Amgen to Buy Back $2 Billion in Stock
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Amgen Inc., the world’s largest biotechnology company, said it would buy back as much as $2 billion of its stock, which has fallen 32% this year.
The announcement, made after U.S. markets closed, sent shares of Thousand Oaks-based Amgen up 4.5% to $39.87 in heavy after-hours trading. The shares had closed off 58 cents at $38.17 on Nasdaq.
Amgen has already repurchased about $1 billion of its own shares this year, and the board’s authorization extends that, the company said. The additional shares are to be acquired from now until June 2004, Amgen said.
The current price makes buying back shares a good investment for Amgen, Chief Executive Kevin Sharer said.
Though declining, Amgen’s performance has outpaced the Nasdaq Biotechnology Index, which has fallen 46% in 2002.
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