Lilly resumes share buybacks after long absence

(Reuters) – Drugmaker Eli Lilly and Co, which faces revenue pressure from patent expirations of top products, said it was resuming its program to buy back its stock. The Indianapolis-based company had not bought back its shares since 2006, choosing to use its cash for other purposes. Lilly’s board authorized the company to resume a share repurchase program that had begun in 2000, under which it had spent $2.58 billion of a total authorization of $3 billion. …

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