NORTH CHICAGO, Ill., Feb. 15, 2013 /PRNewswire/ -- The board of directors of AbbVie Inc. (NYSE: ABBV) declared a quarterly cash dividend and also authorized a share repurchase program of up to $1.5 billion of the Company's outstanding common stock.
The cash dividend of $0.40 per share is payable May 15, 2013 to stockholders of record at the close of business on April 15, 2013. AbbVie was named to the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years. AbbVie was included as a result of the Index's change in its treatment of spin-off companies.
The share repurchase authorization, which is effective immediately, is expected to be completed over a multi-year period and purchases may be made from time to time in management's discretion. The share repurchase authorization permits shares to be repurchased in open market or private transactions, has no time limit and may be discontinued at any time.
AbbVie is a global, research-based biopharmaceutical company formed in 2013 following separation from Abbott. With its 125-year history, the company's mission is to use its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world's most complex and serious diseases. In 2013, AbbVie employs approximately 21,000 people worldwide and markets medicines in more than 170 countries. For further information on the company and its people, portfolio and commitments, please visit www.abbvie.com. Follow @abbvie on Twitter or view careers on our Facebook or LinkedIn page.
Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect AbbVie's operations are discussed in the "Risk Factors" section of the Information Statement attached to our Form 10 Registration Statement, which has been filed with the SEC, and are incorporated by reference. AbbVie undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
SOURCE AbbVie Inc.