Board of Directors Approves Increase in Quarterly Cash Dividend to $0.34 Per Share and Authorizes New $10 Billion Share Repurchase Program
NEW YORK--(BUSINESS WIRE)-- The board of directors of Pfizer Inc. (PFE) today declared a 34-cent first-quarter 2018 dividend on the company’s common stock, payable March 1, 2018, to shareholders of record at the close of business on February 2, 2018. Pfizer increased the dividend by approximately 6 percent, to 34 cents from 32 cents per share. The first-quarter 2018 cash dividend will be the 317th consecutive quarterly dividend paid by Pfizer.
Keeping with past practice, the board of directors also authorized a new $10 billion share repurchase program to be utilized over time. This new program is in addition to the $6.4 billion remaining under the company’s current authorization.
“The dividend increase and new repurchase program demonstrate our commitment to returning capital to shareholders and are supported by our continued confidence in the business,” stated Ian Read, Pfizer chairman and chief executive officer.
About Pfizer Inc.
At Pfizer, we apply science and our global resources to bring therapies to people that extend and significantly improve their lives. We strive to set the standard for quality, safety and value in the discovery, development and manufacture of health care products. Our global portfolio includes medicines and vaccines as well as many of the world's best-known consumer health care products. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 150 years, we have worked to make a difference for all who rely on us. We routinely post information that may be important to investors on our website at www.Pfizer.com. In addition, to learn more, please visit us on www.Pfizer.com and follow us on Twitter at @Pfizer and @Pfizer_News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer.
DISCLOSURE NOTICE: The information contained in this release is as of December 18, 2017. The Company assumes no obligation to update forward-looking statements contained in this release as a result of new information or future events or developments.
This release contains forward-looking information about the Company’s share repurchase program that involves substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Risks and uncertainties include, among other things, the uncertainties inherent in business and financial planning, including, without limitation, risks related to Pfizer’s business and prospects, adverse developments in Pfizer’s markets, or adverse developments in the U.S. or global capital markets, credit markets or economies generally; and competitive developments.
A further description of risks and uncertainties can be found in Pfizer’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and in its subsequent reports on Form 10-Q, including in the sections thereof captioned “Risk Factors” and “Forward-Looking Information and Factors That May Affect Future Results,” as well as in its subsequent reports on Form 8-K, all of which are filed with the U.S. Securities and Exchange Commission and available at www.sec.gov and www.Pfizer.com.
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Joan Campion, 212-733-2798
Ryan Crowe, 212-733-8160
Source: Pfizer Inc.Copyright Business Wire 2017