CVS Caremark Corporation Announces New Share Repurchase Authorization for up to $4 Billion of Common Stock

CVS Caremark Corporation (NYSE: CVS) today announced that its board of directors has approved a new share repurchase program for up to $4.0 billion of the company's outstanding common stock. The share repurchase authorization, which is effective immediately, permits the company to effect the repurchases from time to time through a combination of open market repurchases, privately negotiated transactions, accelerated share repurchase transactions, and/or other derivative transactions.

The Company also stated that it intends to complete its $2 billion share repurchase program, authorized in June 2010, this year as expected. In addition, the company intends to repurchase approximately $1 billion under the new authorization by the end of this year.