Pfizer's acquisition of Wyeth will add to the pharmaceutical giant's diversity, which over time will help boost the company's stock, CEO Jeff Kindler told CNBC Tuesday.
"Ultimately, the way we increase the stock is by improving shareholder value in the long run," Kindler said. "Our prospects are very strong."
Pfizer plans to cut about $4 billion in annual expenses after the acquisition is complete, and it will eliminate 15 percent of the companies' combined employees, he said.
Kindler added that management will discuss the future of the company's dividend in December, after cutting it in half to 64 cents earlier this year.
"We'll consider the importance of the dividend to our shareholders, which we understand very much," he said, "as well as all considerations about the best use of our capital for our shareholders."
On Tuesday, Pfizer reported third-quarter earnings that beat Wall Street's profit expectations as cost-cutting outweighed a decline in sales.
Also on CNBC.com:
- Pfizer Profit Beats Expectations on Cost Cutting
- Pharma's Market with Mike Huckman