The Schering-Plough ceo is making good on his promise to buy $2 million worth of the drugmaker's common stock, a vow he made on January 18 after the preliminary Vytorin data caused a huge controversy. He couldn't do so immediately, though, until he received legal clearance. Now that first-quarter earnings have been reported, he snapped up about 110,000 shares at an average purchase price of $18.26 each.
"As I said when I announced my intention to purchase these shares in January, this investment in Schering-Plough reflects my long-term confidence in the company, its products - including Zetia and Vytorin - and our late-stage pipeline," Fred says in a statement.
However, Fred first intended to purchase the stock at $21.62 a share, which would have amounted to roughly 92,500 shares. So if Fred is to be believed about the drugmaker's prospects, he may one day pocket an even bigger profit. And while the stock has rebounded from $13.86 earlier this month, the shares are still down about 44 percent this year. So what better time is there to load the boat?