Biotech drugmaker Amgen said Monday its board approved a new $5 billion stock buyback plan.
The buyback is being added to the company's current stock repurchase plan, which still has $1.2 billion in funds remaining. Amgen also approved $5 billion buyback plans in December 2006 and July 2007. It had about 1.2 billion shares outstanding as of Nov. 2.
The company said the plan "reflects Amgen's confidence in its long-term prospects."
Shares of Thousand Oaks, Calif., Amgen Inc. have traded between $44.95 and $64.76 over the last year and closed at $56.85 on Friday.
Shares rose 50 cents to $57.35 in morning trading.