Bristol Myers adds $3 billion to share buyback program to boost total to about $5 billion

Bristol Myers Squibb Co.
BMY,
-0.70%
announced an additional $3 billion share buyback program on Thursday, boosting the full authorization to about $5 billion. The stock rose 1% premarket but is down 31% in the year to date, while the S&P 500
SPX,
-0.39%
has gained 18%.