Allergan buys back $2B in stock same day CFO announces retirement

Allergan's board of directors on Monday authorized a $2 billion buyback of the drugmaker's stock, reports Reuters.

The buyback follows a separate $15 billion stock repurchase Allergan announced last year.

"We continue to believe that Allergan stock is substantially undervalued, and the share price today presents a unique investment opportunity for the company," said CEO Brent Saunders. "Our financial strength and cash flow, strong portfolio of products and diversified pipeline allow us to balance return of capital to shareholders through a flexible share repurchase program."

Allergan also announced the retirement of CFO Tessa Hilado Monday. The drugmaker declined Reuter's request for comment on the departure, but said it has already initiated the search for a new CFO.

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