Amgen

(AMGN) - Get Report

authorized the repurchase of $5 billion in common shares, building on a previous clearance that still has about $1 billion to go.

At Amgen's closing price of $61.95, the authorization comes out to about 80.6 million shares. The company has about 1.3 billion shares outstanding.

Amgen shares rose 50 cents, or 0.8%, to $62.45 in after-hours trading. The stock is virtually flat for 2004, though it's up about 20% from an Oct. 25 low of $52.