(Reuters) - Drugmaker Pfizer Inc (PFE.N) said it entered into an agreement with Goldman, Sachs & Co to buy back $5 billion (£3.2 billion) of its stock.
Pfizer said the accelerated share repurchase was assumed in the forecast for the full year it provided last month.
Under the agreement, which forms a part of Pfizer’s existing buyback authorization, about 150 million shares will be bought.
The settlement is expected during or prior to the third quarter.
Shares of the New York-based company closed at $33.06 on the New York Stock Exchange on Monday.
Reporting by Anjali Rao Koppala in Bengaluru; Editing by Joyjeet Das