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WOONSOCKET – CVS Caremark Corp., the largest provider of prescription drugs in the U.S., plans to buy back as much as $6 billion in shares, Bloomberg News reported last month.
The repurchase authorization is effective immediately and will take place over multiple years, the Woonsocket -based company said in a statement.
CVS plans to repurchase $3 billion to $4 billion annually in shares over the next several years, Chief Financial Officer David Denton told analysts Sept. 5. The retailer has gained customers after Walgreen Co. last year ended a contract to sell prescriptions through employee-benefits manager Express Scripts Holding Co. •