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Big biotech companies have flushed $100 billion in stock buybacks down the toilet

Stock buybacks — what are they good for?

When it comes to the more than $100 billion that big biotech companies have spent in recent years, Leerink analyst Geoffrey Porges might well sing back: Absolutely nothing.

By the analyst’s calculations, the companies, which include Gilead Sciences Inc. GILD, -6.40% , Amgen Inc. AMGN, +1.69% and Celgene Corp. CELG, -1.70% , among others, have actually produced a negative rate of return on their stock buybacks, though they were also able to influence earnings-per-share growth in the process.

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