Bristol-Myers Squibb Company announced its Board of Directors has authorized the repurchase of up to $3 billion of its common stock.
The decision reflects the company’s strong financial position, including cash and marketable securities of $9.8 billion at the end of the first quarter, its positive outlook on its future cash position, and its focus on increasing shareholder value.
The stock repurchase program does not have an expiration date and is expected to take place over the next few 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 is committed to retaining the financial strength and flexibility it needs to support its dividend, invest in its core BioPharma business, and continue its String of Pearls initiative.
Date: May 4, 2010
Source: Bristol-Myers Squibb Company