Bristol Myers Squibb Announces $2 Billion Incremental Share Repurchase Authorization

Rhea-AI Summary

Bristol Myers Squibb (NYSE: BMY) has authorized an incremental share repurchase program, increasing its total to approximately $6.4 billion. The additional $2 billion in buybacks aims to enhance shareholder value, with timing and method of repurchases left to management's discretion. Share repurchases may occur through various means including open market purchases and accelerated share repurchase transactions. The company emphasizes that it is not obligated to buy back any specific amount of shares and can suspend the program at any time.

Positive

• Authorization of an additional $2 billion for share repurchases, totaling $6.4 billion.
• Increased shareholder value potential through the buyback program.

Negative

• None.

Bristol Myers Squibb (NYSE: BMY) today announced that its Board of Directors has authorized incremental share repurchases of up to an additional $2 billion of the company’s outstanding shares of common stock. With this increase, the company’s total outstanding share repurchase is approximately $6.4 billion.

The timing and amount of any share repurchases under the authorization will be determined by management at its discretion and based on market conditions and other considerations. Share repurchases under the authorizations may be made through a variety of methods, which may include open market purchases, pursuant to pre-set trading plans meeting the requirements of Rule 10b-1 under the Securities Exchange Act of 1934, in privately negotiated transactions, block trades, accelerated share repurchase transactions, or any combination of such methods. The program does not obligate Bristol Myers Squibb to acquire any particular amount of its common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.

About Bristol Myers Squibb

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 about Bristol Myers Squibb, visit us at BMS.com or follow us on LinkedIn, Twitter, YouTube, Facebook, and Instagram.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, the research, development and commercialization of pharmaceutical products, Bristol-Myers Squibb’s acquisition of Celgene (the “Merger”), the pending sale of OTEZLA (the “Divestiture,” and together with the Merger, the “Transaction”), and the execution of the ASR program. These statements may be identified by the fact they use words such as “should,” “could,” “expect,” “anticipate,” “estimate,” “target,” “may,” “project,” “guidance,” “intend,” “plan,” “believe,” “will” and other words and terms of similar meaning and expression in connection with any discussion of future operating or financial performance, although not all forward-looking statements contain such terms. One can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Such forward-looking statements are based on historical performance and current expectations and projections about Bristol Myers Squibb’s future financial results, goals, plans and objectives and involve inherent risks, assumptions and uncertainties, including internal or external factors that could delay, divert or change any of them in the next several years, that are difficult to predict, may be beyond Bristol Myers Squibb’s control and could cause Bristol Myers Squibb’s future financial results, goals, plans and objectives to differ materially from those expressed in, or implied by, the statements. No forward-looking statement can be guaranteed.

Forward-looking statements in this press release should be evaluated together with the many risks and uncertainties that affect Bristol Myers Squibb’s business and market, particularly those identified in the cautionary statement and risk factors discussion in Bristol-Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2019, as updated by its subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission. The forward-looking statements included in this press release are made only as of the date of this press release and except as otherwise required by applicable law, Bristol Myers Squibb undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise.

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FAQ

What is the recent share buyback authorization by BMY?

Bristol Myers Squibb has authorized an additional $2 billion for share repurchases, increasing the total to approximately $6.4 billion.

When did Bristol Myers Squibb announce the share buyback increase?

The announcement was made today by Bristol Myers Squibb.

How will BMY determine the timing of share repurchases?

Management will determine the timing and amount of share repurchases based on market conditions and other considerations.

What methods can BMY use for share repurchases?

BMY may use open market purchases, pre-set trading plans, privately negotiated transactions, block trades, or accelerated share repurchase transactions.

Is BMY obligated to purchase the entire amount of authorized shares?

No, the program does not obligate Bristol Myers Squibb to acquire any specific amount of shares and it may be suspended or discontinued at any time.