Pfizer approves $11B stock repurchase plan

AP News
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Posted: Oct 23, 2014 4:32 PM

NEW YORK (AP) — Drugmaker Pfizer says it approved the repurchase of $11 billion in company stock.

The New York company did not say when it would buy back the shares. Pfizer has $1.3 billion remaining from its latest stock repurchase program. Repurchasing shares can help support a company's stock price and earnings per share.

Pfizer Inc. is the world's second-largest drugmaker, and its products include the vaccine Prevnar and pain and fibromyalgia treatment Lyrica. The company's stock has fallen nearly 7 percent in 2014 and closed at $28.60 on Thursday. In March the stock peaked at $32.96, its highest price in almost 10 years.

The company is scheduled to report its third-quarter results on Tuesday.