Amgen plans to repurchase $6 billion of stock in the first quarter and double its profits by 2030.

Shares of the biotech company rose 5.5% to $235.60 in early trading.

Amgen also said it expects single-digit revenue growth through the end of the decade. Its main treatments include the cholesterol treatment Repatha, the psoriasis drug Otezla and the osteoporosis drug Evenity.

The company said it could take advantage of the recent downturn in biotech stocks to strike deals in this sector.

“It has not escaped our notice that the recent decline in valuations of many biotech assets could create more compelling opportunities for us,” Chief Executive Robert Bradway said during the company’s business review meeting with investors.

“We have the financial strength, the flexibility to consider a wide range of possibilities”.

Amgen reported fourth-quarter revenue growth of 3% on Monday, buoyed by sales of a COVID-19 antibody-based treatment it manufactures for Eli Lilly and Co.

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