Celgene advances stock buyback plans
Celgene's board of directors has authorized an agreement in conjunction with an investment bank to buy back a total of $600 million of the company's common stock. Celgene said the process should be completed no later than May, according to Zenopa.com.
The American biopharmaceutical company has already repurchased approximately $385 million of its common stock and has approximately $1.4 billion remaining under the existing program. The total over the last four years approaches $5.05 billion.
"This accelerated share repurchase program reflects our confidence in the company's long-term financial outlook," Dr. Jacqualyn Fouse, Celgene's executive vice president and chief financial officer, said, Zenopa.com reports.
The company's most recent financial reports show that Celgene generated approximately $5.51 billion in revenue in 2012, up 14 percent from 2011, according to Zenopa.com.
The New Jersey-based Celgene specializes in the development and manufacture of drug therapies for cancer and inflammatory disorders. The company says there are more than 300 clinical trials at major medical centers using its compounds. It employs approximately 4,500 people worldwide and undertook its initial public offering in 1987.