with our HIV pipeline programs, as indicated by our ability to develop a new fixed-dose regimen of TMC278 with Truvada® in a timeframe that will allow us to file for regulatory approval this year. Additionally, we initiated the first Phase III clinical study of the Quad ahead of schedule and are rapidly enrolling," said Norbert Bischofberger, PhD, Executive Vice President, Research and Development and Chief Scientific Officer. "We have in place the expertise and resources to grow each of the company's core therapeutic areas and confidence in our ability to identify and seize new opportunities with potential industry and academic partners."
Purchases may be made through the open market and private block transactions pursuant to Rule 10b5-1 plans, privately negotiated transactions or other means as determined by Gilead's management and in accordance with the requirements of the Securities and Exchange Commission.
The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions.
Gilead also announced today that it has completed the $1 billion stock repurchase program that was authorized by the Board in January 2010. Under the buyback program, Gilead acquired approximately 24.1 million shares of its common stock at an average price of $41.43 per share.
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