The Abbott Park, Illinois-based company said in a filing with the Securities and Exchange Commission that the new authorization was in addition to the $795 million unused portion of the previous share repurchase program that was authorized in September 2014.
The company also said on Tuesday that it was working with Tandem Diabetes Care (TNDM) - Get Report to develop and commercialize integrated diabetes treatments using Abbott's glucose sensing technology and Tandem's innovative insulin delivery systems.
Abbott said Monday it was partnering with Omada Health to integrate Abbott's FreeStyle Libre system with Omada's digital care program.
Abbott is scheduled to report third-quarter earnings on Wednesday before the market opens.
Abbott in July posted stronger-than-expected second-quarter earnings and boosted its full-year profit guidance as sales of its FreeStyle Libre glucose monitoring system surged following Food and Drug Administration approval in 2017.