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Pfizer to buy up to $5 billion of stock
Fri, Oct 29, 2004UPI
NEW YORK -- The board of directors of Pfizer in New York Thursday authorized a program to purchase up to $5 billion in the company's common stock.
The company said it expects the purchases to be made from time to time in the open market or in privately negotiated transactions with such purchases to be completed by the end of 2005.
Common stock acquired through the buyback program will be available for general corporate purposes. The company recently completed a $5 billion share repurchase program authorized by the board in December.
"This new buyback program capitalizes on Pfizer's financial and operational strength to increase shareholder value," said Hank McKinnell, Pfizer's chairman and chief executive officer.
Pfizer develops, manufactures, and markets prescription medicines for humans and animals.
Copyright 2004 by United Press International
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