Allergan shares jump 3.4% on $2 billion buyback news
The share price of Ireland-incorporated drugmaker Allergan (NYSE: AGN) closed at $211.61 on Monday, up 3.4% for the day, after the company announced a $2 billion share buyback program and reiterated its pledge to pay down $3.75 billion of debt in 2018.
Allergan affirmed its commitment to increasing its regular quarterly cash dividend annually for shareholders, who had seen the value of their shares decline by around 20% in the last two months.
The planned stock buyback follows Allergan's completion of a separate $15 billion repurchase, and comes after the company reported mixed trial data for its experimental treatment of nonalcoholic steatohepatitis liver fibrosis."We continue to believe that Allergan stock is substantially undervalued"
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
More on this story...
Today's issue
Company Spotlight
More Features in Pharmaceutical
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze