A Medical Device Daily

Abbott Laboratories (Abbott Park, Illinois) reported that its board has authorized the repurchase of up to $5 billion of the company's common stock.

The board said the purchases may be made from time to time as market conditions warrant and subject to regulatory considerations. The share repurchase authorization has no time limit and may be discontinued at any time. The company said it was initiating the new share repurchase program due to "current market conditions" which it said created "a significant buying opportunity."

Abbott reported just over 1.54 billion shares of common stock outstanding as of June 30, according to a filing with the Securities and Exchange Commission.

The company bought back more than $1 billion in stock last year and said it will roll about $400 million left in a previous repurchase program into the new program.

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