PRINCETON, N.J.--(BUSINESS WIRE)--Bristol Myers Squibb (NYSE: BMY) today announced that it has entered into accelerated share repurchase (ASR) transactions under agreements with each of Bank of America, N.A., Citibank, N.A., JPMorgan Chase Bank, N.A. and Morgan Stanley & Co. LLC (collectively, the “ASR Agreements”), to repurchase, in aggregate, $4 billion of Bristol Myers Squibb common stock.
The ASR transactions will be completed under a previously announced board-authorized, multi-year share repurchase program. The company will have approximately $2 billion of remaining share repurchase authorization after giving effect to the ASR transactions. Bristol Myers Squibb expects to fund the repurchases with cash on-hand. Approximately 85 percent of the shares to be repurchased under the ASR transactions will be received by Bristol Myers Squibb on August 10, 2023. The total number of shares ultimately repurchased under the ASR transactions will be determined upon final settlement and will be based on a discount to the volume-weighted average price of Bristol Myers Squibb’s common stock during the terms of the ASR transactions. Bristol Myers Squibb anticipates that these ASR transactions will be settled during the fourth quarter of 2023.
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 settlement of the ASR Agreements. 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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