St. Jude Medical Board of Directors Authorizes $700 Million Share Repurchase

ST. PAUL, Minn.--(BUSINESS WIRE)--

St. Jude Medical, Inc. STJ announced today that its Board of Directors has authorized a share repurchase of up to $700 million of its outstanding common stock. The repurchases will occur at such times and at such prices as the management of the company determines and may be effected through transactions in the open market, in privately negotiated transactions or otherwise. As of Dec. 6, 2013, the company had approximately 292 million shares of common stock issued and outstanding. The company expects to fund this program with cash on hand as well as other sources of available liquidity.

Since the beginning of 2010 and excluding today's announcements, St. Jude Medical has returned $3.8 billion of capital to shareholders, consisting of $770 million in dividends and $3.0 billion in share repurchases.

Commenting on the new share repurchase program, St. Jude Medical Chairman, President and Chief Executive Officer Daniel J. Starks said, “This share repurchase program reflects our confidence in the continued growth of St. Jude Medical's business, our sustainable free cash flow and our commitment to enhancing shareholder value.”

About St. Jude Medical

St. Jude Medical is a global medical device manufacturer dedicated to transforming the treatment of some of the world's most expensive, epidemic diseases. The company does this by developing cost-effective medical technologies that save and improve lives of patients around the world. Headquartered in St. Paul, Minn., St. Jude Medical has four major clinical focus areas that include cardiac rhythm management, atrial fibrillation, cardiovascular and neuromodulation. For more information, please visit sjm.com or follow us on Twitter @StJudeMedicalIR.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include the expectations, plans and prospects for the Company, including potential clinical successes, anticipated regulatory approvals and future product launches, and projected revenues, margins, earnings and market shares. The statements made by the Company are based upon management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond the Company's control and the risk factors and other cautionary statements described in the Company's filings with the SEC, including those described in the Risk Factors and Cautionary Statements sections of the Company's Annual Report on Form 10-K for the fiscal year ended December 29, 2012 and Quarterly Report on Form 10-Q for the fiscal quarter ended September 28, 2013. The Company does not intend to update these statements and undertakes no duty to any person to provide any such update under any circumstance.