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Thursday, Jun 8, 2023

Amgen Announces $2 Billion Share Buyback, Ups Dividend

Amgen Inc. announced on Thursday it will increase its dividend 31 percent for the first quarter of 2013 while also buying back $2 billion in shares. The dividend of 47 cents a share will be paid March 7 to shareholders of record as of Feb. 13. The dividend beat Thomson Reuters analyst estimates by 7 cents. The $2 billion increase to its share repurchase plan will add to the $10 billion in share repurchasing the Thousand Oaks biotech already has authorized. The company has been trading at record highs since it first started buying back shares last year, but it faces an expected drop off in sales from its core anemia drugs as generics enter the marketplace. In an effort to develop new blockbusters, the company licensed six development-stage drugs to spinoff Atara Biotherapeutics in October, and on Monday said that it is acquiring Icelandic genetics research company deCODE Genetics for $415 million. Shares closed down $1.02, or 1.1 percent, to $89.15 on the Nasdaq.

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