Lilly board authorizes $5 billion more in buybacks

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Eli Lilly and Co.
LLY,
+1.67%
said Monday that its board authorized $5 billion in share repurchases while keeping the dividend unchanged. The drug maker said the new share buyback authorization, which has no time limit, is in addition to the $1 billion left on a program initiated in 2018. Lilly added its quarterly dividend remains at 85 cents a share, to be paid out June 10 to shareholders of record as of May 14. Lilly shares were up 1.6% at $185.63 just before the close, and are up 21% over the past 12 months, compared with a 48% gain in the S&P 500 index
SPX,
+0.27%.

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