Bristol Myers Squibb Announces Additional $3 Billion Share Repurchase Authorization

Rhea-AI Summary

Bristol Myers Squibb (BMY) authorizes an additional $3 billion share repurchase, bringing the total outstanding authorization to approximately $5 billion. The program allows management to execute repurchases at their discretion, based on market conditions and other considerations.

PRINCETON, N.J.--(BUSINESS WIRE)-- Bristol Myers Squibb (NYSE: BMY) today announced that on December 6, 2023, its Board of Directors authorized the repurchase of an additional $3 billion of the company’s common stock under the company’s multi-year share repurchase program.

With this increase, the company’s total outstanding share repurchase authorization is approximately $5 billion. The program enables management to execute repurchases at its discretion.

The timing and amount of any share repurchases under the authorization will be determined at a future date 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 Rules 10b5-1 and 10b-18 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 Company

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 “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the execution of share repurchase transactions. 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, 2022, as updated by our 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 document are made only as of the date of this document 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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View source version on businesswire.com: https://www.businesswire.com/news/home/20231207622043/en/

For more information:

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media@bms.com

Investors:

investor.relations@bms.com

Source: Bristol Myers Squibb

FAQ

What did Bristol Myers Squibb announce on December 6, 2023?

Bristol Myers Squibb announced that its Board of Directors authorized the repurchase of an additional $3 billion of the company’s common stock under the company’s multi-year share repurchase program.

How much is the total outstanding share repurchase authorization after the increase?

The total outstanding share repurchase authorization is approximately $5 billion after the increase of $3 billion.

What methods may be used for share repurchases under the authorizations?

Share repurchases under the authorizations may be made through open market purchases, pre-set trading plans, privately negotiated transactions, block trades, accelerated share repurchase transactions, or any combination of such methods.

Is Bristol Myers Squibb obligated to acquire any particular amount of its common stock?

The repurchase program does not obligate Bristol Myers Squibb to acquire any particular amount of its common stock, and it may be suspended or discontinued at any time at the company’s discretion.