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NORTH CHICAGO, Ill., Oct. 20, 2014 /PRNewswire/ -- The board of directors of AbbVie Inc. (NYSE: ABBV) today authorized a new $5 billion stock repurchase program and increased the company's quarterly cash dividend by nearly 17 percent.

The authorization allows for the repurchase of up to $5 billion of the company's common stock, which is expected to be executed over the next several years. The stock repurchase authorization permits shares to be repurchased in open market or private transactions, has no time limit and may be discontinued at any time. 

Additionally, the board declared an increase in the company's quarterly cash dividend from $0.42 per share to $0.49 per share, payable on Feb. 13, 2015 to stockholders of record as of Jan. 15, 2015.

AbbVie will also host a live webcast of its third-quarter 2014 earnings conference call on Oct. 31, 2014 at 8 a.m. Central time (9 a.m. Eastern).  It will be accessible through AbbVie's Investor Relations website at www.abbvieinvestor.com. An archived edition of the call will be available after 11 a.m. Central time.

About AbbVie
AbbVie is a global, research-based biopharmaceutical company formed in 2013 following separation from Abbott Laboratories. The company's mission is to use its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world's most complex and serious diseases. AbbVie employs approximately 25,000 people worldwide and markets medicines in more than 170 countries. For further information on the company and its people, portfolio and commitments, please visit www.abbvie.com.  Follow @abbvie on Twitter or view careers on our Facebook or LinkedIn page.

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SOURCE AbbVie