Pfizer says it approved the repurchase of $11 billion in company stock.
The New York company did not say when it would buy back the shares. Pfizer has $1.3 billion remaining from its latest stock repurchase program. Repurchasing shares can help support a company’s stock price and earnings per share.
Pfizer Inc. is the world’s second-largest drugmaker, and its products include the vaccine Prevnar and pain and fibromyalgia treatment Lyrica. The company’s stock has fallen nearly 7 percent in 2014 and closed at $28.60 on Thursday. In March the stock peaked at $32.96, its highest price in almost 10 years.
The company is scheduled to report its third-quarter results on Tuesday.