The Board of Directors of Pfizer Inc authorized the purchase of up to $5 billion worth of the company's common stock. The company said it expects the purchases to be made from time to time in the open market or in privately negotiated transactions with such purchases to be completed by the end of 2004.

Common stock acquired through the buyback program will be available for general corporate purposes. The company recently purchased 508 million shares to complete a $16 billion share repurchase program authorized by the Board of Directors in June 2002.

Separately, the Board declared a dividend of 17 cents per share for the first quarter of 2004 payable on March 5, 2004 to shareholders of record on February 13, 2004. The 17 cents dividend represents a 13 per cent increase over the 2003 quarterly dividend.

Pfizer dividend payments in 2003 totaled 60 cents a share, consisting of four quarterly payments of 15 cents each. The first-quarter 2004 cash dividend will be the 261st consecutive quarterly dividend paid by Pfizer, and 2004 will mark the 37th consecutive year of quarterly dividend increases for Pfizer shareholders.

"Today's Board actions capitalize on Pfizer's strong financial and operational fundamentals to increase shareholder value," said Hank McKinnell, Pfizer's chairman and chief executive officer. "This new buyback program represents a strong vote of confidence in Pfizer's future."