AbbVie raises dividend and buys $10 billion of shares

AbbVie Inc (ABBV.N) said on Thursday its board had approved a $10 billion stock repurchase program, and the drugmaker also increased its quarterly dividend, as it reaped the benefits of U.S. tax law changes.

The Chicago-based company’s shares were up nearly 1 percent at $114.04 in mid-afternoon trading.

AbbVie, which forecast an adjusted effective 2018 tax rate of 9 percent last month, joins other companies such as Pfizer Inc (PFE.N) and Boeing (BA.N) in announcing share buybacks and dividend raise.

The largest U.S. tax overhaul in 30 years includes cuts to corporate tax rates and delivers a windfall to major U.S. companies.