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Largest Recent Stock Buyback Announcements1

Company Buyback Plan Amount Date

Apple $100 billion May 1, 2018
Cisco $25 billion February 14, 2018
Wells Fargo $22.6 billion January 23, 2018
UnitedHealth Group $17.6 billion June 6, 2018
Home Depot $15 billion December 6, 2017
PepsiCo $15 billion February 13, 2018
Oracle $12 billion February 1, 2018
Broadcom $12 billion April 12, 2018
Merck & Co. $10 billion November 28, 20172
Pfizer $10 billion December 18, 20173
Amgen $10 billion February 1, 20184
AbbVie $10 billion February 15, 20185
Qualcomm $10 billion May 9, 2018
Micron $10 billion May 21, 2018
Facebook $9 billion April 25, 2018
Alphabet (Google) $8.6 billion February 1, 2018
Celgene $8 billion (combined) February 14 & May 24, 20186
Booking (Priceline) $8 billion February 27, 2018
Adobe $8 billion May 21, 2018
Visa $7.5 billion February 1, 2018
Honeywell $6.5 billion December 8, 2017
Applied Materials $6 billion February 14, 2018
Mondelēz Int’l $6 billion January 31, 2018
eBay $6 billion February 1, 2018
Starbucks $6 billion April 26, 2018
Anthem $5 billion December 7, 2017
Bank of America $5 billion December 5, 2017
Marathon Petroleum $5 billion April 30, 2018
Lowe’s $5 billion January 26, 2018
Boeing $4 billion December 11, 2017
Mastercard $4 billion December 6, 2017
NetApp, Inc. $4 billion April 5, 2018
McKesson $4 billion May 24, 2018

Senate Democrats, Since the Republican Tax Bill Passed, Corporations Have Announced More Than $475 Billion in Stock Buybacks,
Merck & Co., Merck Announces Increased Quarterly Dividend and $10 Billion Share Repurchase Authorization, Nov. 28, 2017,
Pfizer, Pfizer Declares First-Quarter 2018 Dividend, Dec. 18, 2017,
Amgen, Amgen Reports Fourth Quarter and Full Year 2017 Financial Results, Feb. 1, 2018,
AbbVie, AbbVie Increases Dividend and Announces New Stock Repurchase Program, Feb. 15, 2018,
On May 24, 2018, Celgene announced an additional $3 billion stock buyback authorization, on top of a $5 billion buyback announcement made
in February. Celgene, Celgene Corporation Announces Additional $3 Billion Share Repurchase Authorization and Plans to Execute a $2 Billion

Pharmaceutical Companies’ Drug Price Announcements
in the Wake of the Tax Law—Six Months After Enactment

Company Drug Price Reduction

Linked to Tax Law
Pfizer No
Merck & Co. No
Johnson & Johnson No
Gilead Sciences No
AbbVie No
Amgen No
Bristol-Myers Squibb No
Eli Lilly & Co. No
Celgene No
Mylan No

Accelerated Share Repurchase Program, May 24, 2018,; Celgene, Celgene
Announces Additional $5 Billion Share Repurchase Authorization, Feb. 14, 2018,

Statements by Pharmaceutical Companies on First-Quarter 2018 Earnings Calls
and at Annual Shareholder Meetings About Drug Affordability7

Company Q1 2018 Earnings Call or Annual Meeting Affordability Statement

“We also continue to actively engage with industry groups, the European Federation of Pharmaceutical Industries and
Pfizer Associations, the Pharmaceutical Research and Manufacturers of America and others to advocate for policies that
support affordable access, incentives for science and innovation and rebate reform.”8
“Certainly, we carefully monitor actions by all governments, but in particular, the government here in the United
States. Because we realize affordability and accessibility of our products and the products of the industry as a whole
are critical questions in our society, and therefore, critical questions for elected representatives. You might have seen
the President outline the blueprint for drug pricing about 10 days ago. A lot of what that focused on, quite rightly, is
the out-of-pocket cost being borne by consumers in recognition that the current system for reimbursement provides
some incentives, as the President would say, for high list prices in our industry. As you know, in our industry,
substantial rebates are actually paid for putting our products on formularies. The challenge is that, very often, those
rebates and discounts, which can be very substantial, are not being passed on to consumers. And the President
outlined various statements about the need to address both the high list price problem and the out-of-pocket problem.
We have to wait and see what specific ideas there are. There were some requests for information, but we don’t yet
know exactly what would come out of that. I will say that a lot of the suggestions that were in the blueprint, as you
read it, were not inconsistent with what we want as an industry going forward, which is the ability to price our
products consistent with the value that they provide to patients and the impact that they have on the health care
system overall. Unfortunately, some of the laws that exist in this country were existing for a very different health care
Merck & Co.
system, where people were being paid for volume not for value. And what was very encouraging was some of the
suggestions that the government might want to step up to allowing those kinds of negotiations to occur more freely,
which is something that Merck really supports. We really do think that our products do provide tremendous value not
only to individual patients, but again, impact on the overall health care system, reduce hospitalizations and things like
that. So we would be extremely supportive of a system that allowed modern negotiation techniques that are consistent
with us being able to show the true, full value of our products.” “[W]e’ve been devoted to making greater transparency
around our pricing, the difference between our list price and our net price publicly. In fact, I think Merck was the first
company to actually do that. And I think when you see some of the things that the President is talking about in terms
of high list prices, he’s actually addressing that issue. He is aware of that issue. He is aware of the substantial
discounts and rebates that are being paid into various actors in the supply chain. Some of whom have really important
roles, but others perhaps we can think of an optimal distribution system that might be more efficient. But in any
event, what he really cares about is that those discounts should be shared with the actual patients at the counter as
opposed to going solely to the businesses that exist in the supply chain. So again, our system is extremely complex.
It’s hard to make sweeping change to our system. But I think people now do identify that as a very specific problem.”9
“We also just recently published our second annual Janssen U.S. Transparency Report, which reflects our
commitment to responsible business practices that put patients first, including how we invest our resources, price our
medicines and help people who need our medicines get access to them. When we price a new medicine, we consider
the value to patients and to society, the importance of maintaining affordable access to medicines for people who
need them and the importance of preserving our ability to develop future groundbreaking cures and treatments.”10
“[W]e expect that there’s going to be an announcement on pricing by President Trump. That announcement will
Johnson &
assemble the drug pricing policies including in the president’s budget and the [Council of Economic Advisers] report.
Those policies were generally seeking to increase competition and to reduce out of pocket costs for patients while
recognizing the body of innovation. We also understand that the announcement will include a request for information
from the public on drug pricing issues, and we are looking forward to participate there. Going into our pricing in the
US, and to your question on how do we see pricing trends for us in the US, we see that if you exclude
[immunosuppressive drug Remicade] and [a] one-time adjustment . . . , we see a continuation of the trends that we
have seen in the previous quarter. So, we don’t see a big change from what you saw in previous quarters.”

Transcripts of earnings calls and corresponding press releases available at Transcripts for annual shareholder meetings
were located online or through major research databases for Pfizer, Merck, Johnson & Johnson, Gilead Sciences, and Bristol-Myers Squibb.
Pfizer Inc. Annual Shareholders Meeting, Apr. 26, 2018 (transcript produced by Fair Disclosure Wire).
Merck & Co., Merck & Co., Inc. 2018 Annual Meeting of Shareholders, May 22, 2018,
Johnson & Johnson Annual Shareholders Meeting, Apr. 26, 2018 (transcript produced by Fair Disclosure Wire).

“[W]e are seeing a lower yet more predictable amounts of sales [for hepatitis C virus products]. Prices have come
down very dramatically over the course of the years since new competition has come to market. The prices that are
represented by the—are probably 4 to 5x higher than what actually a patient would have to pay or a system would
have to pay. So prices have come down dramatically. We’ve also seen fewer and fewer patients. As you cure patients,
Gilead Sciences
new ones have to come in to the doctor to be diagnosed and treated, and so that market is becoming smaller, yet I
think more stable and predictable, and frankly, a smaller part of our portfolio going forward. So we do see it’s a more
stable market dynamic going forward, which means the growth of our underlying business can shine through and not
be overshadowed by HCV.”11
AbbVie (No general discussion of affordability on the earnings call was identified.)
“We’ve listened to the affordability question in the marketplace with the ESI or looking at value based prices and
Amgen look forward to them opening up access in those situations to allow—access to appropriate patients. And we will
continue to come forward with prices that are responsible that take into account the co-pay requirements as best we can.”
“First, in patient access, we are applying approaches, such as tiered pricing, voluntary licensing, reimbursements
support and U.S. patient assistance programs to expand patient access to our medicines. Second, the BMS Foundation
focuses its programs on improving the health outcomes of those disproportionately affected by serious disease. In
2017, the foundation continued its work in rural and underserved communities in the U.S. and Africa to build
systemic long-term capacity to expand cancer treatment and care for highly vulnerable people.”12
Separately, for the annual shareholder meeting, the Board of Directors recommended voting against a shareholder
proposal for an “annual report disclosing how risks related to public concern over drug pricing strategies are
incorporated into executive compensation plans.” The Board explained in its proxy statement, in part: “[O]ur Board
firmly believes that prescription drugs are so important that everyone who needs them should have access to them.
We have been, and remain, committed to facilitating access to our medicines to further our mission to help patients
prevail over serious diseases. We are also sensitive to concerns about rising costs of health care, including
pharmaceuticals, and access to medicines. Consequently, we price our medicines based on a number of factors,
including, among others, the value of scientific innovation for patients and society in the context of overall healthcare
spend; economic factors impacting the healthcare systems’ capacity to provide appropriate, rapid and sustainable
access to patients; and the necessity to sustain our research and development (R&D) investment in innovative
platforms to continue to address serious unmet medical needs. Furthermore, we take a thoughtful approach to pricing
our products and have internal processes and controls in place that ensure that any price increase is thoroughly and
appropriately vetted prior to implementation. This process also includes routine presentations to the Board on our drug
pricing strategies. The Board believes that its current process of annually disclosing to the [Securities and Exchange
Commission] the material factors considered by the Committee in making compensation determinations for the Named
Executive Officers is generally aligned with what the Proposal seeks—an annual report on the extent to which reputational
risks associated with public concern over drug pricing strategies are integrated into the company’s incentive plans and
programs. Moreover, our internal processes and controls ensure that we take a prudent and balanced approach to drug
pricing, including regular presentations to the Board of Directors. Therefore, the Board has demonstrated its
commitment to evaluating and reporting on how enterprise risks, inclusive of reputation risks associated with drug
pricing strategies are integrated into our compensation policies and practices, which makes the report requested by
this Proposal duplicative and unnecessary.” The proposal was voted down at the annual shareholder meeting. 13
Eli Lilly & Co. (No general discussion of affordability on the earnings call was identified.)
“[W]e look forward as always to working with the administration, with FDA, with HHS on what we hope are market
based solutions to access and affordability.”
“I think as we look at this U.S. business, we manage our business as a very large portfolio of products. And supply
and demand have a very important role on that. And as supply and demand shifts, equilibrium does. So we look at our
Mylan portfolio as a balance between yes, there’s products we’ve lowered certainly, and there’s opportunities for us to take
products at different price levels, whether it’s new or existing. So I think we’ll continue to manage our business in
that manner. And . . . we feel really good about where this business is right now.”

Gilead Sciences Inc. Annual Shareholders Meeting, May 9, 2018 (transcript produced by Fair Disclosure Wire).
Bristol-Myers Squibb Co. Annual Shareholders Meeting, May 1, 2018 (transcript produced by Fair Disclosure Wire).
Bristol-Myers Squibb, Proxy Statement: 2018 Annual Meeting of Shareholders, May 1, 2018,

Pharmaceutical Companies’ Other Projects Linked to the Tax Law Discussed on Earnings Calls14

Company Other Projects Expressly Linked to the Tax Law and/or

Stated Change in Approach to Allocating Capital on Q1 2018 Earnings Calls
Pfizer (No relevant discussion on the earnings call was identified.)
Merck & Co. (No relevant discussion on the earnings call was identified.)
“[A]s we discussed in January, the new U.S. tax legislation creates greater flexibility and opportunity to capitalize
Johnson &
on our investments in innovation and R&D. In fact, we intend to invest more than $30 billion in the U.S. with capital
investments in R&D between 2018 and 2021 representing an increase over the prior four years of more than 15%.”15
Gilead Sciences (No relevant discussion on the earnings call was identified.)
“Now with the benefit of tax reform, we expect to invest more aggressively in R&D, exploring opportunities to
augment our early-stage pipeline and add additional R&D capabilities. In support of this, we plan to continue to expand
our oncology presence in Northern California, with a focus on further driving R&D innovation.” “We also plan to
invest more heavily in support of numerous products we expect to launch over the next 18 months, ensuring that
these new therapies are well-positioned to achieve their maximum commercial potential. All of these actions
demonstrate that tax reform is having the intended impact, creating new jobs and helping to stimulate U.S. investment.”
“Following tax reform, we announced plans to build a new state-of-the-art next generation bio manufacturing
facility in Rhode Island, which will result in the creation of many new highly skilled jobs. This new plant, which is
the first of its kind in the United States will employ Amgen’s proven next generation bio manufacturing capabilities
Amgen and manufacture products for the U.S. and global markets.” “Amgen designed a biologics manufacturing plant
several years ago that was smaller, cheaper and more flexible than the traditional giant-sized, drug-specific model.
Then it built it in low-cost Singapore. Now, motivated by U.S. tax breaks, Amgen will invest up to $300 million to
build a plant in the U.S. and hire hundreds of workers.”
Bristol-Myers (No relevant discussion on the earnings call was identified.)16
Eli Lilly & Co. (No relevant discussion on the earnings call was identified.)
Celgene (No relevant discussion on the earnings call was identified.)
Mylan (No relevant discussion on the earnings call was identified.)

Transcripts of earnings calls and corresponding press releases available at
See also Johnson & Johnson Annual Shareholders Meeting, Apr. 26, 2018 (transcript produced by Fair Disclosure Wire) (“[A]s a result of the
recently enacted tax legislation that impacts U.S.-based multinational companies, we are now in a position to capitalize on many incentives that
actually encourage U.S. investment. In fact, we plan to invest more than $30 billion in U.S. capital investments and R&D between 2018 and
2021, representing an increase . . . over those 4 years, of more than 15%, clearly with the objective of developing new products and solutions that
address today's medical needs and that anticipate the medical needs for the future as well. In fact, Johnson & Johnson ranks among the top 5
companies in the United States across all industries for investment in research and development, demonstrating our commitment to driving growth
through innovation across all operations. And we firmly believe that this is the best way, the best way to stimulate economic growth throughout
our industry, our company and communities. And most importantly, we believe that increased and focused investment in innovation and R&D is
the best way to ultimately benefit and positively impact our patients, customers, employees, communities and shareholders all around the world.”).
See also Bristol-Myers Squibb Co. Annual Shareholders Meeting, May 1, 2018 (transcript produced by Fair Disclosure Wire) (“So tax reform,
it was implemented at the end of last year, very complicated. It was meant to simplify things. But effectively, it made things much more complex.
Our tax rate, as we ended 2017, was around 21%. And we just guided that this year in 2018, we would be between 17% and 18%. So you can see
the reduction in the U.S. tax rate has benefited us overall from a corporate total company tax rate.”).