Pfizer to buy back $5 billion of shares

Pfizer says that its board of directors has authorized the repurchaseof up to $5 billion worth of its currently-issued stock, with a limit of 120 million shares. The company said it expects the buybacks to be made from time to time during the next 18 months "in the open market or in privately-negotiated transactions." As of May 31, Pfizer had approximately 6.3 billion shares of common stock outstanding.

Pfizer "stronger than ever"

Chief executive Hank McKinnell claimed that "Pfizer has never been stronger than today," adding that the board's action " indicates confidence that, in the years ahead, our unsurpassed portfolio of current products and our deep pipeline of new medicines together will make the company even more valuable." Since 1991, Pfizer has successfully completed five stock purchase programs for a total of 686 million shares.