U.S. Markets closed

Bristol-Myers Squibb increases buyback plans

NEW YORK (AP) -- Biopharmaceutical company Bristol-Myers Squibb Co. said Tuesday that its board boosted its share-buyback authorization by $3 billion.

The new authorization adds to the current $3 billion program, which has about $340 million remaining.

The buyback program does not have an expiration data and is expected to run over the next couple of years, Bristol Myers said.

The company also declared a regular quarterly dividend of 34 cents per share on its common stock. The dividend will be paid Aug. 1 to shareholders of record as of July 6.

Bristol-Myers Squibb's shares rose 39 cents to close at $34.52 and added 23 cents in after-hours trading.