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

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] Dan Pan

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
William Raasch
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 Kaushal Parikh
patent for Lipitor will expire in 2010, which will enable the
entrance 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 600
products 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
Contents
growth of 39% from the same quarter of 2009. However
reported net income decreased by 70 % to $866 million for 1 Corporate Overview
the quarter. Pfizer's revenue for the quarter was positively 1.1 History
impacted by $5.2 billion from products that it inherited 1.2 Business Update
through the Wyeth acquisition in 2009. Excluding these 1.3 Recent News
numbers, Pfizer's own product line had a loss of 4% in 1.3.1 Restructuring
revenue compared to the same quarter in 2009. Pfizer 1.3.2 Illegal Marketing Settlement
earned 54 cents per share beating average analyst 1.3.3 Recent Acquisitions
predictions of 51 cents per share. The company's marque 2 Business Segments
product Lipitor’s sales decreased by 11%, as the drug 2.1 Revenue Sources
faced generic competition. The company increased its 2.2 Major Pfizer Drugs
expected 2010 profit from $2.20 per share to $2.17 to 2.2.1 Cholesterol and Hypertension
$2.22. [5] 2.2.2 Central nervous system disorders
2.2.3 Arthritis
In Q2 of 2010, Pfizer reported sales of $17.3 billion, a
2.2.4 Other
growth of 58% from the same quarter of 2009. Reported
3 Research and Development
net income increased 9% to $2.47 billion for the quarter.
Pfizer's revenue for the quarter was positively impacted by 4 Trends and Forces
$5.4 billion from products that it inherited through the 4.1 Tightening FDA Regulations
Wyeth acquisition in 2009. Excluding these numbers, 4.2 Pfizer's foray into the biogenerics market
4.3 Pipeline Risks
Pfizer's organic revenue growth for the quarter was 3%. [6]
Excluding special items, Pfizer earned 62 cents per share 4.4 Generic drugs: stiff competition

beating average analyst predictions of 52 cents per share. 4.5 Political pressures: pricing/licensing
The company's marque product Lipitor's sales increased 4.6 Dependence on health insurance
by 5% to $2.81 billion. The company also stated that it 4.7 Outsourcing
expects the 2010 profit to be on the upper end of its 5 Competition Among Major Drug Manufacturers
previous forecast of $2.10 to $2.20 per share, excluding 6 References
[7]
special items.

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 it
expects 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

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For Q3 of 2009, Pfizer reported sales of $11.6 billion, a
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decrease of 3% from the same quarter of the previous Trading Tools and Education for New and
year. Pfizer reported decreases in revenue from all of its Experienced Traders
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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
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]
In 2006, Pfizer sold its Consumer Healthcare unit to Johnson & 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 the
merger, 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]

Revenue & Net Income (in US$ billions)

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

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

Major Pfizer Drugs

As 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 as cardiac 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
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 a
major financial impact on Pfizer. It faces competition from the statins Pravachol 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. Lyruca
saw 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 of clinical 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
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 effective smoking
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 for
Alzheimer'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
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 strict safety 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.
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 antidepressant Zoloft 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.
Competition in the pharmaceutical industry lies mostly in specific drug markets. For example, a new diabetes 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
[55]
division , 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  Pfizer  Novartis  Abbott  Merck  Bristol- Eli  Amgen  Gilead  AstraZeneca
&  (PFE) (NVS) Laboratories  (MRK) Meyers  Lilly  (AMGN) (GILD) (AZN)
Johnson (ABT) Squibb  (LLY)
(JNJ) (BMY)

Revenue (in billions of USD)

Total  $61.9 $50.0 $44.3 $30.8 $27.4 $18.8 $21.8 $14.6 $7.0 $32.8
Revenue
Gross  $43.5 $41.1 $32.1 $17.6 $18.4 $13.7 $17.6 $12.6 $5.4 $27.2
Profit

Revenue  -2.9% 3.5% 4.0% 4.2% 15.0% 6.2% 7.2% -2.4% 31.4% 3.8%
Growth 
from 
2008

Income

Net  $12.3 $8.6 $8.4 $5.8 $12.9 $10.6 $4.3 $4.6 $2.6 $7.5
Income

Net Profit  19.8% 17.3% 19.0% 18.7% 47.0% 56.4% 19.8 31.5% 37.6% 22.9%
Margin

Operating $15.8 $10.8 $10.0 $6.2 $15.3 $5.6 $5.4 $5.5 $3.5 -$11.5
Income

Diluted  -3.7% 2.5% 3.7% 21.8% 55.6% 20.7% NA 19.6% 36.9% 23.6%
EPS 
Growth 
from 
2008

Other

R&D  $7.0 $7.8 $7.5 $2.7 $5.9 $5.1 $4.3 $2.9 $0.9 $4.4
Spending

References
1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 PFE 2007 Annual Report pg. 17
2. ↑ Pfizer Reports Fourth-Quarter and Full-Year 2009 Results
3. ↑ 3.0 3.1 The Long Case for Pfizer.
4. ↑ 4.0 4.1 Annual Report 2009
5. ↑ Pfizer Reports Third-Quarter 2010 Results
6. ↑ [Pfizer Reports Second Quarter Results
7. ↑ Pfizer profit beats, reassures on long-term view
8. ↑ [Pfizer Press Releases
9. ↑ Pfizer, Merck results beat estimates, shares rise
10. ↑ Pfizer Reports Fourth-Quarter and Full-Year 2009 Results
11. ↑ Pfizer profit misses; 2010 outlook below Street
12. ↑ Pfizer Reports Third-Quarter 2009 Results
13. ↑ Pfizer 3rd-quarter profit rises, tops Street
14. ↑ AFP. "Pfizer earnings down 19%." 22 July 2009.
15. ↑ GSK and Pfizer announce innovative agreement to create a new world-leading, specialist HIV company
16. ↑ ViiV sees one new HIV product a year by 2012
17. ↑ Pfizer Announces Creation Of Rare Disease Research Unit
18. ↑ Pfizer buys FoldRx
19. ↑ Pfizer, Theraclone ink $632 R&D deal for cancer, infectious disease
20. ↑ Pfizer to cut 10,000 jobs, close five plants; profit grows. CNNMoney.com (January 22, 2007). Retrieved on
2008-06-10.
21. ↑ Q2 2009 Earnings Call
22. ↑ Pfizer shifts focus to cancer and biotech drugs.
23. ↑ Johnson & Johnson to Buy Pfizer Unit. MoneyNews.com (June 26, 2006). Retrieved on 2007-07-19.
24. ↑ Pfizer Pays $2.3 Billion to Settle Marketing Case
25. ↑ Pfizer Reports Fourth-Quarter and Full-Year 2008 Results and 2009 Financial Guidance
26. ↑ Pfizer's $2.3
27. ↑ http://www.nytimes.com/2009/01/26/business/26drug.html?hp
28. ↑ Pfizer Completes Acquisition Of Wyeth
29. ↑
30. ↑ AFP. "Pfizer earnings down 19%." 22 July 2009.
31. ↑ 31.0 31.1 Pfizer Shares Plummet on Loss of a Promising Heart Drug].
32. ↑ Antipsychotic Drug Market
33. ↑ Pfizer's Celebrex gets break in court.
34. ↑ Pfizer's Chantix and Celebrex: An Anti-Smoking Double Play.
35. ↑ Cowen and Company. "Therapeutics Categories Outlook." March 2008.
36. ↑ 36.0 36.1 Pfizer's Full-Court Press to Save Chantix.
37. ↑ Pfizer stock down again as Chantix takes its toll.
38. ↑ Financial Report 2009
39. ↑ Dimebon - Top Ten Phase III Failures 2009 - FierceBiotech.com
40. ↑ Pfizer's Painful FDA News
41. ↑ Pfizer's RA pill tasocitinib posts blockbuster PhIII results - FierceBiotech
42. ↑ New F.D.A. Chief Says She’ll Toughen Enforcement Efforts
43. ↑ The FDA: A tough tonic
44. ↑ FDA Transparency Could Tank Pharma Stocks
45. ↑ Pfizer Seeks Boost From Copying Biotechnology Drugs
46. ↑ BIO: Biosimilars, Follow-On Biologics
47. ↑ [www.eahp.eu/content/download/25698/168176/file/SSR36-37.pdf Biogeneric drugs: from promise to reality
in Europe].
48. ↑ Pfizer Seeks Boost From Copying Biotechnology Drugs
49. ↑ "2007 Pharmaceutical Industry Profile.
50. ↑ PFE 2008 Annual Report pg. 14
51. ↑ [1]
52. ↑ Big Pharma Pipelines Failing to Meet Expectations.
53. ↑ PFE 10-K 2008 "US Basic Product Patent Expiration Year"
54. ↑ Pfizer considers outsourcing up to 30 percent of manufacturing, much of it to Asia.
55. ↑ Merck Announces Fourth-Quarter and Full-Year 2009 Financial Results
56. ↑ Bristol beats forecast, helped by lower taxes

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