PFIZER STRATEGY

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EXECUTIVE SUMMARY

Pfizer, one of the world¡¦s most valuable companies in terms of market value has positioned itself to become a ¡§transforming force¡¨ in the global healthcare, CEO Mckinnel tells at the annual meeting of shareholders.



On the way to become a global transforming force, Pfizer formed new ¡§Human Health Care Organization¡¨ combining three formerly separate organizations namely; Pfizer Global Research and Development, Pfizer Global Pharmaceuticals and Pfizer Global Manufacturing units. New organizational changes will allow Pfizer to effectively leverage its global scale in our most important business, human pharmaceuticals which almost account for 0% of the companies revenues derived from medicines discovered, developed or licensed for the benefit of patients worldwide. With the acquisition of Pharmacia complete Pfizer is targeting to convert from an industry leader to a transforming force in the global health care. Combined product portfolio includes 14 medicines that are No. 1 in their therapeutic categories and 1 products with annual revenue of more than $1 billion.




Company expects to submit 0 new major medicines for regulatory approval in a five-year interval. Pfizer has more than 400 projects in its discovery pipeline and is building the industry¡¦s largest library of chemical compounds.

Pfizer¡¦s consistent over-the-industry growth even in the years of recession, its emphasis on Research and Development and its high competence in adapting itself to changes in the business environment creates a promising future view on its way to fulfill its mission.

MISSION and PURPOSE

Our Mission;

We will become the worlds most valued company to patients, customers, colleagues, investors, business partners, and the communities where we work and live.

Our Purpose;

We dedicate ourselves to humanitys quest for longer, healthier, happier lives through innovation in pharmaceutical, consumer, and animal health products.

INDUSTRY STRUCTURE

The pharmaceutical industry is one of the world¡¦s most dynamic and lucrative in terms of sales volume. Worth an estimated US$50 billion in 001, the industry enjoyed an annual growth rate of 10% in 000 when the rest of the market slumped. According to a report by IMS Health, the industry can expect annual growth rates of over percent through 006 worldwide. According a survey conducted by ¡¥yahoo finance¡¦ industry analysts expect an annual growth rate of 11.0% for the next 5 years.

Mergers and product turnover continue to refashion the companies and products that lead the industry, but all of the top companies have historical ties to the industry often dating 50 years or longer. Because there are numerous specialties within the industry--numerous forms of cancer, AIDS, hypertension, cholesterol, and neurological drugs to name a few--many of the leading producers may at first only compete with one or two others on a product-by-product basis. This pattern derives primarily from the enormous research costs usually involved with producing a new drug, a reality that has made many drug makers to specialize in a few specific fields.

Pharmaceutical preparations are commonly divided into two categories ethical and over-the-counter (OTC). Worldwide, most ethical drugs are paid for by governments or consumers (patients) indirectly through third-party payers like health insurance companies. The top six classes of prescription (ethical) drugs are central nervous system and sense organs; cardiovascular; digestive and genitourinary; neoplasms, endocrine and metabolic diseases; parasitic and infectious diseases; and respiratory.

These classes of finished-form drugs commanded the highest profit margins (0% of sales was commonplace), but also demanded high research and development and marketing expenses--15 percent and 4 percent of sales, respectively. Pharmaceutical firms used two primary methods to maximize the profit potential of their discoveries marketing and patenting.

There are specialized marketing techniques unique to the pharmaceutical industry. Since doctors usually made the purchase decision for the customer or patient, and (in most countries) ethical drugs could not be advertised to the general public, most pharmaceutical marketing is directed to health care professionals. Branding is the primary method of product differentiation. Knowledgeable sales forces make regular calls and visits on doctors in order to sway their prescribing decisions. Most pharmaceutical firms also employed advertising in medical journals, direct mail, conference sponsorships, and promotional giveaways. In 000, pharmaceutical companies spent US$15.7 billion on promotion of ethical drugs, over half the amount they spend on research and development.

Over-the-Counter drugs makes a relatively small contribution to industry-wide sales and profits, they have the potential to increase faster than forecasted as consumers increasingly turned to self-diagnosis (i.e., at home pregnancy and cholesterol-testing kits) and self-medication.

The United States is the worlds top producer and consumer of pharmaceutical preparations with 48 percent of the global market in 000. In terms of dollar sales, the largest prescription categories in 1 were ulcer drugs (US$15.8 billion), cholesterol treatments (US$1.4 billion), antidepressants (US$11.7 billion), calcium blockers (US$. billion), and anti-rheumatics (US$7.7 billion). The countrys relatively open market also made it the leader in research and development, funding more than a third of the worlds R&D.



Europe is the second largest consumer of healthcare preparations following U.S. with a market share of 4 percent of the worldwide pharmaceutical preparations market. The harmonization of the drug approval process in member countries, performed under the European Medicines Evaluation Agency based in London, in addition of rollout of new European currency, the Euro, is seen as the beginning of Europe¡¦s competition with U.S. in health care market.

The rise in market share for European pharmaceutical firms, the United Kingdoms GlaxoSmithKline, Switzerlands Novartis, and Frances Aventis and Roche Holdings, bodes well for continued competition in that market.

To summarize the industry in Porter¡¦s terms; it is a highly competitive industry with seven major competitors - detailed information provided in the following table- Suppliers don¡¦t have any significance within the industry. When we consider the structure of the industry, and the histories of the major players in the industry, it is not surprising that there are no Entrants. The high capital oriented nature of the industry makes it almost impossible for the new companies to enter the market. Thus it can be claimed that the industry is monopolized by the major players. Mergers and acquisitions are very common and through these mergers new firms are being constructed but these are not considered as Entrants in this analysis. Genetics engineering and biotechnology are new methods for unraveling the causes and treatments of such complicated diseases as cancer and AIDS, which accaunt for a massive share of ongoing research efforts. Although treatment through these new techniques can be categorized as supplements, all these researches are conducted by the major pharmaceutical firms. Channels can be classified as conventional pharmacies and on-line drug stores which is a rising trend in the industry. In this industry defining the customers is a little complicated in relative to other industries.

Even though primary customers are patients who need treatment, the decision of which medicine to choose is made by doctors while the payments, in most cases, are made by third-party payers either the governments or health insurance companies. Thus the marketing and sales efforts are concentrated on practitioners and social-security organizations of the governments.

COMPANY POSITION

STRENGTHS

�æ Formation of new ¡§Human Healthcare Organization¡¨, a critical organizational restructure¡K

Pfizer formed new ¡§Human Health Care Organization¡¨ combining three formerly separate organizations namely; Pfizer Global Research and Development, Pfizer Global Pharmaceuticals and Pfizer Global Manufacturing units. New organizational changes will allow Pfizer to effectively leverage its global scale in our most important business, human pharmaceuticals which almost account for 0% of the companies revenues derived from medicines discovered, developed or licensed for the benefit of patients worldwide.

�æ ¡§Back to Core¡¨ business strategy via M&A Activities

Over the past four years Pfizer acquired some global health care businesses; Warner Lambert and recently Pharmacia and divested a group of non-core businesses to focus even more intensely to its core human pharmaceutical business, which generates 0% of the total revenues.

�æ Acquisition of Pharmacia

1. With the acquisition of Pharmacia complete Pfizer is targeting to convert from an industry leader to a transforming force in the global health care.

. Acquisition expands company¡¦s deep and broad product line, increases operational flexibility, and improves research and development opportunities.

. Company expects to realize cost synergies of $1 billion in 00, rising to $ billion in 00, and approaching $4 billion in 005.

4. Pharmacia establishes Pfizer¡¦s animal-health business as No. 1 worldwide.

5. Combined product portfolio includes 14 medicines that are No. 1 in their therapeutic categories and 1 products with annual revenue of more than $1 billion.

�æ Distinctive Sales Force

The depth and experience of Pfizer¡¦s distinctive sales force offers the company an important competitive advantage for sustaining growth and will be used to increase the already strong position of company in its current markets and the new markets entered by current acquisition.

WEAKNESSES

�æ Lack of competitiveness in the ¡§Pharmacy-Benefit-Management¡¨ Services¡K

Although Pfizer is ranked as the world¡¦s fourth most valuable company in terms of market value its revenues is less than Merck whose market value is less than half of Pfizer¡¦s. Merck & Co. has recorded $51.8 billion revenue, including its pharmacy-benefit-management company Medco Health. Medco health contributed Merck Medco¡¦s revenues with $0.16 billion (5%) in 00.

What¡¦s Pharmacy Benefit Management?

Medco Health Solutions, Inc. is a pharmacy benefit manager (PBM) that provides sophisticated programs and services for its clients and the members of their pharmacy benefit plans, as well as for the physicians and pharmacies that the members use. The Companys programs and services help its clients control the cost and enhance the quality of the prescription drug benefits that they offer to their members. The Company accomplishes this primarily by negotiating competitive rebates and discounts from pharmaceutical manufacturers, obtaining competitive discounts from retail pharmacies and administering prescriptions filled through its national networks of retail pharmacies or its own home delivery pharmacies. In 00, the Companys national network of home delivery pharmacies filled approximately 8 million prescriptions.

Although this sector can be perceived as out of the core business, Medco Health solutions Inc. demonstrates how lucrative this business can be if operated properly. Pfizer¡¦s lack of competitiveness in this industry affects its overall competitiveness.

OPPORTUNITIES

�æ Distinctive Effectiveness of Research & Development, promises a sunny prospect¡K

Pfizer¡¦s global research and development is the largest privately funded biomedical organization in the world. The research and development group has more than 00 projects in the development pipeline, including more than 100 distinct new molecular entities and more than 100 projects to evaluate new indications or delivery systems for marketed medicines. Pfizer expects to submit 0 new major medicines for regulatory approval in a five-year interval. Pfizer will have more than 400 projects in its discovery pipeline and building the industry¡¦s largest library of chemical compounds.

Pfizer is using a variety of new tools to better predict the success of early-stage clinical compounds. These tools include biomarkers and imaging approaches in humans that permit clinicians to evaluate much earlier if a new investigational medicine is producing the expected response before proceeding with larger, more expensive clinical trials.

�æ Lipitor, the major Cash Cow¡K

Lipitor is the world¡¦s number one selling medicine with sales of nearly $8 billion in 00. Pfizer estimates that, while 64 million Americans have elevated cholesterol, only around one third are treated. The market has another significant growth potential through evolving treatment guidelines that encourage the user of statin (Lipitor) therapy; under diagnosis and under treatment of dyslipidemia, and new clinical data support the early use of statins.

�æ Genomics¡K

Pharmaceuticals embraced genetic engineering and biotechnology as new methods of unraveling the causes and treatments of such complicated diseases as cancer and AIDS, which account for a major share of ongoing research efforts. Genomics or gene-based research is expected to drive up the drug discovery rate. Pfizer, having the world¡¦s largest privately funded R&D department and heavily investing in genetic researches, is expected to have a big stake in the future drug developments through genetic engineering.

THREATS

�æ Patent protection¡K

Majority of payments made to the pharmaceutical companies are from the social security systems of the countries, indirectly by the governments. With the health care costs rising to double digit percentages in U.S. and E.U., law makers are considering reducing the patent protection time among other remedies, to allow greater competition by generics¡K

�æ Brand-Name patent expirations¡K

After the expiration of patent terms and the drug is open to generic competition, market forces usually bring prices down substantially from the levels obtained during the founding company¡¦s monopoly. Although Pfizer also have some brands expiring in middle term, this doesn¡¦t look like a major problem in company¡¦s future as it is to its competitors. Thus this threat may turn into an advantage according to the new drug developments of the companies.

�æ Cheap drugs from Canada...

In 00, the House of Representatives voted to legalize the import of cheap drugs from Canada. Considering that U.S. accounts for 48% of global healthcare industry, this legislation poses a serious threat. Some of the states already began importing drugs from Canada, since it is legal, for their social health care systems. The United States is the last industrialized country where drug manufacturers are allowed to set prices without government interference. The pharmaceutical industry earns half of its revenues and most of profits in the U.S.- profits that are claimed to be essential to pay for drug research. In 00 drug prices in U.S. were 67% higher than in Canada. Possible new regulations on the benefit of government may have substantial effects on drug manufacturers.

FUTURE POSITION

After a series of strategic restructurings in its organization and in its portfolio of businesses, Pfizer sees itself ready to master the challenges ahead, challenges that range from unlocking the Human Genome to bringing lifesaving medicines to areas that have yet to see a paved road. The ultimate goal is the healthy aging of people. The company positioned itself to become a ¡§transforming force¡¨ in the global healthcare CEO Mckinnel tells at the annual meeting of shareholders.

When Pfizer¡¦s organizational transformation is assessed, the company has done its duties to avoid almost all environmental jolts. Pfizer¡¦s consistent over-the-industry growth even in the years of recession, its emphasis on Research and Development and its high competence in adapting itself to changes in the business environment creates a promising future view on its way to fulfill its mission. Company¡¦s long-term performance is characterized by four hallmarks strong revenue growth driven by existing and new products; ongoing investment in support of these products¡¦ profit margin expansion stemming from operating leverage and productivity initiatives; and strong revenue growth.

MAJOR COMPETITORS 1/00

Annual Sales Market Value

Merck $ 51,70 $100,568

Pfizer $ ,7 $45,66

Novartis AG $,151 $6,15

Bristol-Myers Squibb $18,11 $4,7

Johnson & Johnson $6,8 -----

Glaxo SmithKline $4,0 -----

Aventis $17,51 -----

Roche $1,77 -----

In the short-run company wants to become the leader of the industry in terms of sales too where it currently is behind Merck. Rising revenues can only be provided by new major drug introductions. Thus company aims to make 0 major drug applications within the regulatory authorities in the five-year period.

Another goal of the company is being less dependent on any individual product, therapeutic category or market and increase its operating flexibility.

One other important objective is to continue to deliver outstanding financial performance. Company expects to expand its operating margin through ongoing cost-saving initiatives and achievement of merger-related cost synergies.

Company targets successful integration of Pharmacia¡¦s medical and Sales organizations in order to maximize its benefits from the synergies generated by the acquisition.

EXECUTION

Current Products

Pfizer expects its portfolio of current products to keep growing through more effective sales operations worldwide by the improved sales force with the contribution of Pharmacia¡¦s sales force.

Lipitor accounts for about half of the statin market in the U.S., more than double of its nearest competitor. We estimate 64 million Americans have elevated cholesterol where only around one third is treated. This creates an enormous growth opportunity for this product.

The launch of Crestor by AstraZeneca is a threat for Pfizer in this market. Currently Pfizer¡¦s Lipitor and Merck¡¦s Zocor, two worldwide best selling drugs, are leading the market According to an article in Forbes Magazine estimated sales of Crestor in 007 will be .7 billion compared to Lipitor¡¦s 7.5 billion sales at that time. Sales efforts of this product should be enforced in order not to loose market share.



Viagra remains the worlds most recognized pharmaceutical brand among the most widely prescribed medications, with more than 10 million prescriptions having been written since launch by physicians for more than 0 million men worldwide, including 1 million in the U.S.. We expect Viagra¡¦s growth trend to continue since there is no major challenger in the market.

NEW PRODUCTS IN THE PIPELINE

Pfizer expects to submit 0 new major medicines for regulatory approval in a five-year interval. Pfizer will have more than 400 projects in its discovery pipeline and building the industry¡¦s largest library of chemical compounds.

Pfizer is using a variety of new tools to better predict the success of early-stage clinical compounds. These tools include biomarkers and imaging approaches in humans that permit clinicians to evaluate much earlier if a new investigational medicine is producing the expected response before proceeding with larger, more expensive clinical trials.

Below tables represent company¡¦s R&D efforts.

Major Drug Approvals and Launches Year-To-Date

Q1 Replax Launched in U.S.

Q1 Spiriva Launched in Spain, Australia, Canada, and other markets co-promoted by Pfizer and Boehringer Ingelheim

Q1 Zoloft Obtained an exclusive license in an agreement with Daiichi Pharmaceutical

Q1 Somavert Approval in the U.S. for social anxiety disorder.

Q DK-507k (Pharmacia) received marketing approval in the U.S. - a novel, extended-spectrum quinolone antibiotic

Q Inspira FDAapproved Inspra for treatment of heart failure

Major FDA Filings

Q1 Submitted a filing for the dual therapy of Lipitor and Norvasc.

Q1 Pfizer submitted a filing in the European Union in March for pregabalin for treatment of neuropathic pain and adjunctive therapy in epilepsy

Q1 Submitted a supplemental filing in the U.S. Inspra for treatment of congestive heart failure.

Q1 Pfizer submitted a supplemental filing in the U.S. for use of Zithromax in sinusitis

Q Submitted an sNDA for use of Pfizers anti-psychotic Geodon for a new indication, the treatment of mania in patients with bipolar disorder.

Q Submitted an NDA with the FDA for pregabalin for treatment of neuropathic pain and adjunctive therapy in epilepsy



Major R&D improvements

Q Varenicline, a promising new compound for smoking cessation, advanced into Phase III testing

Q Pfizers novel anti-cancer compound SU-1148 advanced to Phase testing

Q Edotecarin, an anti-cancer compound moved into Phase development, (brain tumors).

Q Torcetrapib/atorvastatin, the one-pill fixed-dose combination drug candidate to both lower LDL cholesterol and to raise HDL cholesterol 40-50 percent, has begun Phase clinical studies.

Q Pfizer announced that it had entered into a global agreement with Organon Ltd. For the exclusive worldwide development and commercialization of asenapine

M&A opportunities¡K

In the hypercompetitive healthcare industry, Pfizer plans to strengthen its position with new mergers to expand its product line in its core business.

In the hypercompetitive healthcare industry, Pfizer plans to strengthen its position within the industry with new mergers to expand its product line in its core business. Pfizer¡¦s success in integrating Warner-Lambert and recently Pharmacia proves that the company is competent at creating the synergies related to these mergers and this success encourages the Pfizer management to seek new opportunities. Below table represents the major M&A activities corresponding with its ¡§back to the core¡¨ business.

MAJOR MERGER ACQUISITION ACTIVITIES

Company Date To $

Acquired Warner-Lambert 000 ------ $ 80,000

Sold Tetra Acquarium and Pond Suppliers 00 Tritron Fund $ 84

Sold Shick-Wilkinson Sword 00 Energizer Holdings $ 0

Sold Adams Confectionary Business 00 Cadbury Schwepps $ 4,00

Acquired Pharmacia 00 ------ $ 60,000

More Pressure on Canadian Pharmacies

Pfizer is already collaborating with other U.S. pharmaceutical companies, such as GlaxoSmithKline, Wyeth and AstraZeneca, in tracking orders from Canadian pharmacies to see that they do not exceed prescriptions from Canadian doctors. According to New York Times, the company is eliminating the Canadian wholesalers and requires Canadian pharmacies to begin ordering directly from Pfizer. In the upcoming years we expect these measures to be tightened by the company considering the deregulation in the industry.

Pharmacy Benefit Management

In the next five years we also expect the company to focus its efforts on exploring its strategic opportunities in the Pharmacy-Benefit-Management market. As stated earlier, Pfizer¡¦s biggest rival generates almost 60%, app. billion, of its revenues in this market and keeps growing.

Online Drugs

A recent trend in pharmaceutical marketing is the rise of online drugstores and mail order pharmaceuticals. According to pharmaceutical market research firm IMS Health, prescription drug orders to US mail order pharmacies rose 7 percent to US$1.6 billion the year ending in June 000. The total market, including traditional retail pharmacies, rose 17 percent to US$8 billion. The typical mix of name-branded to generic sales in those pharmacies is 5 percent to 41 percent, respectively. Mail order drug stores, however, typically fill name-branded prescriptions 7% of the time ¡V a significant difference for maintaining or increasing brand market share. I believe there are substantial strategic benefits in focusing on-line operations in the middle term.

FINANCIALS

Pfizer is expected to grow at a rate of 1% in the next 5 year priod according to a survey conducted by Yahoo finance among industry analysts where industry growth rate is expected to be 11% at the same time period. Pfizer expects to be the market leader in terms of revenues by the end of 008 and a fierce global competition especially with Merck. in the next five years period.



With the integration of Pharmacia Pfizer now expects to realize cost synergies of $1 billion in 00, rising to $ billion in 004 and approaching to $ 4 billion in 005 through a broad range of sources including streamlined organization, reduced operating expenses, the consolidation of sites, and procurement savings. With the strong revenue growth and a full-year contribution from Pharmacia, company is to accomplish a % growth in 00.

Pfizer had the highest gross margin within the industry in 00 (1%), and is expected to preserve its high gross margin throughout the next 5 years. The company also the shared the highest rates of Net Profit Margin (16.%), with Novartis (16.%). There is an expected expansion of Net profit margin with the full integration of Pharmacia, and the realization of expected cost synergies. The effect of cost-synergies created with the acquisition cannot be seen in the gross margin but can be clearly detected in the net profit margin. This is because the cost synergies will probably be in the Sales General Administrative Expenses and the Research and Development Expenses items of the income statement influences the new profit margin of the company. Company¡¦s Return on Assets ratio, 5%, is lower than the industry average which is 11.% because of its high level of current assets. In 00 5% of company¡¦s assets were consisted of current assets where only % of the assets were fixed assets. This ratio has fallen to 8% as of September 00 after the merger.

Income Statement Dec 08 Dec 07 Dec 06 Dec 05 Dec 04 Dec 0 Dec 0 Dec 01 Dec 00

Revenue 88,6 78,46 6,41 61,47 54,60 45,000 ,7 ,5 ,574

Cost of Goods Sold 10,55 , 8,65 7,14 6,47 5,58 ,07 4,06 4,05

Gross Profit 78,07 6,07 61,148 54,11 47,888 ,64 ,6 8,10 5,515

Gross Profit Margin 0.88 0.88 0.88 0.88 0.88 0.88 0.1 0.87 0.86

Operating Income 7,1 ,861 ,081 5,75 1,50 16,10 1,78 10,76 8,670

Operating Margin 41.0% 41.0% 41.0% 41.0% 0. 0.6 7.% 4.00% .0%

Total Net Income 1,068 7,44 4,1 1,5 16,400 1,600 ,16 7,788 ,76

Net Profit Margin 5.05% 5.05% 5.05% 5.05% 0.17% 8.00% 8.0% 4.10% 1.60%

Diluted EPS from Continuing Operations ($) . .5 .1 .76 .1 1.7 1.47 1. 0.5

Balance Sheet Dec 08 Dec 07 Dec 06 Dec 05 Dec 04 Q 0 Dec 0 Dec 01 Dec 00

Assets

Total Current Assets 116,41 8,8 84,05 71,4 60,78 4,744 4,781 18,450 17,187

Net Fixed Assets 55,00 46,778 ,771 ,814 8,74 18,7 10,71 10,415 ,45

Total Assets 7,705 7,807 0,186 171,00 146,150 14,58 46,56 ,15 ,510

Liabilities and Shareholders Equity

Total Current Liabilities 67,816 58,760 50,1 44,114 8, ,157 18,555 1,640 11,81

Long-Term Debt 11,57 10,60 8,76 7,778 6,7 6,710 ,140 ,60 1,1

Total Liabilities 110,57 5,767 8,78 71,86 6,5 5,76 6,406 0,860 17,44

Shares Outstanding (mil.) 7,71 7,71 7,71 7,71 7,71 7,786.0 6,16.00 6,77 6,14

Cash Flow Statement Dec 08 Dec 07 Dec 06 Dec 05 Dec 04 Dec 0 Dec 0 Dec 01 Dec 00

Net Operating Cash Flow ,556 6,156 ,147 0,484 18,000 1,000 10,18 ,6 6,15

Sources;

�æ www.pfizer.com

�æ Business and Company Resource Center data base, Encyclopedia of Industries, NAICS Code 541 ¡V Pharmaceutical Preparation Manufacturing

�æ R&D Business Magazine, R&D Directions, May 00

�æ Pharmacy News Magazine. August 18,00

�æ Pfizer Annual Financial Performance Reports 001,00,00

�æ Pfizer Annual Financial Performance Reports Q1 00,Q 00,Q 00

�æ Pfizer investor news releases

�æ Business and Company Resource Center; www.galenet.galegroup.com

�æ Hoovers online business database; www.hoovers.com

�æ The New York Times, August 7, 00. ¡§Pfizer Moves to Stem Canadian Drug Imports¡¨

�æ Yahoo Finance/ Pfizer/Estimates

�æ www.merck.com

�æ www.ft.com

�æ www.fda.gov

Notes;

„� Tables involved in this report are derived from these resources and constructed by the author.

„� In estimating the future revenues; companies own growth estimates and a survey conducted by yahoo.finance.com among industry analysts are used interchangeably.

„� Industry growth rate is also taken from the same survey in yahoo.finance.com

„� In estimating balance sheet items; historical weighted average rate of that item to the related category has been used. To elaborate; when estimating the current assets, historical weighted average ratio of current assets to total assets has been used.

„� The same rationale is applied to the income statement items too.

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