Zoetis today announced that its Board of Directors has authorized a $500 million share repurchase program as part of its capital allocation plans. The shares are expected to be repurchased at the discretion of management, depending on market conditions and business needs. The authorization allows for repurchases to be conducted through open market or privately negotiated transactions or otherwise.

“A share repurchase program is an important tool for managing our allocation of capital, and it gives us additional flexibility to return capital to shareholders when it is not needed in the business,” said Paul Herendeen, Executive Vice President and Chief Financial Officer of Zoetis. “We remain focused on investing capital internally to help grow the business; completing complementary business development activities that can generate additional value; and returning capital to shareholders as part of our total value proposition.”