A drive arrangement in a pneumatic power tool includes a pneumatic motor with an output shaft, and a spindle for mounting a cutting element and which externally includes both a thread and an axial groove. A drive rotation of the spindle is driven by a drive gear that is engaged with the axial groove on the spindle and that is drivingly connected to the output shaft so as to rotate at a constant speed with respect to the output shaft. A feed gear is threaded upon the spindle and may be rotated with respect to the spindle in order to advance and retract the spindle. The feed gear is driven by one intermediate feed gear which is interchangeably drivingly connectable to the output shaft via a first and a second gear connection, respectively, so as to advance or retract the spindle.