Pfizer to buy back $5 billion of shares

By Jennifer Chiou

New York, June 23 - Pfizer Inc.'s board of directors authorized the repurchase up to $5 billion of common stock.

The New York-based company said it expects to periodically make purchases in the open market or in privately negotiated transactions.

"This new buyback program capitalizes on Pfizer's financial and operational strength to increase shareholder value," said Hank McKinnell, chairman and chief executive officer, in a news release.

Pfizer recently completed a $5 billion share repurchase program that the board approved in October 2004.

Pfizer also declared a dividend on its stock of 19 cents per share for the third quarter, payable Sept. 6 to shareholders of record Aug. 12

The board additionally authorized the repatriation of an additional $8.6 billion in foreign earnings beyond the already announced $28.3 billion. This will result in a $365 million - $0.05 per share - tax charge in the second quarter.

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