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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Crossy who wrote (4211)	6/28/2001 2:02:14 PM
From: nigel bates	Read Replies (2) \| Respond to of 52153

Interesting to see how pharma are 'investing' their surplus cash. Clearly they haven't been paying attention to Peter's 'Munch' thread... NEW YORK, June 28 /PRNewswire/ -- The Board of Directors of Pfizer Inc today authorized the company to purchase up to $5 billion worth of its currently issued stock, with a limit of 120 million shares. The company said it expects purchases will be made from time to time during the next 18 months in the open market or in privately negotiated transactions. Common stock acquired through this program will be available for general corporate purposes. As of May 31, 2001, Pfizer had approximately 6.3 billion shares of common stock outstanding. ``Pfizer has never been stronger than today,'' said Hank McKinnell, chairman and chief executive officer, Pfizer Inc. ``The Board's action indicates confidence that, in the years ahead, our unsurpassed portfolio of current products and our deep pipeline of new medicines together will make the Company even more valuable to patients, investors and our customers and business partners around the world.'' Since 1991, Pfizer has announced and successfully completed five stock purchase programs for a total of 686 million shares. Under the most recent program, announced in September 1998 and just completed, Pfizer purchased approximately 127 million shares at a cost of $5 billion...