Company to Use Proceeds from Sale Combined with Strong Operating Cash Flow
to Invest in Growth of Core Pharmaceutical Business
NEW YORK, Dec. 20 /PRNewswire-FirstCall/ -- Pfizer Inc said today that
it has completed the sale of its Pfizer Consumer Healthcare business to
Johnson & Johnson for $16.6 billion or about $13.5 billion in after-tax
proceeds.
"The proceeds from this sale, combined with our strong operating cash
flow, give us the flexibility to invest in the growth of our core
pharmaceutical business while enhancing total return to shareholders
through dividends and share purchases," said Jeffrey B. Kindler, Pfizer
chairman and CEO.
"We are committed to pursuing new products and technologies that
complement our internal development programs and represent attractive,
strategic opportunities to grow and to meet unmet medical needs," said
David Shedlarz, Pfizer vice chairman.
"We thank the colleagues of Pfizer Consumer Healthcare for their many
contributions to Pfizer over the years," said Kindler. "We appreciate their
commitment and dedication, especially as we reviewed strategic options for
this business, culminating in today's closing. We wish them continued
success in the future."
SOURCE Pfizer Inc
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CONTACT:
Paul Fitzhenry, +1-212-733-4637, for Pfizer
Inc
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