Gilead announces $3 billion share buyback

California, USA-based Gilead Sciences says that its board of directors has authorized the repurchase of up to $3.0 billion of the company's common stock through December 2010.

Purchases may be made in the open market or in privately-negotiated transactions from time to time, as determined by Gilead's management and in accordance with the requirements of the Securities and Exchange Commission. As of September 30, Gilead had approximately 928,864,666 shares of common stock outstanding.

Gilead Sciences is a biopharmaceutical company that discovers, develops and commercializes innovative therapeutics in areas of unmet medical need.