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Pfizer Inc. (PFE) Approves $10 Billion Share Share-Buyback Plan


6/28/2013 7:18:51 AM

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Pfizer Inc. (PFE), the world’s biggest drugmaker, said it will buy back $10 billion in stock after earlier this week announcing it will retire about $11.4 billion in shares through the spinoff of its animal-health unit. The buyback is the fourth major share repurchase program for New York-based Pfizer in the past 2 1/2 years. During that time, the company has announced $39 billion in share buybacks, including today’s. Pfizer has $3.9 billion left on its current repurchase program, the company said today in a statement. Ian Read, Pfizer’s chief executive officer, has said that share repurchases are the best uses of Pfizer’s cash, compared with acquisitions or increasing the dividend.

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