Bristol-Myers Squibb (BMY) Tops Q3 EPS by 12c; Boosts FY16 Outlook; Approves New $3B Stock Buyback Plan
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Bristol-Myers Squibb (NYSE: BMY) reported Q3 EPS of $0.77, $0.12 better than the analyst estimate of $0.65. Revenue for the quarter came in at $4.83 billion versus the consensus estimate of $4.79 billion.
Bristol-Myers Squibb today announced its Board of Directors approved a new $3 billion repurchase authorization for the Company’s common stock. This is incremental to the current repurchase program, announced in June 2012, under which the Company has approximately $1.1 billion remaining.
The stock repurchase program does not have an expiration date. The repurchases may be made either in the open market or through private transactions and may be suspended or discontinued at any time.
The decision reflects the Company’s strong financial position and its balanced approach to capital allocation, including a commitment to its dividend and a disciplined approach to business development.
Bristol-Myers Squibb sees FY2016 EPS of $2.80-$2.90, versus prior guidance of $2.55-$2.65 and the consensus of $2.63.
For earnings history and earnings-related data on Bristol-Myers Squibb (BMY) click here.
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