Accelerated Share Repurchase Assumed in Pfizer’s 2017 Financial
Guidance Issued on January 31, 2017
NEW YORK--(BUSINESS WIRE)--
Pfizer Inc. (NYSE: PFE) today announced that it has entered into an
accelerated share repurchase agreement with Citibank N.A. (Citibank) to
repurchase $5 billion of Pfizer’s common stock. This agreement is part
of Pfizer’s existing share repurchase authorization.
Approximately 126 million of the shares to be repurchased under the
transaction will be received by Pfizer on February 6, 2017. At
settlement of the agreement, which is expected to occur during or prior
to the third quarter of 2017, Citibank 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 Citibank, 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.
In addition, to learn more, 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
February 3, 2017. 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, 2015 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 10-Q and 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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Source: Pfizer Inc.