Biogen announces $5B stock buyback on heels of Alzheimer’s hit

For the second time in a year, Biogen has announced a share repurchase program on the heels of bad news from an Alzheimer's candidate. This time, the big biotech has authorized the repurchase of $5 billion in stock in addition to $1.7 billion remaining from the last buyback program its board approved in August 2018.

Biogen Inc. (NASDAQ:BIIB) and Eisai Co. Ltd. (Tokyo:4523) announced on March 21 that aducanumab was unlikely to meet its Phase III trial endpoints and said they would discontinue three studies for the mAb against β amyloid. Biogen's shares sank 29% to $227.88 that day (see “Biogen, Eisai Discontinuing Aducanumab Studies in AD”)...