Thermo Fisher Scientific (NYSE:TMO) Inc has announced a new $4 billion stock repurchase program, which represents about 2.3% of its market capitalization of $171.99 billion as of Monday’s close.
The analytics, diagnostics and laboratory services company said the new buyback program, which has no expiration date, replaces the existing program that had $1 billion in repurchase authorization remaining.
Shares of Thermo Fisher Scientific (NYSE:TMO) rose nearly 3% to $457.90 in early trading on Tuesday but have fallen 18% year to date after closing at a three-year low during the last week of October.
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