Navigation Links
Wyeth Announces $5 Billion Share Repurchase Program; Declares Increase in Common Stock Dividend

MADISON, N.J., Sept. 27 /PRNewswire-FirstCall/ -- Wyeth (NYSE: WYE) announced that, at a meeting today, its Board of Directors approved an increase to the Company's previously authorized share repurchase program that authorizes the Company to buy back up to $5 billion of the Company's common stock. This is inclusive of approximately $1.2 billion in repurchases already executed during 2007. The repurchase program has no time limit and may be suspended for periods or discontinued at any time. The Company intends to fund the share repurchase program with cash from operations.

Also at today's meeting, a dividend of twenty-eight cents ($.28) per share on the outstanding shares of common stock was declared payable on December 3, 2007 to stockholders of record at the close of business on November 13, 2007. This quarterly rate represents a 7.7% increase per share from the previous quarter ($.26).

The expanded share repurchase program and the dividend increase are a reflection of the strengthening of Wyeth's cash position, resulting from strong operating cash flow and receding diet drug litigation payments, as well as management's confidence in both the short and long-term growth prospects for the Company. Wyeth's goal is to maintain financial flexibility to allow for future growth opportunities while also providing value to its shareholders. The Company looks forward to discussing its share repurchase program and dividend increase on its 2007 third quarter earnings conference call scheduled for October 18, 2007.

Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.

Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. Speaker announces business members of IT Task Force
2. Doyle announces technology tax credits for Berbee
3. Doyle announces new energy, global warming policies
4. Doyle announces $80M renewable energy strategy
5. GE announces first installation of Discovery VCT
6. UWM announces winners of RGI awards
7. Third Wave announces two senior management appointments
8. Mirus announces new method for making antibodies
9. Merge announces sofware updates, upcoming acquisition
10. Small Tree announces ethernet solution for Apple Xserv G5
11. TEKLYNX International announces new RFID software
Post Your Comments:
(Date:11/25/2015)... Studies reveal the differences in ... pave the way for more effective treatment for one of ...   --> --> Gum ... in cats, yet relatively little was understood about the bacteria ... been conducted by researchers from the WALTHAM Centre for Pet ...
(Date:11/25/2015)... ... November 25, 2015 , ... ... of Black Aerospace Professionals (OPBAP) has been formalized with the signing of a ... leaders met with OPBAP leaders Capt. Karl Minter and Capt. Albert Glenn Tuesday, ...
(Date:11/24/2015)... , Nov. 24, 2015  Asia-Pacific (APAC) holds ... organisation (CRO) market. The trend of outsourcing to ... margins but higher volume share for the region ... scale, however, margins in the CRO industry will ... Market ( ), finds that the ...
(Date:11/24/2015)... VANCOUVER , Nov. 24, 2015 /CNW/ - iCo ... ICOTF), today reported financial results for the quarter ... are expressed in Canadian dollars and presented under ... the United States ," said Andrew ... "These advancements regarding iCo-008 are not only value ...
Breaking Biology Technology:
(Date:11/19/2015)... MOUNTAIN VIEW, Calif. , Nov. 19, 2015 /PRNewswire/ ... authentication market, Frost & Sullivan recognizes BIO-key with the ... Strategy Leadership. Each year, Frost & Sullivan presents this ... comprehensive product line catering to the needs of the ... which the product line meets and expands on customer ...
(Date:11/17/2015)... Paris , qui s,est tenu ... Paris , qui s,est tenu du 17 au ... l,innovation biométrique, a inventé le premier scanner couplé, qui ... même surface de balayage. Jusqu,ici, deux scanners étaient nécessaires, ... digitales. Désormais, un seul scanner est en mesure de ...
(Date:11/12/2015)... Mass. , Nov. 12, 2015  Arxspan ... Institute of MIT and Harvard for use of ... discovery information management tools. The partnership will support ... both biological and chemical research information internally and ... will be used for managing the Institute,s electronic ...
Breaking Biology News(10 mins):