Gilead Sciences, Inc. (Nasdaq:GILD) today provided an update on the company's previously announced $5.0 billion stock repurchase program authorized by Gilead's Board of Directors in May 2010. Gilead has repurchased approximately $2.2 billion in common stock under this program through August 31, 2010.
In conjunction with the company's announcement of its convertible debt offering on July 26, 2010, Gilead has since acquired approximately $1.0 billion of shares repurchased at an average price of $33.68. Purchase activity in the third quarter to date is approximately $1.4 billion in common stock.
Future 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 going forward will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions.