By JOSH BECKERMAN

Pfizer Inc. said it will continue repurchasing stock with a new $11 billion buyback plan.

The drug company, which has a market capitalization of about $181 billion, said about $1.3 billion remained authorized under a prior buyback program.

Citing its strong operating cash flow, Pfizer said earlier in 2014 that it planned to buy about $5 billion of its shares this year.

Pfizer shares rose 1.4% to $29 in late trading Thursday.

In July, Pfizer said its second-quarter revenue fell 2%, hurt by foreign-currency changes and the expiration of its co-promotion with Amgen Inc. of Enbrel, a psoriasis and rheumatoid arthritis drug. The company lowered its revenue outlook for the year, pointing to the looming generic competition for painkiller Celebrex in December.

Pfizer dropped a $120 billion bid for AstraZeneca earlier this year. Pfizer Chief Executive Ian Read said in July that the company continues to evaluate other deals.

Write to Josh Beckerman at josh.beckerman@wsj.com

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