I think ultimately #s will drive the share price. Next few quarters should see very strong #s.
Few things need to be closely monitored – how long will Revlimid cash flows sustain. Market is currently not willing to give it any multiple and treat it as a one off. If the numbers continue for 8-10 quarters will that be treated as one off? Further, in the hands of a capable management what value will that cash create- How will those cash flows be used?
Second thing to understand is how will they re-build their base business. Acquisition is a key monitorable here. Agrochemicals should help as well.
Finally if there is some joker in the pack in terms of their pipeline that can change the perception of the management which has gone from being great to being a lethargic management 
all in a matter of 3-4 years.
IMO buyback is a very rational and a good decision notwithstanding that it may not change the share price in the near term
There could be multiple individual events in the upcoming quarters that can probably tilt the perception of the management for the better… Lets see.
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