Myriad Board Approves $200 Million Increase in Share Repurchase Program
February 24 2015 - 4:05PM
Myriad Genetics, Inc. (Nasdaq:MYGN) announced today that its board
of directors has approved an additional $200 million authorization
for its share repurchase program. As of the end of December 31,
2014, the Company has repurchased almost $1 billion of stock since
the inception of the program in 2010.
"This increase in the authorization under our share repurchase
program is consistent with Myriad's long-term commitment to return
cash and deliver value to shareholders," said Bryan Riggsbee, chief
financial officer, Myriad, "Since the inception of the program we
have repurchased over 38 million shares of our stock and we will
continue to opportunistically repurchase shares at valuation
thresholds that we believe do not reflect the long-term value of
the Company and its product pipeline."
Repurchases under Myriad's share repurchase program are made via
open market or privately negotiated purchases as determined by the
Company's management. The amount and timing of stock repurchases
will depend on business and market conditions, stock price, trading
restrictions, acquisition activity, and other factors.
About Myriad Genetics
Myriad Genetics is a leading molecular diagnostic company
dedicated to making a difference in patients' lives through the
discovery and commercialization of transformative tests to assess a
person's risk of developing disease, guide treatment decisions, and
assess risk of disease progression and recurrence. Myriad is
focused on strategic initiatives to grow existing markets,
diversify through the introduction of new products, including
companion diagnostics, and expand internationally. For more
information on how Myriad is making a difference, please visit the
Company's website: www.myriad.com.
Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris
AP, myPath, myRisk, myRisk Hereditary Cancer, myChoice, myPlan Lung
Cancer, BRACAnalysis CDx, HRD, Vectra and Prolaris are trademarks
or registered trademarks of Myriad Genetics, Inc. in the United
States and foreign countries. MYGN-F, MYGN-G
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements relating to the Company's long-term
commitment to return cash and deliver value to shareholders through
stock repurchases; the continuation of the Company
opportunistically repurchasing shares at valuation thresholds that
the Company believes do not reflect the long-term value of the
Company and its product pipeline; the amount, timing and manner of
stock repurchases; and the Company's strategic directives under the
caption "About Myriad Genetics." These risks and uncertainties
include, but are not limited to: the risk that sales and profit
margins of our molecular diagnostic tests and pharmaceutical and
clinical services may decline or will not continue to increase at
historical rates; risks related to our ability to transition from
our existing to new testing services, including unexpected costs
and delays; risks related to changes in the governmental or private
insurers' reimbursement levels for our tests or our ability to
obtain reimbursement for our new tests at comparable levels to our
existing tests; risks related to increased competition and the
development of new competing tests and services; the risk that we
may be unable to develop or achieve commercial success for
additional molecular diagnostic tests and pharmaceutical and
clinical services in a timely manner, or at all; the risk that we
may not successfully develop new markets for our molecular
diagnostic tests and pharmaceutical and clinical services,
including our ability to successfully generate revenue outside the
United States; the risk that licenses to the technology underlying
our molecular diagnostic tests and pharmaceutical and clinical
services and any future tests and services are terminated or cannot
be maintained on satisfactory terms; risks related to delays or
other problems with operating our laboratory testing facilities;
risks related to public concern over our genetic testing in general
or our tests in particular; risks related to regulatory
requirements or enforcement in the United States and foreign
countries and changes in the structure of the healthcare system or
healthcare payment systems; risks related to our ability to obtain
new corporate collaborations or licenses and acquire new
technologies or businesses on satisfactory terms, if at all; risks
related to our ability to successfully integrate and derive
benefits from any technologies or businesses that we license or
acquire; risks related to our projections about our business,
results of operations and financial condition; risks related to the
potential market opportunity for our products and services; the
risk that we or our licensors may be unable to protect or that
third parties will infringe the proprietary technologies underlying
our tests; the risk of patent-infringement claims or challenges to
the validity of our patents or other intellectual property; risks
related to changes in intellectual property laws covering our
molecular diagnostic tests and pharmaceutical and clinical services
and patents or enforcement in the United States and foreign
countries, such as the Supreme Court decision in the lawsuit
brought against us by the Association for Molecular Pathology et
al; risks of new, changing and competitive technologies and
regulations in the United States and internationally; and other
factors discussed under the heading "Risk Factors" contained in
Item 1A of our Annual Report on Form 10-K for the fiscal year ended
June 30, 2014, which has been filed with the Securities and
Exchange Commission, as well as any updates to those risk factors
filed from time to time in our Quarterly Reports on Form 10-Q or
Current Reports on Form 8-K.
CONTACT: Media Contact:
Ron Rogers
(801) 584-3065
rrogers@myriad.com
Investor Contact:
Scott Gleason
(801) 584-1143
sgleason@myriad.com
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