Germany’s Schering AG announced its biggest share buyback program to date and raised its profitability targets after a 30 percent rise in quarterly earnings, driven by strong sales of key drugs.
Schering, the world’s top maker of oral contraceptives, said on Monday it would buy back up to 500 million euros ($597 million) worth of its own shares by September. Since 1998, it has bought back shares worth 744 million euros.
