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Shares of
Gilead Sciences, Inc.GILD were trading higher by more than two percent in Friday's pre-market session.
The move is being attributed to
a possible report by analysts at RBC stating that the company could launch a buyback program of $10 billion or more.
Gilead Sciences' $138 billion market cap and $7.7 billion in cash and investments (along with $9.4 billion in debt) could support the company tapping in to the debt market to undertake such an initiative.
Gilead Sciences previously spent $1.7 billion on buybacks during the third quarter and the company's Chief Financial Officer Robin Washington stated during the post-earnings conference call that buybacks is the preferred method of choice for returning value to shareholders.
Shares were last up 1.7 percent at $92.86 in the pre-market session.© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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