CVS Caremark Corporation Announces Authorization of Repurchase Program for up to $2 Billion of Common Stock
WOONSOCKET, R.I.--(BUSINESS WIRE)--May 21, 2008--CVS Caremark Corporation (NYSE: CVS) today announced that its Board of Directors has approved a share repurchase program for up to $2.0 billion of its outstanding common stock.
Dave Rickard, Executive Vice President and Chief Financial Officer of CVS Caremark, stated: "We're very pleased with the Board's decision and expect to repurchase shares in the open market from time to time, in 2008 and 2009, enhancing shareholder returns."
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 stock repurchase program may be modified, extended or terminated by the Board of Directors at any time.
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 caption "Cautionary Statement Concerning Forward-Looking Statements" in its Quarterly Report on Form 10-Q for the quarter ended March 29, 2008.
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 healthcare services in the U.S. The Company is uniquely positioned to effectively manage costs and improve healthcare outcomes through its more than 6,900 CVS/pharmacy 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 Investor Relations section of the Company's website, at http://investor.cvs.com, as well as through the newsroom section of the Company's website, at www.cvscaremark.com/newsroom.
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