Pfizer has entered into an accelerated share repurchase agreement with Goldman, Sachs & Co. (GS&Co.) to repurchase $5 billion of Pfizer’s common stock.  This agreement is part of Pfizer’s existing share repurchase authorisation under which an additional $11 billion of authority was announced in October 2014.

Approximately 150 million of the shares to be repurchased under the transaction will be received by Pfizer on February 11, 2015. At settlement of the agreement, which is expected to occur during or prior to the third quarter of 2015, GS & Co. 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 GS & Co., 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.