Microsoft CEO Steve Ballmer, left, and Qualcomm CEO Paul Jacobs talk about various Windows based products that utilize Qualcomm technology during Jacobs' keynote address at the Consumer Electronics Show, Monday, Jan. 7, 2013, in Las Vegas. (AP Photo/Julie Jacobson)
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Microsoft CEO Steve Ballmer, left, and Qualcomm CEO Paul Jacobs talk about various Windows based products that utilize Qualcomm technology during Jacobs' keynote address at the Consumer Electronics Show, Monday, Jan. 7, 2013, in Las Vegas. (AP Photo/Julie Jacobson)
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Microsoft CEO Steve Ballmer, left, and Qualcomm CEO Paul Jacobs speak during Jacobs' keynote address at the Consumer Electronics Show, Monday, Jan. 7, 2013, in Las Vegas. (AP Photo/Julie Jacobson)
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File - This Monday, June 18, 2012, file photo, shows a profile view of the new Microsoft Surface, a tablet computer in Los Angeles. Tablets are at the top of many wish lists this holiday season. The choice used to be pretty limited, with the iPad dominating over the latecomers. But this year, the field is more even, as tablets from Apple's competitors have matured. In addition, Google and Microsoft have dived in with their own tablets, providing more choice. (AP Photo/Damian Dovarganes)
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FILE - In this Monday, Monday, Oct. 29, 2012, file photo, Hugo Barra, Android at Google Director of Product Management, holds up the Nexus 10 tablet at a Google announcement in San Francisco. Tablets are at the top of many wish lists this holiday season. The choice used to be pretty limited, with the iPad dominating over the latecomers. But this year, the field is more even, as tablets from Apple's competitors have matured. In addition, Google and Microsoft have dived in with their own tablets, providing more choice. (AP Photo/Jeff Chiu)
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This undated image provided by Barnes & Noble shows one of the two new Nook tablets the company will be releasing in the fall of 2012. Tablets are at the top of many wish lists this holiday season. The choice used to be pretty limited, with the iPad dominating over the latecomers. But this year, the field is more even, as tablets from Apple's competitors have matured. In addition, Google and Microsoft have dived in with their own tablets, providing more choice. (AP Photo/Barnes & Noble)
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This undated image provided by Samsung Electronics America Inc. shows the Samsung Galaxy Note 10.1. Tablets are at the top of many wish lists this holiday season. The choice used to be pretty limited, with the iPad dominating over the latecomers. But this year, the field is more even, as tablets from Apple's competitors have matured. In addition, Google and Microsoft have dived in with their own tablets, providing more choice. (AP Photo/Samsung Electronics America Inc.)
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FILE - In this March 7, 2012, file photo, a new Apple iPad is on display during an Apple event in San Francisco. Tablets are at the top of many wish lists this holiday season. The choice used to be pretty limited, with the iPad dominating over the latecomers. But this year, the field is more even, as tablets from Apple's competitors have matured. In addition, Google and Microsoft have dived in with their own tablets, providing more choice. (AP Photo/Paul Sakuma, File)
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FILE - In this Tuesday, Aug. 21, 2012, file photo, the Apple logo is shown on a stock ticker at the Nasdaq MarketSite, in New York. Apple is entering the home stretch of what will likely be its best holiday season yet as shoppers snap up iPhones and iPads in record numbers in December 2012. Yet the world's most valuable company has lost its luster among investors, causing Apple's stock price to plunge by more than 20 percent from a peak reached less than three months ago when the latest iPhone went on sale. (AP Photo/Mark Lennihan)
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FILE -In this Friday, Nov. 2, 2012, file photo, a customer, Song Tae-min reacts after buying a new iPad Mini in Seoul, South Korea. The tablet computer is without a doubt the gift of the year. just like it was last year. But if you resisted the urge in 2011, now is the time to give in. This season's tablets are better all around. Intense competition has kept prices very low, making tablets incredible values compared to smartphones and PCs (AP Photo/Ahn Young-joon)
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Google's Cheryl Pon shows off apps on the new Google Nexus 7 tablet at the Google I/O conference in San Francisco, Wednesday, June 27, 2012. The tablet computer is without a doubt the gift of the year. Just like it was last year. But if you resisted the urge in 2011, now is the time to give in. This season's tablets are better all around. Intense competition has kept prices very low, making tablets incredible values compared to smartphones and PCs. (AP Photo/Paul Sakuma)
AbbVie board OKs $1.5B for share buybacks
NORTH CHICAGO, Ill. (
AP) — Drugmaker AbbVie Inc., spun off from
Abbott Laboratories in January, approved $1.5 billion for buying back its own shares.
The company expects the stock purchases to be completed over several years. Buybacks can make shareholders' existing holdings more valuable and boost earnings per share.
AbbVie, based in North Chicago, Ill., sells branded prescription drugs, including the blockbuster anti-inflammatory drug Humira, which is used to treat rheumatoid arthritis, psoriasis and Crohn's Disease.
Abbott, meanwhile, will continue marketing the company's remaining products: Nutritional formula, generic drugs and medical devices.
Company shares rose 98 cents, or 2.7 percent, to $37.55 in premarket trading.
Tags:
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