Pfizer Announces Eye-Popping $11 Billion Share Buyback Plan

This is in addition to the $1.3 billion remaining under the company's current repurchase plan.

Pfizer said only that this repurchase would be completed "over time."

In its second quarter earnings report in July, Pfizer said it expected that it would spend $5 billion over the balance of the year on share repurchases.

In July, the company said that, "These 2014 repurchases and planned repurchases are expected to reduce total shares outstanding by approximately 100 million shares by the end of the year after factoring in actual and projected dilution related to employee compensation programs."

In after hours trade shares of Pfizer were up 1.4% following the announcement.

Pfizer is set to announce third quarter results on Tuesday, October 28 before the market open.