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 colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 14, 2023 08:33 ET (13:33 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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