By JOSH BECKERMAN
Pfizer Inc. said it will continue repurchasing stock with a new
$11 billion buyback plan.
The drug company, which has a market capitalization of about
$181 billion, said about $1.3 billion remained authorized under a
prior buyback program.
Citing its strong operating cash flow, Pfizer said earlier in
2014 that it planned to buy about $5 billion of its shares this
year.
Pfizer shares rose 1.4% to $29 in late trading Thursday.
In July, Pfizer said its second-quarter revenue fell 2%, hurt by
foreign-currency changes and the expiration of its co-promotion
with Amgen Inc. of Enbrel, a psoriasis and rheumatoid arthritis
drug. The company lowered its revenue outlook for the year,
pointing to the looming generic competition for painkiller Celebrex
in December.
Pfizer dropped a $120 billion bid for AstraZeneca earlier this
year. Pfizer Chief Executive Ian Read said in July that the company
continues to evaluate other deals.
Write to Josh Beckerman at josh.beckerman@wsj.com
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