After the market close on Thursday, Amgen, Inc. (AMGN) announced an additional $2B stock buyback plan. The company executed a very successful buyback over the last year, so this additional plan is noteworthy, especially considering several companies have announced buybacks this week that aren't interesting or material.
The company is a leading independent biotechnology medicines company that previously had a $10B buyback plan that has at least partially helped the stock to all time highs.
This plan adds $2B to around $500M left on the previous plan. This leaves Amgen with $2.5B that it forecasts will be spent by early 2014. Also, the company significantly increased the dividend to $0.47 for Q113. This increases the dividend yield to 2.1%.
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