Pfizer Inc. (NYSE:PFE) today announced that it has entered into an
accelerated share repurchase agreement with Goldman, Sachs & Co.
(GS&Co.) to repurchase $5 billion of Pfizer’s common stock. This
agreement is part of Pfizer’s existing share repurchase authorization
under which an additional $11 billion of authority was announced in
October 2014.
Approximately 150 million of the shares to be repurchased under the
transaction will be received by Pfizer on February 11, 2015. At
settlement of the agreement, which is expected to occur during or prior
to the third quarter of 2015, GS&Co. may be required to deliver
additional shares of common stock to Pfizer, or, under certain
circumstances, Pfizer may be required to deliver shares of its common
stock or may elect to make a cash payment to GS&Co., with the number of
shares to be delivered or the amount of such payment based on the
volume-weighted average price of Pfizer’s common stock during the term
of the transaction.
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, Pfizer has worked to make a difference for all who
rely on us. To learn more, please visit us at www.pfizer.com.
DISCLOSURE NOTICE: The information contained in this release is as of
February 9, 2015. Pfizer assumes no obligation to update forward-looking
statements contained in this release as the result of new information or
future events or developments.
This release contains forward-looking information related to Pfizer’s
plans with respect to an accelerated share repurchase 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 that could
significantly impact Pfizer’s ability to implement, or realize the
benefits of, the accelerated share repurchase as currently planned.
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, 2013, including in the sections thereof captioned “Risk Factors” and
“Forward-Looking Information That May Affect Future Results”, as well as
in its subsequent reports on Form 10-Q and Form 8-K, all of which are
filed with the Securities and Exchange Commission and available at www.sec.gov
and www.pfizer.com.
Copyright Business Wire 2015