On December 7, 2023 Bristol Myers Squibb (NYSE: BMY) reported 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 (Press release, Bristol-Myers Squibb, DEC 7, 2023, View Source [SID1234638230]).

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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.