Are Share Buybacks a Wise Investment for Biopharma
Executive SummaryBiogen Idec, Genzyme and Amgen have eached announced large share buybacks recently. Wall street smiles on these buybacks and the conventional wisdom suggests they are a tax-efficient way of returning cash to shareholders. But in biopharmaceuticals, there is a downside to these shareholder sweeteners.
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Share buybacks are controversial in the biopharma industry, but European pharma companies, facing tough operating environments and pressures on near-term financials, are planning to invest in them in 2012 more than in recent years.