SUMMIT, N.J.--(BUSINESS WIRE)-- Celgene Corporation (NASDAQ: CELG) announced the Company’s Board of Directors has authorized the repurchase of up to an additional $2 billion of the Company’s common stock.
“The expansion of the share repurchase program reflects our confidence in the operational and financial long-term growth of the Company and our commitment to increase shareholder value,” said Bob Hugin, Chairman and Chief Executive Officer of Celgene Corporation. “We intend to manage our balance sheet dynamically in order to return cash to shareholders and to take advantage of strategic growth opportunities to expand our business.”
This open-ended program is effective immediately. Purchases may be made in the open market or in privately negotiated transactions from time to time, as determined by Celgene’s management and in accordance with the requirements of the Securities and Exchange Commission. Celgene now has a total of approximately $2.25 billion remaining from previous authorizations plus the new authorization. Since 2009, Celgene has returned approximately $1.75 billion to shareholders through the repurchase of approximately 32 million of its shares. As of June 30, 2011, Celgene had 460,009,986 shares of common stock outstanding and $2.79 billion in cash and marketable securities.
Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of novel therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation. For more information, please visit the company's Web site at www.celgene.com.
This press release contains forward-looking statements, which are generally statements that are not historical facts. Forward-looking statements can be identified by the words "expects," "anticipates," "believes," "intends," "estimates," "plans," "will," “outlook” and similar expressions. Forward-looking statements are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. We undertake no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in our Annual Report on Form 10-K and our other reports filed with the Securities and Exchange Commission.
In addition to financial information prepared in accordance with U.S. GAAP, this press release also contains non-GAAP financial measures that we believe provide investors and management with supplemental information relating to operating performance and trends that facilitate comparisons between periods and with respect to projected information. These non-GAAP measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. We typically exclude certain GAAP items that management does not believe affect our basic operations and that do not meet the GAAP definition of unusual or non-recurring items. Other companies may define these measures in different ways. See the attached Reconciliations of GAAP to non-GAAP Net Income for explanations of the amounts excluded and included to arrive at non-GAAP net income and non-GAAP earnings per share amounts for the three-month and six-month periods ended June 30, 2011 and 2010 and for the projected amounts for the year ending December 31, 2011.
Jacqualyn A. Fouse, 908-673-9956
Sr. Vice President and Chief Financial Officer
Patrick E. Flanigan III, 908-673-9969
KEYWORDS: United States North America New Jersey
INDUSTRY KEYWORDS: Health Oncology Pharmaceutical Other Health