Pharmaceutical company Pfizer, Inc. (PFE) on Friday said its board approved a new share buyback program and also raised the quarterly dividend on the company's common stock.

Pfizer declared a 36-cent dividend for the first quarter of 2019. This represents an increase of about 6% over the previous dividend of 34 cents per share.

Pfizer also said the board approved a new $10 billion share buyback program, which is in addition to the $4.9 billion remaining under the company's current plan.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 14, 2018 12:35 ET (17:35 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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