PFE Pfizer

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Dan Pan

William Raasch

Kaushal Parikh

TOP CONTRIBUTORSPfizer Inc. (NYSE:PFE) is the largest pharmaceutical company in the world. It owns

the cholesterol-lowering drug Lipitor, which brings in a quarter of its revenue and was

the best selling medicine in the world in 2009.[1]

In 2009, Pfizer achieved sales of $50 billion, an increase of 4% over the previous year.

However, excluding legacy sales of $3.3 billion from the Wyeth acquisition, Pfizer

product sales actually decreased from 2008. Blockbusters Norvasc, Viagra, Detrol, and

Geodon all saw double digit declines in sales, while $12 billion drug Lipitor saw a 5%

decline due to the entrance of competing generics into the market. Moreover, the

patent for Lipitor will expire in 2010, which will enable theentrance of generics that identically mimic the drug's

composition, creating even more formidable competition for

the company.[2]

As the largest player in the market, Pfizer has greater

power in marketing and forming alliances.[3] The company

also consistently posts the highest dividends in the

industry.[3] However, Pfizer faces challenges common to all

players in the pharmaceutical industry, including issues

surrounding patent expiration and FDA regulation. Pfizer's

established product portfolio included approximately 600products at the end of 2009,[4] and investors in Pfizer will

be betting that one of these drugs is the firm's next big hit.

Corporate Overview

History

Pfizer was founded in 1849 as Charles Pfizer and Company, a chemicals business. Over the last century, it has

aligned itself with the developing trends to become a research-based pharmaceutical company. Notably, Pfizer

produced most of the penicillin used during World War II. Pfizer is now the world's largest pharmaceutical company,

with $50 billion in revenue in 2009.

Business Update

In Q3 of 2010, Pfizer reported sales of $16.2 billion, a

growth of 39% from the same quarter of 2009. However

reported net income decreased by 70 % to $866 million for

the quarter. Pfizer's revenue for the quarter was positively

impacted by $5.2 billion from products that it inherited

through the Wyeth acquisition in 2009. Excluding these

Pfizer (PFE)

Contents

1 Corporate Overview

1.1 History

1.2 Business Update

1.3 Recent News

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numbers, Pfizer's own product line had a loss of 4% in

revenue compared to the same quarter in 2009. Pfizer

earned 54 cents per share beating average analyst

predictions of 51 cents per share. The company's marque

product Lipitor’s sales decreased by 11%, as the drug

faced generic competition. The company increased its

expected 2010 profit from $2.20 per share to $2.17 to

$2.22. [5]

In Q2 of 2010, Pfizer reported sales of $17.3 billion, a

growth of 58% from the same quarter of 2009. Reported

net income increased 9% to $2.47 billion for the quarter.

Pfizer's revenue for the quarter was positively impacted by

$5.4 billion from products that it inherited through the

Wyeth acquisition in 2009. Excluding these numbers,

Pfizer's organic revenue growth for the quarter was 3%. [6]

Excluding special items, Pfizer earned 62 cents per share

beating average analyst predictions of 52 cents per share.

The company's marque product Lipitor's sales increasedby 5% to $2.81 billion. The company also stated that it

expects the 2010 profit to be on the upper end of its

previous forecast of $2.10 to $2.20 per share, excluding

special items. [7]

In Q1 of 2010, Pfizer reported sales of $16.8 billion, a growth of 54% from the same quarter of 2009. Reported net

income, however, fell 26% to $2.0 billion for the quarter. Pfizer's revenue for the quarter was positively impacted by

$5.3 billion from products that it inherited through the Wyeth acquisition in 2009. Excluding these numbers, Pfizer's

organic revenue growth for the quarter was 5.4%. Lipitor, which began to face generic competition, exhibited 1%

growth for the quarter, and Pfizer saw strong growth from Lyrica and Sutent.[8] Pfizer's earnings for the quarter beat

analyst estimates by almost $200 million as Lipitor largely exceeded expectations. The company also stated that itexpects to achieve $4 to 5 billion in cost savings by the end of 2012 through its merger with Wyeth.[9]

For Q4 of 2009, Pfizer reported revenues of $16.5 billion, a

34% increase from the same quarter of the previous year,

largely due to a $3.3 billion influx of legacy revenue from

the Wyeth acquisition. Pfizer also reported net income of

$767 million for the quarter.[10] Pfizer's earnings fell short of

analyst expectations, as did its 2010 forecasts, in which it

projected earnings of $2.10 to $2.20 per share from $67 to

$69 billion in revenues. Analysts had estimated earnings

per share at, on average, $2.27.[11]

For Q3 of 2009, Pfizer reported sales of $11.6 billion, a

decrease of 3% from the same quarter of the previous

year. Pfizer reported decreases in revenue from all of its

major segments except for specialty care products, which

grew 3% and includes the products Rebif and Revatio.

Notable drivers of the decreased revenues include decreased Lipitor sales, loss of European exclusivity for the cancer

drug, Camptosar, and continued decreased sales among drugs that are currently facing generic competition. Despite,

the decrease in sales, Pfizer reported a 26% increase in net income to $2.89 billion, which the company attained

1.3.1 Restructuring

1.3.2 Illegal Marketing Settlement

1.3.3 Recent Acquisitions

2 Business Segments

2.1 Revenue Sources

2.2 Major Pfizer Drugs

2.2.1 Cholesterol and Hypertension

2.2.2 Central nervous system disorders

2.2.3 Arthritis

2.2.4 Other

3 Research and Development

4 Trends and Forces

4.1 Tightening FDA Regulations

4.2 Pfizer's foray into the biogenerics market

4.3 Pipeline Risks

4.4 Generic drugs: stiff competition

4.5 Political pressures: pricing/licensing

4.6 Dependence on health insurance4.7 Outsourcing

5 Competition Among Major Drug Manufacturers

6 References

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through major cost-reduction initiatives.[12] Pfizer raised its earnings outlook to $2.00-$2.05 from $1.30-$1.45 earnings

per share, largely due to its acquisition of Wyeth, which it formally completed on October 15, 2009.[13]

In the second quarter of 2009, sales fell by 9% from a year before to $10.98 billion. Net income fell 19% from $2.78

billion to $2.26 billion.The company cited adverse foreign exchange rate movements as the main driver of the weaker

numbers Sales from established products like Lipitor and Zyrtec continued to weaken, the former due to patent loss

and the latter due to intense competition. [14]

Recent News

In 2009, Pfizer and GlaxoSmithKline announced starting an innovative specialist HIV company. This company will

solely focus on research, development and commercialization of HIV medicines. GSK initially held 85% equity with

Pfizer holding the other 15%. The company had altogether 17 molecules at its disposal, and will contract R&D services

directly from GSK and Pfizer to develop these medicines.[15]

On 21st July 2010, ViiV announced that it will be progressing its investigational integrase inhibitor S/GSK1349572

('572) into Phase III clinical trials. This was based on promising results from two Phase IIb trials. Currently ViiV has

19% of the global AIDS drug market, and a product approval of the only once-a-day formulation would help the

collaboration increase marketshare.[16]

Following GlaxoSmithKline's structured venture into rare diseases, on June 14 2010, Pfizer announced the launch of a

new research unit that will be devoted to developing new biologics to treat rare diseases. The unit will pursue

treatments across all therapeutic areas and modalities and will serve as the focal point for the company's existing

research on rare diseases.[17] On September 1 2010, the company announced the structured buyout of FoldRx, a

biotech startup, whose lead molecule tafamadis, is a therapy for TTR amyloid polyneuropathy.[18]

On January 19, 2011, Pfizer announced signing a deal with Theraclone, a Seattle based biotech, to use the latter's I-

STAR platform technology to help PFE identify monoclonal antibodies against up to four undisclosed targets--two for

infectious disease and two for cancer. The platform is designed to allow screening tens of thousands of antibodies to

identify ones with most biological activity. Terms of the deal were not announced but Pfizer gets exclusive rights to

therapeutic antibodies discovered in the deal.[19]

Restructuring

On November 5, 2008, Pfizer announced it had abandoned research on "changing regulatory perspectives" on

prescription diet drugs. The news came after competitor Sanofi-Aventis announced they would be abandoning

research of a drug of the same class, Acomplia, due to increased regulatory concerns over major psychological side

effects.

On January 22, 2007, Pfizer announced plans to restructure its business dramatically, cutting costs and streamlining

the drug development process. The downsizing initiative reduced its worldwide workforce by 10%, or 10,000

employees, as well as close three research and two manufacturing facilities.[20] The company also remains on track to

reduce annual expenses by $2B by 2011, and it further expects to realize $4B in cost reduction synergies through the

Wyeth merger. [21]

Pfizer has announced that it plans to shift its research and development focus away from heart disease drugs to

cancer and biotechnology drugs, which it says are more profitable. The former category includes the company's most

profitable product, Lipitor. [22]

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In 2006, Pfizer sold its Consumer Healthcare unit toJohnson & Johnson for $16.6 billion.[23] The sale of the Consumer

Healthcare unit, which included many over-the-counter brands such as Listerine, Nicorette, Visine, Sudafed, and

Neosporin, indicates Pfizer's renewed focus on pharmaceuticals.

Illegal Marketing Settlement

On September 2, 2009 Pfizer agreed to pay $2.3 billion to settle both civil and criminal allegations that it had illegally

marketed its painkiller, Bextra, outside of the bounds of its label.[24] The case had been ongoing for several months

and Pfizer had already marked that exact sum for litigation costs on their 2008 year-end report.[25] When a drug is

prescribed as a treatment outside of what the FDA has approved the drug for, it is known as off label usage. While it is

legal for a physician to prescribe a drug off label, it is not legal for the pharmaceutical company to encourage such

practices. In addition to the fine, Pfizer agreed to disclose information about its relationship with physicians who

conduct clinical trials for its experimental drugs.[26]

Recent Acquisitions

On January 25, 2009, Pfizer agreed to acquire rival Wyeth for $68 billion, or $50.19 per share, a 29 percent premium

over the market price before rumors of the deal leaked. After the merger, Pfizer expects annual sales of over $70

billion and net income of over $20 billion. The company has stated that it plans to save $4 billion a year with themerger, which is one of the largest deals to hit Wall Street after the credit crisis.[27] On October 15, 2009, Pfizer

formally completed the acquisition of Wyeth following the receipt of regulatory approval of the acquisition from the

required government authorities.[28]

Business Segments

Revenue Sources

Pfizer's pharmaceutical sales accounted for $45.4 billion (90.9%) of its total 2009 revenue of $50 billion. The

remainder of revenue came from the animal health division and miscellaneous corporate income.[29]

*Note: Pfizer sold its OTC unit for $16 billion in 2006.

Major Pfizer DrugsAs people today are living longer and making poorer lifestyle choices, significant research and several blockbuster

drugs are related to the treatment of long-term ailments such ascardiac disease, arthritis, and diabetes. The following

are some notable trends in drug development and how Pfizer's most important drugs fit in.

Cholesterol and Hypertension

The public is generally aware of "good" (HDL) and "bad" (LDL) cholesterol and their consequences on long-term

cardiovascular health. The development of a class of effective cholesterol lowering drugs known as "statins" is

2009 2008 2007 2006

Revenue 50.0 48.3 48.4 48.4

Net Income 8.6 8.1 8.1 19.3*

R&D 7.8 7.9 8.1 7.6

Revenue & Net Income (in US$ billions)

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relatively recent. Statins currently on the market work to decrease LDL, and there is little to distinguish them in terms

of LDL-reducing efficacy. Although high LDL levels are an important predictor of cardiovascular risk, a low HDL may

be just dangerous. Currently, there is no drug on the market that raises HDL.

Pfizer's Lipitor is a statin that decreases LDL levels, and, due to its unprecedented safety and effectiveness, is now

the best selling drug in the world. In 2009, Lipitor brought in $11.4 billion in revenue for Pfizer, accounting for more

than 20% of the company's total revenue.[1] Currently, it is by far the most important drug for Pfizer and has contributed

significantly to growth in the past several years. However, the patent for Lipitor will expire in 2010, which will have amajor financial impact on Pfizer. It faces competition from the statinsPravachol by Bristol-Myers Squibb and Zocor by

Merck, which dented Q2 2009 Lipitor sales.[30]

Torcetrapib had previously been Pfizer's strongest candidate to replace Lipitor as a highly successful blockbuster drug.

Torcetrapib increases HDL levels as well as lowers LDL levels, but clinical trials also showed a 60% increase in deaths

in patients taking the drug, halting further development.[31]

High blood pressure is another risk factor of cardiovascular disease. Pfizer's Norvasc is currently the world's most-

prescribed branded medicine for lowering blood pressure, with sales totaling $1.97 billion in 2009.[1] Norvasc is also

used to treat angina, or a feeling of tightness in the body. Norvasc faces significant generic competition, which has

contributed to a sales decline of 12% in 2009.

Since high cholesterol levels and hypertension often go hand-in-hand, Pfizer combined Norvasc and Lipitor into a

single-pill drug marketed as Caduet, which acheived sales of $548 million in 2009, a decline of 7% from 2008.

Central nervous system disorders

Pfizer makes a wide range of drugs used to treat a variety of central nervous system disorders. The most significant

drugs in this category include Zoloft for depression (see Antidepressant Drug Market), Lyrica for epilepsy (see

Antiepileptic Drug Market), and Geodon for schizophrenia (see Antipsychotic Drug Market). After its patent expired in

2006, Zoloft experienced significant declines in sales, bringing in only $516 million in sales in 2009, an 84% drop from

$3.3 billion in 2005.[1] Lyrica is one of Pfizer's most successful pharmaceutical launches, and sales improved as it

continues to be approved to treat other conditions such as central nerve pain and generalized anxiety disorder. Lyrucasaw sales growth of 10% in 2009 to a total of $2.84 billion. Geodon was a fast growing antipsychotic treatment,

however, sales have stagnated at around $1 billion as generic competition for some of the market leading medications,

such as Risperdal have entered the market.[32]

Arthritis

Arthritis is a group of painful conditions caused by damage to the joints of the body, as a result of disease, injury, or

aging. Osteoarthritis, one of the most prevalent forms of arthritis, commonly accompanies aging and is one of the

leading causes of disability of the elderly. Pfizer's Celebrex is a well-prescribed drug used to treat arthritis-related joint

pain. Celebrex belongs to a family of drugs called COX-2 selective non-steroidal anti-inflammatory drugs (NSAIDs).

Recently, there have been concerns that all NSAIDs (such as naproxen and ibuprofen), as well as COX-2 selective

NSAIDs, (such as Celebrex), may increase the risk of heart attacks. Merck's Vioxx, which was once a competitor drug

to Celebrex, has been taken off the market due to these concerns and now faces significant liability issues. Although

there are no signs that Celebrex will suffer a similar fate, all NSAIDs, whether non-selective or COX-2 selective, now

carry a warning of increased cardiovascular risk. The success of Celebrex will depend on the outcome ofclinical trials,

including a large trial run by the Cleveland Clinic comparing Celebrex to naproxen and ibuprofen.

On January 10, 2008, the New York state court ruled in favor of Pfizer, deciding that there is no evidence that

Celebrex causes heart attacks at the recommended 200 milligram dose.[33] Although many Celebrex lawsuits are still

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pending, this decision sets a favorable legal precedent for the company. The drug is making a gradual comeback, with

sales up to $2.3 billion in 2007 compared to $2.0 billion in 2006, but still falls short of 2004 sales of $3.3 billion.[1]

Results of a study released on May 15 showed that Celebrex may also prevent lung cancer. The COX-2 enzyme fuels

tumor growth, and as a COX-2 inhibitor, the drug decreases incidence of cancer. If this effect is proven to be

substantial in future studies, the company may market Celebrex with its newly launched anti-smoking drug Chantix.[34]

Other

Viagra is the first drug to treat erectile dysfunction and remains a top seller with sales of $1.89 billion in 2009.

The newly launched anti-smoking drug Chantix has been touted as the company's next blockbuster. Launched in

2006, sales have picked up with $883 million in 2007. It is currently the only branded and most effectivesmoking

cessation on the market.[35] It was fast tracked for FDA approval after its superior efficacy was demonstrated in

clinical trials[36] However, Chantix has been plagued by negative media after studies linked it to accidents, vision

problems, heart problems, and suicidal ideation. Although further studies are needed to determine whether the

problems are caused by the drug itself or are symptoms of nicotine withdraw,[37] new prescriptions of Chantix have

dropped by half since January and the company has launched a media campaign to emphasize the benefits of

quitting smoking over risks of Chantix.[36]

The product's contribution towards sales for 2009 decreased by 17% to $700 million compared to $846 million in 2008.

[38]

Research and Development

Pfizer has an enormous R&D budget; It trailed only Roche in terms of the money spent by big pharma in 2009 on

research and development of new products ($7.4 billion to Roche's $8.7 billion).

Although the company invested about 15% of its earnings back into R&D in 2009, it has dealt with a few setbacks:

Dimebon - After spending $225 million upfront to license the Alzheimer drug from Medivation, PFE found the

product lacked effectiveness. There is an ongoing trail for Huntington's Disease but after the poor showing forAlzheimer's there is not much excitement for this particular molecule.[39]

Tanezumab - On June 24,2010, the FDA announced a clinical hold on the trails ongoing for pain medication

tanezumab. A small number of patients with osteoarthritis saw their condition get worse after taking tanezumab,

which was the reason cited by the FDA when it asked PFEto stop enrolling new patients with osteoarthritis and also

stop giving the drug to people in the trial till more safety studies are performed[40]

Not all clinical trials underway have ended with a negative endpoint. On Nov 8th,2010, PFE announced tacositinib, the

first oral medication for rheumatoid arthritis, significantly reduced pain and inflammation for almost three out of every

four patients in Phase III trials. Analysts believe that if approved, the drug could be a $2 billion dollar product for the

company [41]

Trends and Forces

Tightening FDA Regulations

When FDA commissioner Margaret Hamburg began her tenure in 2009, she announced that the FDA would toughen

it's enforcement efforts to protect public health.[42] As the FDA has drawn criticisms for its failures in preventing deaths

caused by drugs such as Vioxx, Hamburg has come in with several fixes that include stricter monitoring of drug

adverse events, more funding for the agency, stronger ability to force product recalls, and more scientific expertise

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within the agency.[43] On May 19, 2010, the FDA announced 21 proposals aimed at increasing transparency to the

public regarding regulatory information.[44]

Such information will increase the amount of information accessible to the public with regard to companies' pipeline

drugs and manufacturing facilities that might otherwise not have been disclosed. While the tightened regulations and

increased transparency will eventually improve the overall quality of pharmaceutical products, there will be growing

pains as companies adjust to the stricter standards and stronger enforcement. Pfizer's ability to adjust to these new

standards will impact its valuation and financial success.

Pfizer's foray into the biogenerics market

In December 2009, Pfizer announced that it would be entering into the biogenerics business, creating generic versions

of popular biologic drugs such as Amgen's Enbrel or Sanofi Aventis' Lovenex.[45] Biologic drugs are much harder to

replicate than small molecule drugs, and current legislation makes it very difficult for competitors to produce generic

versions of the drug. However, proposed new legislation may pave a pathway for generic biologics, which if approved

will affect the arthritis market by enabling the entry of generic competition which will lower prices and decrease the

overall market size.[46] Such legislation already exists in the European Union.[47] Generic biologics are more expensive

to manufacture than their small-molecule counterparts, and will likely sell at a higher price. In addition, there will be a

higher barrier to entry as manufacturing expertise and clinical proof are required at higher levels. Pfizer's acquisition of

Wyeth in early 2009 enhances its ability to compete in this market.[48] Pfizer's success in the biogenerics business will

significantly affect its growth in the next decade.

Pipeline Risks

Developing a new drug is a time-consuming and costly endeavor. Hundreds of thousands of candidate compounds

must be screened to identify a handful of potential drugs, and even fewer of these candidate drugs are found to be

effective at treating a disease. The drug must then pass strictsafety standards in several series of clinical trials. The

entire process of developing a new drug and bringing it to the market takes up to 10 to 15 years and on average costs

$800 million.[49]

Pfizer spends more on research and development than its competitors, spending $7.95 billion on research in 2008.[50]

Its product pipeline includes over projects in development, as of Q2 2009.[51] However, the demise of Torcetrapib, a

potential blockbuster cholesterol medication, illustrates the great risks that drug companies face. After reaching the

last stage of clinical trials, Pfizer terminated Torcetrapib development in 2006 after studies showed a significant

increase in mortality. This failure cost Pfizer nearly $1 billion and negatively impacted investor confidence.[31]

After the failure of Torcetrapib and several other smaller pipeline products, Pfizer forecasts sales of $1.44 billion in

2012 from its current pipeline products, compared to $8.54 billion that analysts predicted five years ago. With plenty of

cash on hand but the imminent expiration of Lipitor in 2010, the company has announced a strategy of acquiring

multiple small biotechs, rather than the mega-mergers of the past, in an attempt to re-energize its pipeline.[52]

Generic drugs: stiff competition

For a detailed discussion of brand name vs generic medication, see also Brand name vs Generic medications .

Due to Food and Drug Administration (FDA) regulations, pharmaceutical patents last 17 years, during which a

pharmaceutical company has an exclusive right to manufacture a particular drug. After the patent expires, generic

versions of the product can be produced and sold by competitors. Generic medication is cheaper to produce (due to

the substantially lower research and development costs) than brand medication, and the lower cost is often a strong

incentive for consumers to choose generics over branded drugs. In addition, the presence of a generic alternative may

force a decrease in the brand name medication's price, through increased competition.

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Pfizer's business model is highly dependent on patent protection and the enforcement of intellectual property rights,

and weak patent protection decreases the profitability of drugs. After the antidepressantZoloft lost patent exclusivity

in the last year, revenues declined to $531 million in 2007, compared to $3.3 billion 2005.[1] Although this was offset by

the launch of new products, major pharmaceutical companies like Pfizer are constantly threatened by the entrance of

generics.

One of the biggest concerns for Pfizer in the near future is that the patent for Lipitor will expire in 2010.[53] If the

company cannot create another blockbuster drug to fill in this $12 billion gap, it will need to downsize, as it has done

already to some extent.

In addition, the blood pressure medicine Norvasc and allergy medicine Zyrtec went generic in 2007, as did

Camptosar, a chemotherapy drug, in 2008. Sales of Norvasc dropped from $4.9 billion in 2006 to $1.9 billion in 2009.

[1]. After its patent expiry, Camptosar's revenues also dropped 41% in 2009 when compared to 2008.[4]

Political pressures: pricing/licensing

Like other global pharmaceutical companies, Pfizer faces constant pressure from governments and activist

organizations to increase access by either lowering prices substantially or granting generic licenses. Although these

policies would increase the volume of sales, there would be a significant impact on total profits. Pfizer is also facing

increase in cost containments globally from managed care organizations, institutions and government agencies and

programs. The board price cuts may decrease the global revenues. Additionally, the legislation related to price controls

could affect the company’s business. Pfizer continues to lobby for favorable regulation and access policies.

Dependence on health insurance

Changes in health care coverage may impact Pfizer's sales. If an insurance program changes its policies and removes

coverage for a certain treatment, sales of related drugs are likely to decrease. In general, insurance programs are

more likely to cover essential expenses, such as heart disease medication, and less likely to cover nonessential

expenses, such as cosmetic surgery. For example, Pfizer's Viagra sales have fallen as erectile dysfunction coverage

has been eliminated from many health care programs.

Outsourcing

Pharmaceutical companies are seeking to cut manufacturing costs by outsourcing drug production overseas. Pfizer

currently outsources 15 percent of its manufacturing operations, but recently announced that it will aim to double this

figure to 30 percent. This increase in outsourcing is part of the company's ongoing restructuring efforts.[54]

Competition Among Major Drug Manufacturers

Major competitors to Pfizer include Novartis, Merck, and Bristol-Myers Squibb. All three are pharmaceutical

powerhouses, some with competing drugs. For example, Merck produces the cholesterol drug Zocor, which is in direct

competition with Lipitor.

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Competition in the pharmaceutical industry lies mostly in specific drug markets. For example, a newdiabetes drug is

not going to have any effect on an existing cholesterol drug, no matter how successful it is. As a result, financial data

on the pharmaceutical companies do not tell the whole story. Instead, it may be more appropriate to analyze Pfizer's

competitors by each drug market (See section on Major Drugs and Industry Trends).

The table below displays competitive operating metrics for competitors within the pharmaceutical industry. Note that

the total revenue for Merck and Pfizer was influenced by revenue inherited from their acquisitions of Schering-Plough

and Wyeth, respectively. In addition, net income for Merck was bolstered by $3.2 billion from the sale of its animal

division [55], while Bristol-Meyers Squibb's net income saw a one-time $7.2 billion increase from the sale of its nutrition

division.[56]

Pharmaceutical and Biotech Industry — Competitive Operating Metrics (2009)

Johnson

&

Johnson

(JNJ)

Pfizer

(PFE)

Novartis

(NVS)

Abbott

Laboratories

(ABT)

Merck

(MRK)

Bristol-

Meyers

Squibb

(BMY)

Eli

Lilly

(LLY)

Amgen

(AMGN)

Gilead

(GILD)

AstraZene

(AZN)

Revenue (in billions of USD)

Total

Revenue

$61.9 $50.0 $44.3 $30.8 $27.4 $18.8 $21.8 $14.6 $7.0 $32

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References

↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 PFE 2007 Annual Report pg. 171.

↑ Pfizer Reports Fourth-Quarter and Full-Year 2009 Results2.

↑ 3.0 3.1 The Long Case for Pfizer.3.

↑ 4.0 4.1 Annual Report 20094.

↑ Pfizer Reports Third-Quarter 2010 Results5.

↑ [Pfizer Reports Second Quarter Results6.

↑ Pfizer profit beats, reassures on long-term view7.

↑ [Pfizer Press Releases8.↑ Pfizer, Merck results beat estimates, shares rise9.

↑ Pfizer Reports Fourth-Quarter and Full-Year 2009 Results10.

↑ Pfizer profit misses; 2010 outlook below Street11.

↑ Pfizer Reports Third-Quarter 2009 Results12.

↑ Pfizer 3rd-quarter profit rises, tops Street13.

↑ AFP. "Pfizer earnings down 19%." 22 July 2009.14.

↑ GSK and Pfizer announce innovative agreement to create a new world-leading, specialist HIV company15.

↑ ViiV sees one new HIV product a year by 201216.

Gross

Profit

$43.5 $41.1 $32.1 $17.6 $18.4 $13.7 $17.6 $12.6 $5.4 $27

Revenue

Growth

from

2008

-2.9% 3.5% 4.0% 4.2% 15.0% 6.2% 7.2% -2.4% 31.4% 3.8

Income

Net

Income

$12.3 $8.6 $8.4 $5.8 $12.9 $10.6 $4.3 $4.6 $2.6 $7

Net Profit

Margin

19.8% 17.3% 19.0% 18.7% 47.0% 56.4% 19.8 31.5% 37.6% 22.9

Operating

Income

$15.8 $10.8 $10.0 $6.2 $15.3 $5.6 $5.4 $5.5 $3.5 -$11

Diluted

EPS

Growth

from

2008

-3.7% 2.5% 3.7% 21.8% 55.6% 20.7% NA 19.6% 36.9% 23.6

Other

R&D

Spending

$7.0 $7.8 $7.5 $2.7 $5.9 $5.1 $4.3 $2.9 $0.9 $4

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↑ Pfizer Announces Creation Of Rare Disease Research Unit17.

↑ Pfizer buys FoldRx18.

↑ Pfizer, Theraclone ink $632 R&D deal for cancer, infectious disease19.

↑ Pfizer to cut 10,000 jobs, close five plants; profit grows. CNNMoney.com (January 22, 2007). Retrieved on

2008-06-10.

20.

↑ Q2 2009 Earnings Call21.

↑ Pfizer shifts focus to cancer and biotech drugs.22.

↑ Johnson & Johnson to Buy Pfizer Unit. MoneyNews.com (June 26, 2006). Retrieved on 2007-07-19.23.

↑ Pfizer Pays $2.3 Billion to Settle Marketing Case24.

↑ Pfizer Reports Fourth-Quarter and Full-Year 2008 Results and 2009 Financial Guidance25.

↑ Pfizer's $2.326.

↑ http://www.nytimes.com/2009/01/26/business/26drug.html?hp27.

↑ Pfizer Completes Acquisition Of Wyeth28.

↑ 29.

↑ AFP. "Pfizer earnings down 19%." 22 July 2009.30.

↑ 31.0 31.1 Pfizer Shares Plummet on Loss of a Promising Heart Drug].31.

↑ Antipsychotic Drug Market32.

↑ Pfizer's Celebrex gets break in court.33.

↑ Pfizer's Chantix and Celebrex: An Anti-Smoking Double Play.34.

↑ Cowen and Company. "Therapeutics Categories Outlook." March 2008.35.

↑ 36.0 36.1 Pfizer's Full-Court Press to Save Chantix.36.

↑ Pfizer stock down again as Chantix takes its toll.37.

↑ Financial Report 200938.

↑ Dimebon - Top Ten Phase III Failures 2009 - FierceBiotech.com39.

↑ Pfizer's Painful FDA News40.

↑ Pfizer's RA pill tasocitinib posts blockbuster PhIII results - FierceBiotech41.

↑ New F.D.A. Chief Says She’ll Toughen Enforcement Efforts42.

↑ The FDA: A tough tonic43.↑ FDA Transparency Could Tank Pharma Stocks44.

↑ Pfizer Seeks Boost From Copying Biotechnology Drugs45.

↑ BIO: Biosimilars, Follow-On Biologics46.

↑ [www.eahp.eu/content/download/25698/168176/file/SSR36-37.pdf Biogeneric drugs: from promise to reality

in Europe].

47.

↑ Pfizer Seeks Boost From Copying Biotechnology Drugs48.

↑ "2007 Pharmaceutical Industry Profile.49.

↑ PFE 2008 Annual Report pg. 1450.

↑ [1]51.

↑ Big Pharma Pipelines Failing to Meet Expectations.52.

↑ PFE 10-K 2008 "US Basic Product Patent Expiration Year"53.

↑ Pfizer considers outsourcing up to 30 percent of manufacturing, much of it to Asia.54.

↑ Merck Announces Fourth-Quarter and Full-Year 2009 Financial Results55.

↑ Bristol beats forecast, helped by lower taxes56.

Categories: Pharma & Healthcare | Mature | Major-Drug Manufacturers | ManufacturersDrug

8/7/2019 PFE Pfizer


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