Thousand Oaks-based biotech firm Amgen said Dec. 7 that its board of directors has authorized the firm to buy back as much as $5 billion in stock.
Amgen has $1.2 billion of potential stock repurchases under its previous buyback program. Companies often buy back stock to boost share prices or earnings per share.
Amgen’s shares slipped half a percent to $56.55 on the news. The shares are roughly where they stood a year ago, despite peaking near $65 in late summer.