By Colin Kellaher
Thermo Fisher Scientific’s board has approved a new $4 billion stock buyback.
The Waltham, Mass., Life-sciences giant on Tuesday said the new program has no expiration date and replaces its prior buyback authorization, which had about $1 billion remaining.
Thermo Fisher spent $3 billion to buy back 5.2 million shares during the first nine months of 2023.
The company’s stock is down more than 20% so far this year and reached three-year lows late last month.
Thermo Fisher, which had nearly 386.4 million shares outstanding as of Sept. 30, sports a market capitalization topping $173 billion based Monday’s closing price of $445.15.
Write to Colin Kellaher at [email protected]
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