VTRS Viatris Inc

By Dave Sebastian

Pfizer Inc. said it is raising its quarterly dividend by a penny a share to 39 cents, a day after a Food and Drug Administration advisory panel recommended approval of the Covid-19 vaccine developed by Pfizer and BioNTech SE.

The first-quarter dividend will be payable March 5 to shareholders of record at the close of business Jan. 29, Pfizer said.

The panel's recommendation clears the way for the FDA to grant emergency authorization of the vaccine as early as Friday. Pfizer Thursday said it plans to file for full approval, through what is known as a biologics license application, by April.

Pfizer Friday said it expects Viatris Inc., which was formed out of the combination of its Upjohn unit with Mylan NV, to begin paying quarterly dividend in the second quarter of 2021.

Pfizer said its quarterly dividend will then be reduced so that the combined dividend amount received by Pfizer shareholders, based on the combination of continued Pfizer ownership and about 0.12 Viatris shares granted for each Pfizer share in the spinoff, will equate to Pfizer's dividend immediately before Viatris starts paying a dividend.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

December 11, 2020 07:15 ET (12:15 GMT)

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