Pfizer Announces New $10 Billion Share Repurchase Program
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Pfizer Inc., the world’s largest drugmaker, authorized a new share buyback program for as much as $10 billion as Lipitor lost about 15 percent of its market in the first week the cholesterol pill faced generic competition.
The quarterly dividend was increased to 22 cents a share from 20 cents, according to a statement today. The stock repurchase plan is in addition to Pfizer’s existing program, the New York-based company said. Chief Executive Officer Ian Read, 58, also was named board chairman.