PFIZER EXTENDS SHARE REPURCHASE PROGRAM FOR NINE MONTHS
This extension reflects the fact that, during the first and second quarters of 2000, Pfizer suspended its share repurchases because of the then-pending Warner-Lambert merger, and thus could not complete the authorized repurchase program by its originally envisioned completion date.
"The board's decision today testifies to our confidence in the company's continued strong earnings growth and the operational and financial benefits of our merger with Warner-Lambert," said William C. Steere, Jr., chairman and chief executive officer. "As we have said previously, we expect compounded average annual net income growth of at least 25 percent through 2002, and we are comfortable with financial analysts' current earnings estimates of up to $1 per share for the year 2000, in both cases excluding certain significant items and merger-related costs."
Pfizer originally announced the share repurchase program in September 1998. Common stock acquired through this program will be available for general corporate purposes.
As of August 8, 2000, Pfizer had 6,314 million shares of common stock outstanding.
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