SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report: October 2, 1998
Date of earliest event reported: September 24, 1998
PFIZER INC.
(Exact name of registrant as specified in its charter)
Delaware 1-3619 13-5315170
(State or other (Commission File (I.R.S. Employer
jurisdiction of Number) Identification No.)
incorporation)
235 East 42nd Street
New York, New York 10017
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(212) 573-2323
Item 5. Other Events
On September 24, 1998 Pfizer Inc. announced that its Board of Directors
authorized the Company to purchase up to $5 billion worth of its currently
issued stock. Pfizer's press release is included as Exhibit 99 and is
incorporated by reference.
Item 7. Exhibits
Exhibit 99 - Press Release of Pfizer Inc. dated September 24, 1998.
SIGNATURE
Under the requirements of the Securities Exchange Act of 1934, the
registrant has caused this report to be signed on its behalf by the authorized
undersigned.
PFIZER INC.
By: /s/ TERENCE J. GALLAGHER
.............................
Name: Terence J. Gallagher
Title: Vice President-
Corporate Governance
Dated: October 2, 1998
EXHIBIT INDEX
Exhibit No. Description
99 Press Release dated September 24, 1998, announcing the
Board of Director's authorization for Pfizer Inc. to
purchase up to $5 billion of its currently issued stock.
EXHIBIT 99
For immediate release Contact: Brian McGlynn
September 24, 1998 212-573-2051
PFIZER TO PURCHASE UP TO $5-BILLION WORTH OF COMMON STOCK
NEW YORK, Sept. 24 -- The Board of Directors of Pfizer Inc today authorized
the company to purchase up to $5 billion worth of its currently issued stock.
The company said it expects purchases will be made from time to time during
the next two years in the open market or in privately negotiated transactions.
Common stock acquired through this program will be available for general
corporate purposes. As of July 31, Pfizer had 1,307 million shares of common
stock outstanding.
Since 1991, Pfizer has announced and successfully completed four stock
purchase programs. Under the most recent program, just completed, Pfizer
purchased more than 26 million shares at a total cost of $2 billion.
"These programs demonstrate our confidence in our commercially available
products and research candidates," said William C. Steere, Jr., chairman and
chief executive officer. "In addition, as we have said before, the excellent
acceptance of our innovative products has made it possible for us to fully
fund research and development while further bolstering our commercial
infrastructure to take full advantage of our collaborations and our own R&D
programs."
Pfizer Inc is a research-based, global pharmaceutical company that discovers,
develops and markets innovative medicines for humans and animals. The company
reported sales of about $12.5 billion for 1997.
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