Replies to post #162408 on Biotech Values

[jq1234]

That's where they put their repurchased shares for the time being as well.

[DewDiligence]

PFE—They have decided to keep [tendered shares] in treasury for the time being, per the Q&A of the prospectus - page 11.

Strictly a technical answer because the share-retirement process has tax and accounting consequences in the short run. PFE’s CEO is on record that the shares from the ZTS swap will be retired.

The proper way to look at the ZTS swap from PFE’s standpoint is a large cash-free share buyback. As jq mentioned, this will be supplemented by regular cash buybacks to reduce PFE’s share count still further, thereby boosting EPS.

[DewDiligence]

PFE authorizes new $10B buyback authorization—in addition to the $3.9B remaining on the old authorization:

http://finance.yahoo.com/news/pfizer-declares-24-cent-third-211600378.html

All this is in addition to the elimination of 400M PFE shares (about 6% of the shares outstanding) stemming from the ZTS swap (#msg-89448844).