Walgreens to buy back $2 billion in shares

Deerfield, Ill. Walgreens Co. announced on Thursday that it has authorized a new $2 billion share-repurchase program, replacing the existing $1 billion plan which had about $655 million remaining.

Walgreens generated a record $4.1 billion in cash flow from operations in fiscal 2009 as a result of its stronger operating performance and improved working capital, according to the company.

“We remain confident in our growth strategy and ability to drive earnings growth, increase return on invested capital and generate strong cash flow,” said Walgreens president and CEO Greg Wasson.