Pfizer's announcement comes ahead of the Trump administration's long-awaited bill to lower taxes. The bill, which looks set to be passed into a law, will overhaul the country's tax system for the first time in more than 30 years.
President Donald Trump and Republican leaders predict the tax cuts will encourage U.S. companies to invest more, boosting economic growth.
In rolling out a share buyback program, the drugmaker joins several other businesses including Boeing Co, Anthem Inc and Bank of America Corp.
Pfizer's share buyback is in addition to the $6.4 billion remaining under its current authorization, the company said.
The drugmaker hiked its first-quarter dividend to 34 cents per share from 32 cents.
Pfizer's shares rose marginally in midday trading, hitting a near one-and-a-half-year high of $37.35.
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