Irish drug and medical device maker Covidien PLC said Thursday its board of directors has authorized the repurchase of up to $2 billion in shares based on market conditions. The company's stock rose 82 cents to $45.52 in premarket trading. Covidien said it returned more than $1 billion to shareholders through dividends and repurchases in the 12 months that ended in June. President and CEO Jose E. Almeida said in a statement from the company that the new repurchase program reflects confidence in Covidien's growth and sustainable cash flow.
