Illumina board authorizes new $100 million share repurchase program

Illumina (Nasdaq:ILMN) today announced that on August 1, 2011, its Board of Directors authorized the Company to repurchase, on a discretionary basis, up to $100 million of its outstanding common shares in the open market or in privately negotiated transactions, subject to market conditions and other factors. The previous discretionary $100 million share repurchase program authorized in July 2010 was completed this week.

“We believe that the repurchase of our common stock represents an effective use of our capital and underscores our commitment to maximize value for our shareholders”

"We believe that the repurchase of our common stock represents an effective use of our capital and underscores our commitment to maximize value for our shareholders," said Illumina's Christian Henry, Senior Vice President, General Manager of Life Sciences and Chief Financial Officer. "Since 2008, we have bought over 12 million shares of our common stock through prior authorizations, returning nearly $450 million to shareholders. Through the Board's new authorization, we expect to continue our share repurchase programs."