Allergan to buy back $2B in stock — CFO to retire

Allergan's board of directors authorized the company to buy back $2 billion in stock, while also committing to increasing its quarterly dividends and reaffirming its decision to pay down $3.75 billion in debt by 2018.

Here's what you should know:

1. Allergan CEO Brent Saunders said in a release, "We continue to believe that Allergan stock is substantially undervalued, and the share price today presents a unique investment opportunity for the Company. 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."

2. Allergan's stock opened at $211.62 today, hitting $215.38 at 9:30 a.m. EST.

3. In a separate release, Allergan CFO Tessa Hilado announced her intentions to retire. The company started a search for her replacement. Ms. Hilado will remain with Allergan until a successor is named.

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