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Max Nisen

Pfizer Shareholders Are Already Enjoying the Fruits of Tax Cuts

The pharma giant previews how Corporate America will spend its windfall.
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Photographer: Michael Nagle

If you already know most of what's going to be in the GOP's tax bill, that it's going to pass, and that it's going to benefit you enormously, then why wait to start spending the proceeds?

Pfizer Inc. announced Monday that its board had authorized a $10 billion share repurchase  -- on top of an already authorized $6.4 billion -- and will be hiking its already generous dividend by 6 percent. The buyback isn't exactly a value play: Pfizer's share price is within 30 cents of its highest point since 2004.