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review2007.pdf

review2007.pdf

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235 East 42nd Street New York, NY 10017-5755 212-573-2323 www.pfi zer.com Our Path Forward Progress & Promise “ When my fi bromyalgia symptoms were at their worst, even a touch was excruciating. Lyrica helps relieve my pain so I can live my life again.” Carolyn Bishop with her daughter, Aubrey San Antonio, Texas Annual Review 2007 66036pf_cov 166036pf_cov 1 3/3/08 7:47:28 PM3/3/08 7:47:28 PM “ Lyrica represents what’s great about Pfi zer—collaborative teamwork, cutting-edge science, the willingness to invest and take strategic risks—and provides genuine value for patients and payers.” Lloyd E. Knapp Executive Director, Pfi zer Global Research & Development, Lyrica Development Team Leader Lyrica Corporate and Shareholder Information Stock Listings Our Common Stock is listed on the New York Stock Exchange. It is also listed on the London, Euronext and Swiss stock exchanges, and traded on various United States regional stock exchanges. Stock Transfer Agent and Registrar Computershare Trust Company, N.A. 250 Royall Street Canton, MA 02021 Telephone: 800-PFE-9393 Outside the U.S., Canada and Puerto Rico: 781-575-4591 Internet: www.computershare.com Shareholder Services and Programs Please contact our Stock Transfer Agent and Registrar with inquiries concerning shareholder accounts of record and stock transfer matters, and also for information on the following services and programs: • Shareholder Investment Program – direct purchase of Pfi zer stock – dividend reinvestment – automatic monthly investments • Book-entry share ownership • Direct deposit of dividends Forward-Looking Information Please refer to the Company’s 2007 Form 10-K for a description of the substantial risks and uncertainties related to the forward-looking state- ments included in this Annual Review. Form 10-K and CEO/CFO Certifi cations Upon written request, we will provide without charge a copy of our Form 10-K for the fi scal year ended December 31, 2007. Requests should be directed to: Secretary Pfi zer Inc 235 East 42nd Street New York, NY 10017-5755 Our Form 10-K is also available on our Web site at www.pfi zer.com. The most recent certifi cations by our Chief Executive Offi cer and Chief Financial Offi cer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are fi led as exhibits to our Form 10-K. We have also fi led with the New York Stock Exchange the most recent Annual CEO Certifi cation as required by Section 303A.12(a) of the New York Stock Exchange Listed Company Manual. Annual Meeting of Shareholders The Annual Meeting will be held on Thursday, April 24, 2008, at 8:30 a.m. Central Daylight Time at: The Peabody Memphis Hotel 149 Union Avenue Memphis, Tennessee 38103 Information about the meeting is contained in our Notice of Annual Meeting of Shareholders and Proxy Statement. Corporate Responsibility Report This report provides detailed information about how Pfi zer conducts business responsibly and engages with stakeholders to advance good health and expand a sustainable business. This report is available online at www.pfi zer.com/crreport. Political Action Committee (PAC) To review our most recent PAC and corporate political contributions report, go online at www.pfi zer.com/pac. Environment, Health, and Safety (EHS) Pfi zer is committed to protecting the environment, health and safety of our colleagues and the communities where we operate around the world. Our global EHS initiatives, programs and performance may be found online at www.pfi zer.com/ehs and in our Corporate Responsibility Report at www.pfi zer.com/crreport. Helplines Patients, customers and health care professionals who have questions about any of our products should call 800-438-1985. Pfi zer Helpful AnswersTM patient assistance programs help millions of Americans without prescription coverage get Pfi zer medicines for free or at a savings. To access Pfi zer Helpful Answers visit: www.pfi zerhelpfulanswers.com, or call 866-706-2400. Send Us Your Feedback We value your views on this Annual Review. Did it help you to better understand Pfi zer? Was the information presented in a reader-friendly manner? Please send your comments to annual.report@pfi zer.com. You can fi nd more information about the Company online at www.pfi zer.com. 10% Cert no. SW-COC-1576 Lyrica sales were $1.8 billion in 2007, up 58 percent over 2006. This Pfi zer- developed medicine is widely approved as a treatment for diabetic peripheral neuropathy, postherpetic neuralgia, and as an adjunctive therapy for epilepsy. In June 2007, Lyrica also became the fi rst treatment approved in the U.S. for fi bromyalgia, a complex and often debilitating disease characterized by chronic widespread pain, poor sleep, and excessive fatigue. Fibromyalgia affects two to fi ve percent of the U.S. population, mostly women in early to middle adulthood, according to the American College of Rheumatology. Lyrica builds on three decades of scientifi c research into how pain signals are transmitted and amplifi ed in the body. Because it passes through the body without being metabolized, Lyrica is well-tolerated by most patients and can be used in combination with many other therapies. For its role in meeting a huge unmet medical need, Lyrica was named as one of TIME Magazine’s “Top 10 Medical Breakthroughs for 2007.” TIME said, “In studies, Lyrica not only soothed the pain of fi bromyalgia, but also signifi cantly improved patients’ quality of life.” 90% Nine out of 10 fi bromyalgia patients suffer with severe fatigue or a sleep disorder. Pfi zer’s commitment to conduct business in a sustainable way includes adopting green practices with respect to this report. This Annual Review is printed on paper made from well-managed forests and other controlled sources containing 10 percent post-consumer fi ber content, and is made free of elemental chlorine. The paper is independently certifi ed by SmartWood, a program of the Rainforest Alliance, to the Forest Stewardship Council (FSC) standards. Our printer, Sandy Alexander, Inc., an ISO 14001:2004 Certifi ed printer with Forest Stewardship Council (FSC) Chain of Custody certifi cation, printed this report with the use of renewable wind power resulting in nearly zero volatile organic compound (VOC) emissions. This saved 113,553 pounds of carbon dioxide emissions. This amount of wind-generated electricity is equivalent to 98,346 miles not driven in an automobile or 46.3 acres of trees being planted. Pfi zer 2008. All rights reserved. All trademarks appearing in this Annual Review are owned by or licensed to Pfi zer Inc or its affi liates. The Annual Review is written and produced by Pfi zer Worldwide Communications. Design: Ideas On Purpose, New York. Principal Photography: Neil Selkirk. Printing: Sandy Alexander Inc. 66036pf_cov 266036pf_cov 2 3/3/08 7:47:35 PM3/3/08 7:47:35 PM 1 A Pivotal Year In 2007, Pfi zer made substantial progress in positioning the company to deliver strong shareholder returns through revenue and income growth in the next decade. There are no quick fi xes for a company our size, but our progress in building a foundation for solid, sustainable growth is real. So is our promise as a continued leader in meeting one of the world’s most basic needs: better health care for more people. A GUIDE TO THE ANNUAL REVIEW About Pfi zer 5 Chairman’s Report to Shareholders 6 Financial Highlights 9 Executive Leadership Team 18 Key Pharmaceutical Medicines 37 Animal Health Our Path Forward 12 Refocusing and Optimizing Our Patent-Protected Portfolio 22 – The Urgency of Pfi zer Science 24 – Pfi zer R&D Pipeline 28 – Expanding the Science 30 – Partnerships, Alliances, Acquisitions 34 Finding New Opportunities for Established Products 35 Growing in Emerging Markets 36 Investing in Complementary Businesses 38 Building a Culture of Innovation and Continuous Improvement Information for Investors 40 Board of Directors 41 Corporate and Shareholder Information 41 Annual Meeting of Shareholders 66036pf_1-10 166036pf_1-10 1 3/5/08 2:17:25 PM3/5/08 2:17:25 PM Progress. In 2007, we did what we said we would do. Executed against a broad plan to position Pfi zer to deliver long-term value. Delivered solid operating performance, despite losing U.S. market exclusivity for Norvasc in 2007 and Zoloft in 2006. Advanced important programs into Phase III, which are aimed at cancer, fi bromyalgia, anxiety and infections. Completed or announced 14 business development agreements in strategic growth areas. Created smaller, more focused businesses. Reduced our employee force by more than 11,000 people. Repurchased $10 billion of Pfi zer common stock. Improved our relationships with key trade and managed-care customers. 2 66036pf_1-10 266036pf_1-10 2 3/5/08 2:17:26 PM3/5/08 2:17:26 PM Promise. An age wave is sweeping the world. The global pharmaceutical business is growing. There is a compelling case for greater investment in prevention, wellness and early treatment. Biotherapeutics hold tremendous promise. Our pipeline of promising compounds continues to expand. We have a large portfolio of established products. We are well-positioned in both developed and developing nations. We have fi nancial strength and a sophisticated global infrastructure. Emerging markets beckon. The trends in health care are in our favor. 3 66036pf_1-10 366036pf_1-10 3 3/5/08 2:17:26 PM3/5/08 2:17:26 PM 4 Plan. The path forward is clear. OUR STRATEGIES: Refocus and optimize our patent-protected portfolio. Find new opportunities for established products. Grow in emerging markets. Invest in complementary businesses. Instill a culture of innovation and continuous improvement. Continue to meet our commitments to everyone with a stake in our success. 66036pf_1-10 466036pf_1-10 4 3/5/08 2:17:26 PM3/5/08 2:17:26 PM 5 Pfi zer had a solid year in 2007, as measured by revenues, adjusted income(1) and adjusted diluted earnings per share(1). Our revenues in 2007 were comparable to 2006, and in line with our forecasts. Keeping revenues steady in 2007 meant that we overcame a $3.5 billion revenue defi cit due to the end of exclusive U.S. marketing rights for two of our top-selling medicines, Zoloft in 2006 and Norvasc in 2007. Our revenues benefi ted from favorable foreign exchange rates and from the strong performance of many new and in-line medicines. Our adjusted income(1) and adjusted diluted earnings per share(1) were both higher. We fulfi lled a commitment we made in early 2007 to improve total shareholder return by repurchasing $10 billion in Pfi zer common stock, and by substantially increasing our dividend. 2008 marks the 41st straight year of increased dividend payments to our owners. We achieved all this in the midst of urgent action to make fundamental changes in our company, and in a very diffi cult operating environment for the research-based pharmaceutical industry. Moving With a Sense of Urgency When I became CEO in mid-2006, I said that we needed to take decisive, quick action to transform Pfi zer. Making all the changes we need to make will take investment and determined action over several years, but in 2007 we made real, substantial progress. Much of our work centered on rebuilding the foundation for our business and setting the framework for better long-term performance. This required painful decisions. One of them was to lower a cost base that was out of sync with our near-term revenue expectations. In 2007, our headcount decreased by more than 11,000. We cut layers of management, and exited operations in six manufacturing sites and two major R&D locations. We are on track to meet a commitment made early in 2007 to achieve, in 2008, an absolute reduction in our adjusted total costs(2) of at least $1.5 billion to $2 billion, when compared with 2006 and at 2006 foreign exchange rates. In another diffi cult decision taken in 2007, after assessing the long-term prospects for the world’s fi rst inhalable insulin, Exubera, we decided to exit the product. We did everything we could to make Exubera’s breakthrough science and manufacturing a commercial success, but a new way to deliver insulin was not accepted by patients, physicians or payers. As tough as this decision was to make, it was consistent with our pledge to deploy our owners’ capital only where it will produce an appropriate return. In exiting this product, Pfi zer took a pre-tax charge of $2.8 billion in 2007. Unleashing the Entrepreneurial Spirit In 2007, we also met our commitment to create smaller, more entrepreneurial business groups within our company. I fi rmly believe that Pfi zer can gain competitive advantage by combining the spirit of a small company with the global reach and resources that we uniquely possess in our industry. In 2007, we reorganized operations in our largest market—the U.S.—into four smaller, much more focused businesses, each devoted to a distinct group of therapies. Leaders can now deploy their resources as Chairman’s Report to Shareholders Our Path Forward To Our Owners: Pfi zer’s performance in 2007 can be summarized in two sentences. We made and met challenging commitments. We made signifi cant progress in building the solid foundation for a successful future. As a result, Pfi zer is closer to meeting our top commitment to you: to change the ways we do business and position Pfi zer to deliver strong total shareholder return through growth in revenue and income. Jeff Kindler Chairman of the Board and Chief Executive Offi cer 66036pf_1-10 566036pf_1-10 5 3/5/08 2:17:26 PM3/5/08 2:17:26 PM 6666 Financial Highlights Three-Year Summary (a) Acquisition-related in-process research and development charges primarily related to our acquisitions of BioRexis Pharmaceutical Corp. and Embrex, Inc. in 2007; PowderMed Ltd.and Rinat Neuroscience Corp. in 2006; and Vicuron Pharmaceuticals, Inc. and Idun Pharmaceuticals, Inc. in 2005. (b) Restructuring charges and acquisition-related costs include restructuring charges related to our cost-reduction initiatives and integration costs and restructuring charges related to our acquisition of Pharmacia Corporation on April 16, 2003. (c) Our short-term borrowings are rated P-1 by Moody’s Investors Service (Moody’s) and A1+ by Standard & Poor’s (S&P). Our long-term debt is rated Aa1 by Moody’s and AAA by S&P. Moody’s and S&P are major corporate debt-rating organizations. Detailed information on our fi nancial and operational performance can be found in the 2007 Financial Report. As of and for the year ended December 31, % Change (millions, except per common share data) 2007 2006 2005 07/06 06/05 Revenues $ 48,418 $ 48,371 $ 47,405 — 2 Research & Development expenses $ 8,089 $ 7,599 $ 7,256 6 5 Acquisition-related in-process research and development charges(a) $ 283 $ 835 $ 1,652 (66) (49) Restructuring charges and acquisition-related costs(b) $ 2,534 $ 1,323 $ 1,356 92 (2) Income from continuing operations before provision for taxes on income, minority interests and cumulative effect of a change in accounting principles $ 9,278 $ 13,028 $ 10,800 (29) 21 Net income $ 8,144 $ 19,337 $ 8,085 (58) 139 Diluted earnings per common share $ 1.17 $ 2.66 $ 1.09 (56) 144 Weighted average shares – diluted 6,939 7,274 7,411 (5) (2) Number of common shares outstanding 6,762 7,100 7,321 (5) (3) Working capital $ 25,014 $ 25,559 $ 18,433 (2) 39 Goodwill & other identifi able intangible assets, net $ 41,880 $ 45,226 $ 47,229 (7) (4) Total assets $ 115,268 $ 115,546 $ 116,970 — (1) Total debt(c) $ 13,139 $ 7,980 $ 17,936 65 (56) Total shareholders’ equity $ 65,010 $ 71,358 $ 65,764 (9) 9 Shareholders’ equity per common share $ 9.65 $ 10.05 $ 8.98 (4) 12 Cash provided by continuing operating activities $ 13,353 $ 17,594 $ 14,733 (24) 19 Property, plant and equipment additions $ 1,880 $ 2,050 $ 2,106 (8) (3) Purchases of common stock $ 9,994 $ 6,979 $ 3,797 43 84 Cash dividends paid $ 7,975 $ 6,919 $ 5,555 15 25 66036pf_1-10 666036pf_1-10 6 3/5/08 2:17:30 PM3/5/08 2:17:30 PM 7 the market demands and move fast to capitalize on new opportunities, as was demonstrated in the rapid U.S. launch of Lyrica’s fi bromyalgia indication when it was approved by the FDA in mid-2007. We also created a dedicated U.S. customer support group to work more closely with our valued national customers. To enhance creativity and innovation in all our biomedical research, we restructured Pfi zer Global Research & Development, putting all the discovery scientists involved in a specifi c therapeutic category under one roof, with one leader. In 2007, we also formed the Biotherapeutics and Bioinnovation Center, to do what venture capitalists do all the time—fi nd new ideas, fund them, and help them fl ourish as commercial successes. Since our last Annual Review, we completed 14 major business development transactions, along with hundreds of smaller alliances, all aimed at supercharging our pharmaceutical and biopharmaceutical pipeline. We also took a fresh look at our global product portfolio, which includes hundreds of products that are no longer exclusive to Pfi zer but have the marketing and distribution strength of our company behind them. A newly formed group, called Established Products, will drive our growth in this fast-moving market segment. Growth in New Medicines Pfi zer’s revenues are largely propelled by a group of patent-protected, high-value medicines. These include Lipitor, the world’s best-selling medicine, whose sales remained relatively steady in 2007 despite ferocious branded and unbranded competition. Three of our recently introduced medicines—Lyrica for pain and epilepsy, Chantix for smoking cessation, and Sutent for certain types of cancers—are performing very well. Lyrica revenues for 2007 were up 58 percent over 2006, and Lyrica became the fi rst medicine ever approved by the FDA for the hard-to-treat, painful syndrome known as fi bromyalgia. Revenues for Sutent—an important oncology breakthrough and the fi rst of a series of new cancer medicines we plan to introduce over the next decade—were up 166 percent over 2006. Chantix generated $883 million in its fi rst full year of availability to patients. Given the rapid uptake of this fi rst new prescription smoking cessation medicine in a decade, we have been working very closely with regulatory authorities to ensure that doctors and their patients understand the benefi ts and risks of the medicine. Pfi zer Animal Health had a very strong year. Sales rose 14 percent and this group recently introduced six new medicines, including Slentrol, the fi rst FDA-approved treatment for obesity in dogs. A Resilient, Productive Workforce 2007 was a challenging year for all of Pfi zer’s colleagues, and their concern in the face of urgent change is understandable. What is inspiring is their continued top performance. I traveled hundreds of thousands of miles last year to visit with—and listen to—thousands of Pfi zer colleagues, in groups large and small. At every turn, I heard stories of their performance that confi rm my confi dence in our future. Here are some of them: • In 2007, we streamlined our sales force with no measurable loss of productivity. For example, even as they experienced signifi cant changes, our U.S. sal

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