Bristol-Myers Squibb Announces the Authorization of an Additional $3 billion for Share Repurchase Program
NEW YORK--(BUSINESS WIRE)-- Bristol-Myers Squibb Company (NYSE: BMY) today announced its Board of Directors increased by $3 billion its authorization for the repurchase of the Companys common stock. This adds to the current, active $3 billion-repurchase program, announced in May 2010, under which the Company has approximately $340 million remaining. This brings the total authorized to approximately $6 billion, of which approximately $3.34 billion remains to be used for future repurchases.
The decision reflects the Companys strong financial position and its balanced approach to capital allocation, including a commitment to its dividend and a disciplined approach to business development.
The stock repurchase program does not have an expiration date and is expected to take place over the next couple years. The repurchases may be made either in the open market or through private transactions. The program may be suspended or discontinued at any time.
While executing the stock repurchase program, the Company will remain committed to retaining the financial strength and flexibility it needs to support its dividend, position the company for long term success and, continue its focus on business development.
About Bristol-Myers Squibb (BMY)
Bristol-Myers Squibb is a global biopharmaceutical company whose mission is to discover, develop and deliver innovative medicines that help patients prevail over serious diseases. For more information, please visit www.bms.com or follow us on Twitter at http://twitter.com/bmsnews.
Jennifer Fron Mauer, 609-252-6579
John Elicker, 609-252-4611
Source: Bristol-Myers Squibb CompanyCopyright Business Wire 2012