Discover the healthcare stocks with the biggest stock buybacks last quarter, Q1 2023
Buybacks
June 25, 2023
West Pharmaceutical Services, Inc. (WST) recently reported its financial results for the fourth quarter and full year of 2022, along with introducing financial guidance for 2023. Despite a decline in net sales for the fourth quarter, West Pharmaceutical experienced overall growth in both net sales and organic net sales for the full year. However, reported-diluted EPS decreased for both the fourth quarter and full year of 2022. In response to these results and to address ongoing inflationary conditions, West Pharmaceutical Services, Inc. has authorized a stock buyback program, allowing for the repurchase of up to $1.0 billion in common stock. This decision aims to manage costs, expand high-value product manufacturing capacity, and meet the growing demand from biologic customers. West Pharmaceutical's positive outlook for 2023, with expected net sales and adjusted-diluted EPS ranges, further supports this strategic move.
AnaptysBio, Inc. (ANAB +1.05%) is a clinical-stage biotechnology company specializing in groundbreaking immunology therapeutics. Recently, AnaptysBio's Board of Directors approved a Stock Repurchase Plan, authorizing the repurchase of up to $50,000,000 worth of their outstanding common stock. With substantial cash, cash equivalents, and investments exceeding $575 million as of December 31, 2022, AnaptysBio aims to ensure approximately four years of capital to execute their non-risk adjusted research and development plan. This plan excludes potential future royalties from their financial collaboration on GSK immuno-oncology. The repurchase of shares may occur through open market transactions or other means in accordance with applicable regulations. Factors such as prevailing stock prices, general market conditions, and corporate limitations will influence the timing, quantity, and prices of the repurchased shares. The Stock Repurchase Plan is valid until December 31, 2023, subject to potential suspension or discontinuation, and does not impose any obligation on AnaptysBio to acquire a specific number of common stock.
So-Young International Inc., the leading social community in China for consumers, professionals, and service providers in the medical aesthetics industry, recently announced an increase in the value of its Share Repurchase Program. The board of directors has authorized an adjustment, raising the aggregate value of shares So-Young can repurchase from $15 million to $25 million. This move reflects So-Young's strong belief in its long-term prospects and demonstrates their confidence in So-Young's future growth. The Share Repurchase Program will be effective for 12 months starting from November 18, 2022. So-Young may execute the repurchases through various methods, including open market purchases, privately negotiated transactions, and block trades, while adhering to applicable regulations. So-Young intends to finance these repurchases using its existing cash balance, ensuring a solid foundation for this strategic move.
ProPhase Labs, Inc., a dynamic and diversified diagnostics, genomics, and biotech company, recently announced the authorization of a stock repurchase program worth up to $6 million in ProPhase Labs' common stock. This decision reflects the Board of Directors' confidence in ProPhase Labs's impressive execution over the past two years and its commitment to delivering long-term value to shareholders. ProPhase Labs' strategic shift into the CLIA lab business and COVID-19 testing, coupled with successful diversification efforts, has yielded exceptional results. ProPhase Labs's subsidiaries, such as Pharmaloz Manufacturing and Nebula Genomics, are experiencing substantial growth, with projected revenue increases of threefold and over 100% respectively. Additionally, promising developments, including the BE-Smart Esophageal Cancer Test and clinical studies of Equivir (OTC), demonstrate ProPhase Labs' potential to make significant contributions to the biotech industry. By authorizing the stock buyback, ProPhase Labs aims to capitalize on its successful endeavors and generate long-term returns for its loyal shareholders.
Option Care Health, Inc. recently announced an underwritten secondary offering of 13,000,000 shares of Option Care Health's common stock by a Selling Stockholder at a price of $30.75 per share. While Option Care Health won't receive any proceeds from this offering, they have authorized a concurrent share repurchase agreement, enabling them to repurchase shares from the Selling Stockholder for approximately $75 million. The repurchased shares will be held in treasury, and Option Care Health plans to fund the repurchase using their available cash. The completion of the concurrent share repurchase is subject to the closing of the offering.
OptimizeRx Corp. (OPRX), a prominent provider of point-of-care technology solutions, has recently announced its Board of Directors' unanimous decision to authorize a share repurchase program. Under this program, OptimizeRx has the authority to repurchase up to $15 million of its outstanding common stock. OptimizeRx, boasting a robust working capital position as it enters 2023, is optimistic about leveraging the scalability offered by the nation's largest workflow point-of-care network. OptimizeRx's CEO, Will Febbo, expressed confidence in the long-term prospects of the business and believes that OptimizeRx 's shares are currently undervalued.
Healthcare Services Group, Inc. (HCSG) reported revenue of $424.0 million and net income of $16.2 million for the three months ended December 31, 2022. As part of a comprehensive rebalancing of its capital allocation strategy, Healthcare Services Group's Board of Directors has suspended the quarterly cash dividend on its common stock and authorized the repurchase of up to 7.5 million shares. This decision reflects Healthcare Services Group's focus on enhancing financial flexibility, investing in organic and inorganic opportunities, and accelerating value creation. Despite industry challenges, such as workforce availability, inflation, and supply chain constraints, Healthcare Services Group remains confident in its strong growth outlook, market leadership, and efficient operating model. By rebalancing its capital allocation, Healthcare Services Group aims to create enduring value for shareholders in the coming years.
Procaps Group, a LatAm healthcare and pharmaceutical conglomerate, recently announced preliminary financial results for the fiscal year 2022 and provided guidance for the near term. Despite facing challenges such as currency devaluation, supply chain disruptions, and cost inflation, Procaps Group maintained robust demand for its RX, consumer health, and CDMO products. To address these challenges and improve profitability, Procaps is implementing cost reduction plans to achieve recurring savings of up to $15 million over the next 18 months. Looking ahead to 2023, Procaps Group expects improved performance and growth, with net revenues projected to increase by approximately 10%+ on a constant currency basis. To align with shareholder interests, Procaps has made board realignments and authorized a share repurchase program of $5 million, demonstrating its commitment to delivering long-term value to shareholders. Furthermore, key stakeholders, including Alejandro Weinstein and the Minski family, have expressed their confidence in Procaps Group's future by intending to purchase additional ordinary shares in the open market. Additionally, they have agreed not to sell any shares before the end of 2023, further emphasizing their commitment to long-term value.
All data was sourced from LevelFields AI
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