Teva Pharmaceuticals has announced that it will buy back up to $1bn of its shares and American depositary receipts.

The world’s largest generic manufacturer claimed that its strong cash position would allow the company to embark on the scheme over the next 12 months.

Despite a market value of approximately $47bn, the company’s share value decreased 11% in 2010.

Teva still plans to achieve a net income of $6.8bn and a revenue of $31bn by 2015, and confirmed that it remains committed to making more acquisitions to expanding its operations.