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Allergan Authorizes $10 Billion Buyback, Beats Estimates

Ahead of its earnings call, Allergan (AGN - Get Report) has announced that its board approved a new share repurchase program of up to $10 billion of its common stock.

"We believe there is no greater investment than Allergan stock, given our powerful growth prospects," said Brent Saunders, CEO and president of Allergan in a press release. "As we think about our capital deployment options post the close of the Teva transaction, in addition to the stock repurchase program, we will have the ability to pay down debt to maintain our investment grade credit...