Bristol-Myers Squibb Co (NYSE:BMY) is trading higher Monday after the company announced a $5 billion buyback and issued FY22 financial guidance.
Bristol-Myers said it plans to execute the accelerated share repurchase agreement during the first quarter of 2022. The buyback is part of the company’s previously disclosed multi-year $15 billion share repurchase authorization.
Bristol-Myers expects 2022 revenues to be approximately $47 billion, representing an increase in the low-single digits. The company said non-GAAP earnings are expected to be in the range of $7.65 per share to $7.95 per share.
"We are successfully transforming the company by further diversifying our product portfolio, launching breakthrough new medicines that benefit our patients and advancing a robust product pipeline that will help us deliver sustained growth," said Giovanni Caforio, board chair and CEO of Bristol-Myers.
Bristol-Myers is set to highlight its long-term growth strategy at the 40th Annual J.P. Morgan Healthcare Conference today.
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Bristol-Myers discovers, develops and markets drugs for various therapeutic areas, such as cardiovascular, oncology and immune disorders.
BMY Price Action: Bristol-Myers has traded as low as $53.22 and as high as $69.75 over a 52-week period.
The stock was up 2.59% at $64.46 at time of publication.
Photo: courtesy of Bristol-Myers.
