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