Drugmaker Bristol-Myers Squibb Co. says its board is authorizing the repurchase of up to $3 billion of its common stock.

The New York company says the repurchasing program has no expiration date and will take place over the next few years. It says the decision reflects Bristol-Myers' strong financial position, which included $9.8 billion in cash and marketable securities at the end of the first quarter.

Bristol-Myers shares rose 34 cents to $25.47 in morning trading.