Allergan CEO Brent Saunders says drug price increases have to stop. During an interview with the FOX Business Network’s Maria Bartiromo he discussed Allergan’s (NYSE:AGN) “social contract with patients” to cap drug prices.
“It really is about balancing the need to invest in innovation, cures and treatments for unmet medical needs with responsible pricing, and providing access to medicine,” he said.
He also said the pharmaceutical industry needs to be held accountable for drug prices.
“These drug price [increases]… have to stop. We need responsible action by the pharmaceutical industry. We need responsible action by the other participants in the drug pricing system to make sure that drugs are priced appropriately. That people can afford them. That there’s access accessibility,” he said.
Saunders, on Wednesday, exclusively announced on FOX Business that his company was initiating a $10 billion accelerated share repurchase.
The company also expanded its buyback program by $5 billion to $15 billion and set its first quarterly dividend of 70 cents per share.
“When we look at all the things we can buy and we are still looking at stepping stone-style acquisitions to buy, there’s nothing more creative than buying our own stock. We believe our stock is fundamentally undervalued,” he said.