St. Jude Medical has authorized a share repurchase of up to $700 million of its outstanding common stock.

The repurchases will occur at such times and at such prices as the management of the company determines and may be effected through transactions in the open market, in privately negotiated transactions or otherwise.

St. Jude Medical (STJ) Authorizes $700 Million Buyback Plan

12/10/2013 6:56:18 AM

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St. Jude Medical Board of Directors Authorizes $700 Million Share Repurchase

ST. PAUL, Minn.--(BUSINESS WIRE)-- St. Jude Medical, Inc. (STJ) announced today that its Board of Directors has authorized a share repurchase of up to $700 million of its outstanding common stock. The repurchases will occur at such times and at such prices as the management of the company determines and may be effected through transactions in the open market, in privately negotiated transactions or otherwise. As of Dec. 6, 2013, the company had approximately 292 million shares of common stock issued and outstanding. The company expects to fund this program with cash on hand as well as other sources of available liquidity.

Since the beginning of 2010 and excluding today’s announcements, St. Jude Medical has returned $3.8 billion of capital to shareholders, consisting of $770 million in dividends and $3.0 billion in share repurchases.

Commenting on the new share repurchase program, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “This share repurchase program reflects our confidence in the continued growth of St. Jude Medical’s business, our sustainable free cash flow and our commitment to enhancing shareholder value.”

About St. Jude Medical

St. Jude Medical is a global medical device manufacturer dedicated to transforming the treatment of some of the world’s most expensive, epidemic diseases. The company does this by developing cost-effective medical technologies that save and improve lives of patients around the world. Headquartered in St. Paul, Minn., St. Jude Medical has four major clinical focus areas that include cardiac rhythm management, atrial fibrillation, cardiovascular and neuromodulation. For more information, please visit sjm.com or follow us on Twitter @StJudeMedicalIR.