Celgene's Board Agrees to New $2.5B Buyback Plan

By Jennifer Booton Features FOXBusiness

Shares of Celgene (CELG) swung 2.5% higher on Wednesday after the drug maker said its board authorized a new $2.5 billion share buyback program.

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The announcement follows the Summit, N.J.-based company’s decision to lift its buyback plan by $2 billion in August, citing confidence in its long-term growth.

Celgene, which had about 448.6 million shares outstanding at the end of its latest quarter, has been trying to return value to shareholders.

The company in April reported a 57% increase in profit and said sales climbed 13% and margins improved.