(Il Sole 24 Ore Radiocor) – Milan, Nov 01 – US pharmaceutical giant Pfizer reported third-quarter net profit of $3.2 billion, down 14% from a year ago, versus revenues of 14 billion (-16% year on year). The results, explains Pfizer which has lowered its forecasts for the whole of 2012, discount the loss of the exclusive rights to some drugs, in particular on Lipitor, the medicine for the treatment of high cholesterol. However, Pfizer's board has authorized the launch of a new 10 billion dollar buy-back plan following the sale of nutrition-related businesses to Nestle'. This operation should be finalized within a few months.
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(RADIOCOR) 01-11-12 12:25:08 (0184) 5 NNNN
Editor's note: The buy-back (or buyback of treasury shares) is the share purchase transaction owned by a joint stock company. It can be done for excess liquidity considering it can be more profitable if invested in its own shares, rather than used in bank loans (due, perhaps, to low interest rates) or reinvested in its characteristic business: research. The purchase of treasury shares can be aimed at increasing the quotation of the shares, as it supports the demand for them on the market. It also increases the asset value of the remaining securities. It can take the form of an operation which attributes an extraordinary dividend to the shareholders. The buy-back is used to implement stock option plans: the attribution of shares to employees and/or directors "deserving" for having increased the dividend.
in C. Read, 58. Chairman and Chief Executive Officer of Pfizer since December 2011. AND also director of Kimbery-Clark Corporation. In 2011, he received compensation from Pfizer for 25.013.348 $ (d
