Business Report on Pfizer

SLIS J748, Spring 2010 - Dr. Kendra Albright
Business
Report - Pfizer Inc., prepared by Aileen Marshall

CAN PFIZER MAINTAIN SUCCESS IN THE U.S. PHARMACEUTICAL INDUSTRY?
2010
April 22,

Table of Contents:

A. Executive summary

B. Company snapshot

C. Analysis of Pfizer’s current position in relation to the market

 PEST Analysis

 SWOT Analysis

D. Conclusion

E. Bibliography

F. Appendices

A. Executive Summary

This report summarizes and analyses the pharmaceutical company Pfizer, the current

market and the company's position within it. Pfizer is the leading pharmaceutical firm and,

after the acquisition of Wyeth, the largest research-based company. Its mission is to

provide accessible quality health care and products to all consumers. Despite the current

economy, Pfizer is still in a strong position with a growth in sales and employees in 2009,

after a drop in revenue in 2008. The market outlook seems to be positive, despite many

threats that the company will face over the coming years, such as loss of patents and global

pricing pressure.

Sales are likely to increase as more Americans will be insured under the new health

care bill. However, generic and OTC drugs gain popularity among the population, so

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2010
Pfizer will face severe competition. To counter this, the firm will have to stop depending so
April 22,

much on their leading brand products, and explore emerging markets. Although Pfizer

expects some of its newest drugs to be approved in the near future, new regulatory

legislations will have an impact on the approval process and time, resulting in higher costs

and a loss of revenue. Pfizer will therefore have to cut costs and expand into new niches,

which can be achieved by mergers and acquisitions as well as strategic agreements with

other companies to make research more efficient and cost effective.

This report will present a company snapshot, followed by an analysis of the current

market situation and then looking at internal and external factors that influence Pfizer's

position.

B. Company Snapshot

Pfizer Inc. is a public pharmaceutical company with currently 116,500 employees,

located at 235 E. 42nd Street, New York, NY 10017-5755. Part of the New York Stock

Exchange, the ticker symbol for Pfizer is PFE, primary SIC code Pharmaceutical preparations

(2834), primary NAICS code Pharmaceutical and Medicine Manufacturing (32541).1 It is the

2
parent company to more than 30 subsidiaries.

The company is the world's largest research-based pharmaceutical firm, and aims to

apply science and global resources to improve health and well-being of all people at every

stage of life. It also claims to be a leading voice for improving everyone's ability to have

reliable and affordable health care. Striving to set standards for quality, value, and safety,

Pfizer develops medicine for humans as well as animals. Their health care portfolio

1
LexisNexis Business (2010)
2
See Appendix A for a complete list.

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2010
April 22, includes biologic and small molecule medicines, vaccines, nutritional products and many

well-known consumer products.3 The latter include the erectile dysfunction treatment

Viagra, pain management drugs Celebrex and Lyrica, depression management drug Zoloft,

the popular ChapStick, cholesterol-lowering Lipitor, and more.4 The company's main

competitors include Bayer AG, Merck, Novartis, Proctor and Gamble, and Johnson &

Johnson, among others.5

Notable acquisitions and mergers include the purchase of the drug maker Roerig in

1953, SmithKline Beecham's animal health business in 1995, Procter & Gamble's Bain de

Soleil skin care line and Warner -Lambert in 1999, its rival Pharmacia in 2003 ($54 billion),

the research division of QuoreX and Esperion Therapeutics in 2004, Vicuron Pharmaceuticals

in 2005 (which was divested again in 2009)6, and pharma rival Wyeth in a $68 billion deal in

2009, making this the largest merger of pharmaceutical companies in nearly a decade.7

There is also a rumor that Pfizer is seeking a buyer for its division of experimental drugs,

which include over 100 drugs that treat conditions such as high cholesterol and obesity. As

of July 23, 2009 there has not been named an interested buyer to acquire this asset.8

According to Hoover's, Pfizer made $50,009 million in sales in 2009. The following

table summarizes the percentage of sales in different regions.

3
Pfizer
4
See Appendix B for a complete list of products.
5
LexisNexis Business(2010)
6
Hoover's (2010)
7
TFSD Worldwide M&A (2010)
8
ibid

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Business

2010
World Region % of Sales $ Value (in millions)
April 22,

U.S. 44 21,749
Europe 29 14,561
Asia 16 7,988
Canada, Latin America, Asia, Middle East 11 5,711

By far the most successful product on the market is Lipitor, which accounts for 23%

of the 2009 sales, followed by Lyrica (6%, $2,840 million). All other products fall below the

6%-mark.

Pfizer improved its performance in 2009 compared the 2008 and

2007. The following tables outlines the market performance based on revenue, net income,

net profit and, as a result, number of employees:

Fiscal Year Date: December 20099

(Millions in U.S. Dollar) 2009 2008 2007

Revenue $50,009.0 $48,296.0 $48,418.0
Net Income $8,644.0 $8,104.0 $8,144.0
Net Profit 17.3% 16.8% 16.8%
Total Assets 212,949,000 111,148,000 115,268,000
Employees 116,500 81,800 86,600

9
Hoover's (2010), Standard & Poore's (2010)

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Pfizer was last in the news for announcing to raise prices for brand name drugs10, for

being warned by U.S. health regulators on overdosing children in clinical trials for the
2010
antipsychotic drug Geodon11 , and for being sued by a former employee, Michelle Ross, for
April 22,

racial discrimination when promoting a Caucasian employee instead of Ms. Ross, which

resulted in judgment granted in favor of Pfizer12.

C. Analysis of Pfizer’s current position in relation to the market.

According to Standard & Poore's, the overall outlook for the pharmaceutical industry

for the next 12 months is positive. The dollar value of the drug market is projected to grow

about 4%-6% in 201013; sales and earnings will likely improve in 2010.

To identify Pfizer's position in the current market, it is important to gain in-depth

about the market status. We will use the PEST framework to examine political, economic,

social, and technical factors that have an impact on the market and therefore on its key

players. We will then use the SWOT analysis to look at Pfizer's strengths, weaknesses,

opportunities, and threats in order to position the company within the current market. In

addition, we will examine regulatory factors and government policies that have an impact on

this international industry.

PEST Analysis

10
Oliveiro (2010)
11
Reuters, Bloomberg News (2010)
12
U.S. Court of Appeals (2010)
13
Standard & Poore's (2010)

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The following table will provide a short overview of the political, economic, social,

and technical factors that impact the current market, with a more detailed explanation for
2010
each factor afterwards. Note that many factors from the four categories overlap and impact
April 22,

each other along the way.

Political Economic
• health care reform • troubled economy
• monitoring of drug • high unemployment
advertisement and other
legal/legislative measures
Social Technical
• heightened consumer • availability of molecular entities
awareness approved by FDA
• consumers worried about
health care costs
• consumers rely more on
OTC/generic drugs
• H1N1

The Political Factor

Arguably the most prominent factor influencing the market is the health care reform.

With over 32 million presently uninsured Americans, the industry will most likely see an

increase in drug sales. But the health care reform will also allow the government to keep a

closer eye on the drug makers. Due to past experiences with companies trying to influence

doctors, an inclusion in the current health care bill would require law makers to report to the

government about their financial ties to doctors on an annual basis. Furthermore the

legislation would also require the establishment of a database open to the public to allow

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patients access to files that would disclose their doctor's allegiance to companies (i.e. if the

doctor got paid by a specific company to prescribe their brand drug). The government also
2010
attempts to monitor drug advertising to prevent false claims about prescription drugs.14
April 22,

The Economic & Social Factor

The troubled economy has slowed down drugs sales. More unemployed people also

means a drop in the number of insured Americans. In turn they worry about costs and

therefore cut their spending on health care. In a survey published in Marketing Health to

Women - U.S., July 2009, 82% of the respondents indicated that they are "somewhat to

very worried" that their income won't be able to keep up with health care costs. Due to this,

more and more people rely on OTC or generic drugs. The latter are on the rise due to the

fact that a lot of patents for brand names have or are about to expire.15 Consumers are also

more aware of possible side effects of drugs, especially concerning medications for

depression or other mental disorders. The occurrence of the H1N1 influenza strain had a

positive impact on sales numbers, and with the government encouraging the population to

get vaccinated, many companies tried to expand their portfolio by adding vaccines, which

were also short in supply.

The Technical Factor

The technical factor seems to be the least important one for the current market. No

new breakthroughs have been achieved or developed. Expected FDA approvals of new

molecular entities in 2010 will result in favorable conditions.16

14
Mintel Academic (2010)
15
ibid
16
Saftlas (2010)

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SWOT Analysis

This section will examine Pfizer's strengths, weaknesses, opportunities, and threats.
2010
The table below will give a comprehensive overview, first of the strengths and weaknesses,
April 22,

followed by detailed explanations of each factor, and then of opportunities and threats,

again with an explanatory section.

Strengths Weaknesses
• Credentials for popular • Too focused on their "blockbusters"
drugs remain strong • Decrease of pharmaceutical
• Sales and marketing revenue in the U.S.
structure is industry- • Low Return on Equity
leading • Litigations
• Restructuring of • Discontinued projects
pharmaceutical business
• Global presence
• Strategic agreements

STRENGTHS

Strong credentials: Pfizer has launched some very successful products in the past

that are responsible for a large amount of revenue growth. Examples for these blockbusters

are the pain management drug Lyrica, which is used to treat conditions like fibromyalgia

and other conditions related to neuropathic pain. Also very successful is the prescription

drug Chantix, introduced to the prescription smoking cessation market in 2008.17

Sales and marketing structure: Pfizer remains the marketing partner of choice.

Primarily in the primary care niche, Pfizer has commercially outperformed its competitors in

17
Datamonitor (2010)

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the past 15 years. Particularly impressive and effective is the company's direct-consumer

advertising, making Pfizer especially successful in the U.S. market.18
2010
April 22, Restructuring the Pharmaceutical Business: To reduce costs but retain

operational efficiency of the company across divisions and locations, Pfizer restructured the

business, focusing on single units to respond faster to customer demands. Units include

primary and special care, established and emerging markets, which allows for better

product growth and development as well as marketing efficiency. Other parts of this

restructuring process include staff reduction, streamlining of organizational structures, and

increased outsourcing. This cost-cutting program proved effective with a cost reduction of

about $2.8 billion from 2006-2008. Thus the company is expected to maintain its

profitability.19

Strategic agreements: In order to enhance its research and development activities

and also to efficiently use resources, Pfizer entered several agreements with other

companies, which would also allow the firm to increase market presence. Agreements were

made in 2008 with Scil Technology GmbH to gain access to their specific growth factor CD-

RAP20, with Medivation in order to develop and market their Alzheimer's drug Dimbeon, and

with Auxilium Pharmeceuticals to obtain exclusive rights over XIAFLEX, a drug developed to

treat Dupuytren's contracture and Peyronie's disease. Also in 2008, Pfizer started

collaborating with Wuxi PharmaTech in order to provide in vitro screenings, using

compounds manufactured by Wuxi.21

18
Datamonitor (2010)
19
Global Data (2010)
20
Growth Factor: A substance made by the body that functions to regulate cell division and cell survival. (National
Cancer Institute 2010). The growth factor CD-RAP is produced in the laboratory and used in biological therapy.
21
Global Data (2010)

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Global presence: Although Pfizer's major market segment is the U.S., the company
2010
is also present in Europe, Asia, Latin Ameria, Canda, and Africa. This diverse business
April 22,

presence makes Pfizer independent from any particular market, and also decreases the risk

of losing venue in case of losing demand from a particular segment.22

WEAKNESSES

Too focused on blockbusters: Although Pfizer, as outlined above, has some of the

most successful products available on the market, it is risky to become complacent and rely

too much on them. Without future mergers and acquisitions, it will become increasingly

difficult to grow sales while centering their growth model around their blockbusters.23

Loss of revenue: Connected to the narrow focus on blockbusters is the trend of

Pfizer seeming to lose revenue growth, particularly in the U.S. In 2008 the U.S. fiscal

revenues dropped by 13%. This happened mostly due to the loss of exclusive rights on

drugs like Norvasc and Zyrtec/Zyrtec D as well as lower sales of Lipito and Chantix. To

offset this weakness, Pfizer should consider introducing new products to ensure steady

revenue in the U.S. and other developed markets.24

Low return on equity: Pfizer's return on equity was low at the end of the fiscal

year 2008. Whereas the health sector averaged at 16.1%, Pfizer only got to 14.1%. This

could be warning signal that the company is not using shareholder money as efficient as

other companies in this industry, which results in low return for shareholders.

22
Global Data (2010)
23
DATAMONITOR (2010)
24
Global Data (2010)

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Litigations: Pfizer has been involved in numerous litigations, which result in two things:
2010
damaged reputation and enormous payouts. To name the two biggest litigations
April 22,

concerned the pain killer Bextra and related off-label promotions, and illegal drug testing on

seriously ill children in Nigeria during a meningitis epidemic. The former was settled in 2008

by paying $2.3 billion as charges, and the latter involved paying a fine of $75 million in April

2009.25

Discontinued projects: This reflects in a loss of resources and also in the perceived

inability to complete research projects. From September 2008 until March 2009, Pfizer

discontinued over 25 research projects, including projects that were beyond initial stages.26

The following table summarizes the external factors opportunities and threats.

Opportunities Threats
• Acquisition of Wyeth • Exposure to generic drugs
• Product approval • Global price pressure
• Focus in biologics • FDA's regulatory oversight
• Demographics

OPPORTUNITIES

Acquisition of Wyeth: By incorporating Wyeth, Pfizer may be able to expand its

coverage of therapeutic conditions, as well as expand its market share. The acquisition will

25
Global Data (2010)
26
ibid

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make Pfizer one of the most diverse biopharmaceutical companies, it will greatly enhance its

portfolio and will most likely result in a significant growth in emerging markets.27
2010
April 22, Product approval: In the past, several new products have been approved that will

greatly enhance Pfizer's portfolio. Among these drugs are some for the treatment of

Osteoporosis, overactive bladder, and community acquired pneumonia. The company is also

awaiting approval for a drug to treat HIV conditions as well as bipolar disorders. Most of

these products enable Pfizer to enter medical areas that have not been completely satisfied.

Focus on biologics: Biologics are drugs made from proteins of living sources, and is

one of the fastest growing markets as it is believed to change the way healthcare is

administered. Pfizer will have the opportunity to develop new drugs, get into this market

area and drive revenue growth. Biologics are also said to require shorter development time,

which results in using fewer resources than would be required for common drug research.28

Demographics: As the population begins to shift and more elderly people will be in

need of medication, Pfizer has the opportunity to strengthen its position by catering to this

specific group of customers.

THREATS

Exposure to generic drugs: With many patents expiring, the population reaching

for generic drugs as cheap alternatives to prescription medication, and the proposed

regulatory approval for generic versions of biological drugs, Pfizer will face uncertainty in

this sector. Until now, generic biological drugs were said to be difficult to copy because

organic material is hard to replicate. The government is also in favor of generic drugs as

27
Global Data (2010)
28
ibid

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they will help to cut health care costs. Pfizer will have to take on retailers such as Target,

Walmart, or RiteAid, which already have programs in place, offering lower-priced generic
2010
drugs to their customers. In 2011, Pfizer will lose the patent for its most widely sold drug,
April 22,

Lipitor, which will have a huge impact on their sales once generic products enter the

market.29

Global pricing pressure: The increased use of generic drugs as well as the fact that

in most countries the government controls the prices of medical products results in Pfizer

facing increased pricing pressure. As government agencies have control over Pfizer's pricing,

this could negatively influence their sales and revenue. In addition, the proposed legislation

to control prices will most likely affect the company's business.30

FDA's regulatory oversight: Regulations not only threaten to interfere with Pfizer's

international business, but are also imminent for its business in the United States. With the

FDA having increased regulatory power, Pfizer's costs are expected to rise as it will become

more complicated to get new drugs approved and on the market. This will negatively affect

the revenue. The FDA also has the power to order additional testing if safety concerns arise

with the use of a specific drug.31

D. Conclusion

Pfizer's position in the market is still strong, despite the weak economy, legislative

measures and legal factors. The health care bill will most likely increase Pfizer's sales, but

due to new regulatory measurements it will take longer to get new drugs approved. Pfizer's

credentials are good, and their top drugs still sell well. However, with patents and exclusive

29
Global Data (2010), Datamonitor (2010)
30
Global Data (2010)
31
ibid

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rights expiring, generic drugs will soon challenge Pfizer's prescription drugs. Americans are

already looking to cut costs, and taking generics instead of brand names is one way to keep
2010
health care spendings lower.
April 22,

To stay competitive, the company needs to get away from their blockbuster products

and also work their way into expanding markets such as biologic drugs. Mergers and

acquisitions as well as strategic agreements are a good way to gain access to other

companies and their research, thus expanding the product line and gaining revenue and

greater market share.

Pfizer has to restructure their business operations to stay globally competitive. In

most other countries, such as Europe, pharmaceutical restrictions and regulations are much

tighter than in the U.S.

The most important thing, in my opinion, is to keep up research and not terminated

research projects, especially those which are beyond initial stages. This waste of resources

and share holder money is dangerous as it is perceived as scientific failure as well as the

inability to use resources reasonably and effectively.

In conclusion I think that Pfizer will stay one of the most successful pharmaceutical

companies in the U.S. If the company manages to adapt their pricing, brand names will stay

popular with the population. By following regulations and disclosing certain practices to the

public, Pfizer will earn the trust of their consumers, thus making their brand names first

choice. Staying out of legal disputes and litigations is vital to keep good credentials.

Consumers do ultimately have the last word, and with generic drugs become more readily

available, buyers can make or break a company, no matter how good the market conditions

might be.

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April 22, E. Bibliography

DATAMONITOR. Pfizer, Inc. Company Profile. Retrieved April 18, 2010, from EBSCO Host
through the University of South Carolina http://sc.edu/library

Global Data. Pfizer Inc. SWOT Profile. April 2010. Retrieved April 22, 2010 from Thomas
Research through the University of South Carolina http://sc.edu/library

Hoover's Company Records - In-depth Records. Pfizer Inc. April 21, 2010. Retrieved April
19, 2010, from LexisNexis Academic though the University of South Carolina http://
sc.edu/library

LexisNexis Business. Company Snapshot. Pfizer. Retrieved April 19, 2010, from LexisNexis
Academic through the University of South Carolina http://sc.edu/library

National Cancer Institute. U.S. National Institutes of Health. Dictionary of Cancer Terms.
Retrieved April 22, 2010 from www.cancer.gov

Oliveiro, C. (2010, April 25). Brand name drug prices rising. Toronto Star. Retrieved April
25, 2010, from LexisNexis Academic through the University of South Carolina http://
sc.edu/library

Pfizer Inc. (n.d.) About Pfizer. Retrieved April 19, 2010, from http://www.Pfizer.com

Reuters, Bloomberg News. (2010, April 21). U.S. warns Pfizer on overdose children in study.
The Gazette (Montreal). Retrieved April 22, 2010, from LexisNexis Academic
through the University of South Carolina http://sc.edu/library

Saftlas, H.B. (n.d.) Sub-Industry Review : Pharmaceuticals. Standard & Poore's. Retrieved
April 21, 2010, from LexisNexis Academic through the University of South Carolina
http://sc.edu/library

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Standard and Poore's Corporate Descriptions plus News . Pfizer Inc. April 24, 2010.
April 22,
Retrieved April 24, 2010, from LexisNexis Academic through the University of South
Carolina http://sc.edu/library

Standard & Poore's. Business Summary for Pfizer, Inc. April 21, 2010. Retrieved April 22,
2010, from LexisNexis Academic through the University of South Carolina http://
sc.edu/library

TFSD Worldwide M&A, (c) 2010 Thomson Fin Sec Data. Retrieved April 20, 2010, from
Dialog, File 551, DIALOG(R)File 551. Retrieved April 21, 2010 through the University
of South Carolina http://sc.edu/library

The Pharmaceutical Consumer, US, January 2010. Market Trends and Factors. Mintel
Academic. Retrieved April 21, 2010 through the University of South Carolina http://
sc.edu/library

United States Court of Appeals for the Sixth Circuit Court (2010, March 23). Michelle Ross,
Plaintiff-Appellant, vs. Pfizer, Inc., Defendant-Appellee. No. 09-5526. Retrieved April
22, 2010, from LexisNexis Academic through the University of South Carolina http://
sc.edu/library

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April 22, E. Appendices

Appendix A: Company Subsidiaries

Appendix B: List of Products

Appendix A: Company Subsidiaries32

• 412357 Ontario Inc.
• 736199 Ltd.
• A S Ruffel (Mozambique) Limitada
• A.S. Ruffel (Private) Limited
• A/O Pfizer
• ACO AB
• Adenylchemie GmbH
• Agouron Pharmaceuticals, Inc.
• Alginate Industries (Ireland) Ltd.
• American Chicle Company
• American Food Industries, Inc.
• Andean Services S.A.
• Backsvalan 6 Handelsbolag
• Balverda S.R.L.
• BINESA 2002, S.L.
• Biocor Animal Health Inc.
• Bioindustria Farmaceutici S.R.L.
• Bioptics SARL
• C.P. Pharmaceuticals International C.V.
• Capsugel (Thailand) Ltd.
• Capsugel AG
• Capsugel Belgium BVBA
• Capsugel France
• Capsugel Japan Inc. (KK)
• Capsugel Ploermel
• Cardel
• Caribe Searle (Gibraltar) Limited
• Carlo Erba OTC S.p.A.
• Centrofarma , Sociedad Anonima
• CEUTICLAB - Laboratorios de Produtos Farmaceuticos, Lda.
• Charlie Papa Operations, LLC
• CHC Direct LLC
• Community Care Health Solutions Inc.
• Compania Farmaceutica Upjohn, S.A.
• Consumer Health Products (Minority Interests) Company
• Continental Farmaceutica, S.L.

32
Standard & Poore's (2010)

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• Continental Pharma, Inc.
• Corporacion Pharmacia de Mexico, S. de R.L. de C.V.
• Davis Medica, Sociedad Limitada, Sociedad Unipersonal
2010 • Diabel GmbH & Co. KG
April 22,• Distribuidora Mercantil Centro Americana, S.A.
• Duchem Laboratories Limited
• Esperion AB
• Esperion LUV Development, Inc.
• Esperion Therapeutics, Inc.
• Euronett, Inc.
• Eversharp Canada Inc.
• Exchic CA Limited
• Farminova, Produtos Farmaceuticos de Inovacao, Lda.
• Farmitalia Carlo Erba Limited
• Farmogene Productos Farmaceuticos Lda
• Fyrcia HB
• G. D. Searle & Co., Ltd.
• G. D. Searle (Philippines) Inc.
• G. D. Searle (Thailand) Ltd.
• G. D. Searle International Capital Co.
• G. D. Searle Land Corporation
• G. D. Searle LLC
• G. D. Searle South Africa (Pty.) Ltd.
• GD Searle International Hong Kong Ltd.
• Godecke GmbH
• Godecke OTC Beteiligungs GmbH
• Greenstone Ltd.
• Hayat Farma Ilac Sanayi ve Ticaret Limited Sirketi
• Health & Chemicals S.A.
• Heinrich Mack Nachf. GmbH. & Co. KG
• Heumann Beteiligungs GmbH
• Heumann PCS GmbH
• Heumann Pharma GmbH & Co. KG, Generica
• Heumann Verwaltungs GmbH
• Industrial Establishing Corporation
• Inter-World Insurance Company Limited
• International Affiliated Corporation LLC
• Invicta Farma, S.A.
• Island Pharmaceuticals Limited
• JB Tillott Ltd.
• Jouveinal Holland B.V.
• Kenfarma, S.A.
• Keystone Chemurgic Corp.
• Kiinteisto Oy Helsingin Tietokuja
• Kommanditbolaget Hus Gron
• Korea Pharma Holding Company Limited
• Laboratoires Pfizer SA
• Laboratorios Laprofa, Sociedad Anonima
• Laboratorios Parke Davis, S.L.
• Laboratorios Pfizer Ltda. (Brazil)
• Laboratorios Pfizer, Lda. (Portugal)

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• Laboratorios Visine, S.L.
• Lambert & Feasley, Inc.
• Lambert Chemical Company Limited
2010 • Liquidity Joint Venture Corp.
April 22,• Losbanos Ltd.
• Lothian Developments V SPRL
• MED Urological, Inc.
• Meridica Limited
• Monterey Kelp Corporation
• MTG Divestitures Handels GmbH
• MTG Divestitures Limited
• MTG Divestitures LLC
• Nefox Farma, S.A.
• Nostrum Farma, S.A.
• NPF YK
• O.C.T. (Thailand) Co., Ltd.
• Omni Laboratories Inc.
• Orsim
• P&UFSC, Inc.
• P-D Co., Inc.
• PanServ Personalberatungs-und Anzeigenservice GmbH
• Paris Montrouge II (Nederland) B.V.
• Paris Montrouge II SARL
• Parke Davis & Co. Limited
• Parke Davis Del Ecuador C.A.
• Parke Davis European Distributors Limited
• Parke Davis International Limited
• Parke Davis Productos Farmaceuticos Lda
• Parke Davis Pty Limited
• Parke Davis S.p.A.
• Parke, Davis & Company Limited
• Parke, Davis & Company LLC
• Parke-Davis GmbH
• Parke-Davis Korea Limited
• Parke-Davis Manufacturing Corp.
• Parke-Davis Sales Corporation
• Parke-Davis Sdn Bhd
• PCM Leasing Limited Liability Company
• Pfidev3 (S.A.S.)
• Pfidev4 (S.A.S.)
• Pfizer (Perth) Pty Limited
• Pfizer (S.A.S.)
• Pfizer (Thailand) Limited
• Pfizer A.G.
• Pfizer A/S
• Pfizer AB
• Pfizer Agricare Sdn Bhd
• Pfizer Animal Health B.V.
• Pfizer Animal Health Korea Ltd.
• Pfizer Animal Health SA
• Pfizer Antilles Holdings N.V.

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• Pfizer ApS
• Pfizer Asia Holdings B.V.
• Pfizer Asia International B.V.
2010 • Pfizer Asia Pacific Pte Ltd.
April 22,• Pfizer Australia Holdings Pty Limited
• Pfizer Australia Pty Limited
• Pfizer Australia Superannuation Pty Ltd
• Pfizer B.V.
• Pfizer BSP Holdings
• Pfizer Canada Inc.
• Pfizer Caribe Limited
• Pfizer Century Holdings
• Pfizer Channel Company
• Pfizer CHC GmbH
• Pfizer Chile S.A.
• Pfizer Cia. Ltda.
• Pfizer Co-Promotions Limited
• Pfizer Commercial Holdings Limited
• Pfizer Consumer Health Care Mexico, S. de R.L. de C.V.
• Pfizer Consumer Health Products Company
• Pfizer Consumer Healthcare B.V.
• Pfizer Consumer Healthcare GmbH
• Pfizer Consumer Healthcare S.r.l.
• Pfizer Consumer Inc.
• Pfizer Convention III LLC
• Pfizer Convention IV LLC
• Pfizer Cork Limited
• Pfizer Corporation
• Pfizer Corporation Hong Kong Limited
• Pfizer Deutschland GmbH
• Pfizer Distribution Company
• Pfizer Distribution Services
• Pfizer Dominicana, S.A.
• Pfizer Dublin Limited
• Pfizer Egypt S.A.
• Pfizer Enterprises Inc.
• Pfizer Enterprises SARL
• Pfizer Esbjerg A/S
• Pfizer ESP Pty Ltd
• Pfizer European Service Center BVBA
• Pfizer Export AB
• Pfizer Export Company
• Pfizer Finance GmbH & Co. KG
• Pfizer Finance International Limited
• Pfizer Finance Verwaltungs GmbH
• Pfizer Financial Services NV
• Pfizer Fundings International
• Pfizer Global Holdings B.V.
• Pfizer GmbH
• Pfizer Group Limited
• Pfizer H.C.P. Corporation

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• Pfizer Health AB
• Pfizer Health Solutions Inc.
• Pfizer HK Service Company Limited
2010 • Pfizer Holding
April 22,• Pfizer Holding Mexico, S. de R.L. de C.V.
• Pfizer Holding Venture
• Pfizer Holdings
• Pfizer Holdings B.V.
• Pfizer Holdings International Luxembourg (PHIL) Sarl
• Pfizer Holdings Ir
• Pfizer Holdings Netherlands B.V.
• Pfizer Holdings Turkey Limited
• Pfizer Holland Pharmaceuticals B.V.
• Pfizer Hungary Asset Management LLC
• Pfizer Ilaclari Limited Sirketi
• Pfizer International
• Pfizer International Corporation
• Pfizer International Holdings Limited
• Pfizer International LLC
• Pfizer International Luxembourg SA
• Pfizer Inventory Co.
• Pfizer Investment Capital Limited
• Pfizer Investment Co. Ltd.
• Pfizer Ireland Venture
• Pfizer Italia S.r.l.
• Pfizer Italiana S.r.l.
• Pfizer Japan Inc.
• Pfizer Jersey Capital Limited
• Pfizer Jersey Company Limited
• Pfizer Jersey Finance Limited
• Pfizer Laboratories (Proprietary) Limited
• Pfizer Laboratories Korea Limited
• Pfizer Laboratories Limited
• Pfizer Limitada
• Pfizer Limited
• Pfizer Limited (Taiwan)
• Pfizer Luxco Holdings Sarl
• Pfizer Luxco Production SARL
• Pfizer Luxembourg SARL
• Pfizer Malaysia Limited
• Pfizer Manufacturing Belgium NV
• Pfizer Manufacturing LLC
• Pfizer Medical Systems, Inc.
• Pfizer Medical Technology Group (Belgium) N.V.
• Pfizer Medical Technology Group (Netherlands) B.V.
• Pfizer Medical Technology Group Limited
• Pfizer Middle East for Pharmaceuticals, Animal Health and Chemicals S.A.E.
• Pfizer Namibia) (Proprietary) Limited
• Pfizer New Zealand Limited
• Pfizer Overseas Pharmaceuticals
• Pfizer Overseas, Inc.

28

Business
• Pfizer Oy
• Pfizer Participations SARL
• Pfizer Pension Trustees (Ireland) Limited
2010 • Pfizer Pension Trustees Ltd.
April 22,• Pfizer PGM (S.A.S.)
• Pfizer PGRD (S.A.S.)
• Pfizer Pharm Algerie
• Pfizer Pharma GmbH
• Pfizer Pharmaceutical India Pvt. Ltd.
• Pfizer Pharmaceutical Trading Limited Liability Company
• Pfizer Pharmaceutical Wuxi Co., Ltd.
• Pfizer Pharmaceuticals B.V.
• Pfizer Pharmaceuticals Israel Ltd.
• Pfizer Pharmaceuticals Jersey Limited
• Pfizer Pharmaceuticals Korea Limited
• Pfizer Pharmaceuticals Limited
• Pfizer Pharmaceuticals LLC
• Pfizer Pharmaceuticals Ltd.
• Pfizer Pharmaceuticals Production Corporation
• Pfizer Pharmaceuticals Production Corporation Limited
• Pfizer Pharmaceuticals Tunisie Sarl
• Pfizer Pharmaceuticals, Inc.
• Pfizer Pigments Inc.
• Pfizer Polska Sp. z.o.o.
• Pfizer Precision Holdings SARL
• Pfizer Production LLC
• Pfizer Products Inc.
• Pfizer Pte. Ltd.
• Pfizer Ringaskiddy Production Company
• Pfizer Romania SRL
• Pfizer S.A. (Colombia)
• Pfizer S.A. (Peru)
• Pfizer S.G.P.S. Lda.
• Pfizer S.R.L.
• Pfizer SA (Belgium)
• Pfizer Saidal Manufacturing
• Pfizer Sante Grand Public (S.C.A.)
• Pfizer Science and Technology Ireland Limited
• Pfizer Service Company BVBA
• Pfizer Service Company Ireland
• Pfizer Services 1 (S.N.C.)
• Pfizer Services 2 (S.N.C.)
• Pfizer Services GbR
• Pfizer Services LLC
• Pfizer Servicios de Mexico, S.A. de C.V.
• Pfizer Shared Services
• Pfizer Shareholdings Intermediate SARL
• Pfizer Singapore Trading Pte. Ltd.
• Pfizer Specialties Limited
• Pfizer SPOL s.r.o.
• Pfizer Sterling Investments Limited

28

Business
• Pfizer Technologies Ltd.
• Pfizer Tunisie
• Pfizer UK Group Limited
2010 • Pfizer Venezuela, S.A.
April 22,• Pfizer Ventures Limited
• Pfizer Warner Lambert Luxembourg SARL
• Pfizer Zona Franca, S.A.
• Pfizer, Inc.
• Pfizer, S.A. (Costa Rica)
• Pfizer, S.A. (Spain)
• Pfizer, S.A. de C.V.
• Pharmacia & Upjohn AG
• Pharmacia & Upjohn Cambridge Ltd.
• Pharmacia & Upjohn Company LLC
• Pharmacia & Upjohn Holding Company
• Pharmacia & Upjohn LLC
• Pharmacia & Upjohn Management Company Ltd.
• Pharmacia & Upjohn S.p.A.
• Pharmacia & Upjohn Trading Corporation
• Pharmacia & Upjohn, S.A. de C.V.
• Pharmacia Africa Ltd.
• Pharmacia Animal Health AB
• Pharmacia Animal Health Limited
• Pharmacia Argentina S.A.
• Pharmacia Asia Limited
• Pharmacia Australia Pty Ltd
• Pharmacia Austria G.m.b.H.
• Pharmacia B.V.
• Pharmacia Brasil Ltda.
• Pharmacia Corporation
• Pharmacia de Centroamerica S.A.
• Pharmacia de Mexico, S.A. de C.V.
• Pharmacia Deutschland GmbH
• Pharmacia Diagnostics Verwaltungs GmbH
• Pharmacia Enterprises Sarl
• Pharmacia Europe EEIG
• Pharmacia Financial Services B.V.
• Pharmacia GmbH
• Pharmacia GmbH and Pharmacia AB Grundstucks
• Pharmacia Grupo Pfizer, S.L.
• Pharmacia Healthcare Limited
• Pharmacia Hepar Inc.
• Pharmacia Holding AB
• Pharmacia Hong Kong Ltd
• Pharmacia India Private Limited
• Pharmacia Industrifastigheter AB
• Pharmacia Inter-American LLC
• Pharmacia International B.V.
• Pharmacia International Inc.
• Pharmacia International SARL
• Pharmacia International Trading (Shanghai) Limited

28

Business
• Pharmacia Ireland Limited
• Pharmacia Italia S.p.A.
• Pharmacia Korea Limited
2010 • Pharmacia Laboratories Ltd.
April 22,• Pharmacia Learning Center Corporation
• Pharmacia Limited
• Pharmacia Limited Company
• Pharmacia Malaysia Sdn Bhd
• Pharmacia Nova AB
• Pharmacia Pakistan (Pvt) Ltd.
• Pharmacia Pharmatrade LLC
• Pharmacia Polska Sp.z.o.o.
• Pharmacia Risk Management Services AB
• Pharmacia S.p.A.
• Pharmacia SA
• Pharmacia Searle Limited
• Pharmacia Singapore Pte Ltd
• Pharmacia South Africa (Pty) Ltd
• Pharmacia Sverige AB
• Pharmacia Treasury Services AB
• Pharmacia UK Holding Company
• Pharmacia UK Limited
• Pharmacia United, Inc.
• Pharmacia Y.K.
• Pharmacia-Pfizer EEIG

• Plaistow Limited
• Promotora IPSA, S.A.
• Pronorr AB
• ProRe SA
• Prosec (Ireland) Limited
• Prosec Forsakrings AB
• PT. Capsugel Indonesia
• PT. Pfidex Pharma
• PT. Pfizer Indonesia
• PUCN Limited Partnership
• PUCN LLC
• Quigley Company, Inc.
• Renrall LLC
• Ribex S.r.l.
• Rivepar
• Roerig A.B.
• Roerig B.V.
• Roerig S.A.
• Roerig, Inc.
• Roerig, Produtos Farmaceuticos, Lda.
• Roerig, S.A.
• Searle & Co.
• Searle Argentina S.R.L.
• Searle Belgium BVBA
• Searle Chemicals, Inc.
• Searle de Mexico S.A. de C.V.

28

Business
• Searle European Inc.
• Searle GmbH
• Searle Holdings B.V.
2010 • Searle Invest B. V.
April 22,• Searle Laboratorios, Lda.
• Searle LLC
• Searle Ltd.
• Searle Pharma LLC
• Sefarma S.r.l.
• Selskabet af 24. september 2004 A/S
• Sensus Drug Development Corporation
• Shiley International
• Shiley LLC
• Sinergis Farma-Produtos Farmaceuticos, Lda.
• Site Realty, Inc.
• Smith Brothers Cough Drops Canada Ltd.
• SmithKline Beecham Animal Health SWA) (Pty) Ltd.
• Solinor LLC
• SOPACO S.R.L.
• Substantia (S.A.S.)
• Sugen, Inc.
• Suzhou Capsugel Ltd.
• Svenska Industrietablerings AB (SVETAB)
• Swordfish Heimtierbedarf Verwaltungsgesellschaft m.b.H.
• Swordfish Holding GmbH
• Tabor Corporation
• The Kodiak Company Ltd.
• The Upjohn Holding Company M LLC

• The Upjohn Manufacturing Company LLC
• Thorney Company
• Tuco (Pty) Ltd.
• Umut Farma Ilac Sanayi ve Ticaret Limited Sirketi
• Unicliffe Limited
• Upjohn International Holding Company
• Upjohn International Inc.
• Upjohn Laboratorios Lda.
• Upjohn Pharmaceuticals Limited
• Upjohn Suzhou Animal Health Products Co., Ltd.
• Upjohn Suzhou Pharmaceutical Co., Ltd.
• Viagra Ltd
• Vinci Farma, S.A.
• W-C Laboratories, Inc.
• W-L (Europe)
• W-L (Portugal)
• W-L (Spain)
• W-L Holding (S.C.A.)
• W-L LLC
• Wafin S.R.L.
• Warner Lambert (UK) Limited
• Warner Lambert Bolivia S.A.
• Warner Lambert del Uruguay S.A.

28

Business
• Warner Lambert Pakistan (Private) Limited
• Warner Lambert Peru S.A.
• Warner Lambert Plaistow Manufacturing (Partnership)
2010 • Warner Lambert Poland Sp.z.o.o.
April 22,• Warner Lambert Pty Limited
• Warner Lambert Zimbabwe (Private) Limited
• Warner-Lambert (East Africa) Limited
• Warner-Lambert (Nigeria) Limited
• Warner-Lambert (Singapore) Private Limited
• Warner-Lambert (Tanzania), Limited
• Warner-Lambert (Thailand) Limited
• Warner-Lambert (West Indies) Ltd.
• Warner-Lambert Caribbean Corporation
• Warner-Lambert Company AG
• Warner-Lambert Company LLC
• Warner-Lambert Consumer Health Products (Eastleigh) Company
• Warner-Lambert Cork Limited
• Warner-Lambert de Costa Rica, S. A.
• Warner-Lambert de El Salvador, S.A. de C.V.
• Warner-Lambert de Honduras, Sociedad Anonima
• Warner-Lambert de Panama, Sociedad Anonima
• Warner-Lambert de Puerto Rico, Inc.
• Warner-Lambert GmbH
• Warner-Lambert Guatemala, Sociedad Anonima
• Warner-Lambert Hungary KFT
• Warner-Lambert International Company

• Warner-Lambert International N.V.
• Warner-Lambert Ireland
• Warner-Lambert Kenya Limited
• Warner-Lambert Manufacturing (Ireland) Ltd.
• Warner-Lambert Pottery Road Limited
• Warner-Lambert South Africa (Proprietary) Limited
• Warner-Lambert, S.A.
• Wilcox Sweets (Proprietary) Limited
• Wilkinson Sword Pension Trustee Limited
• WL de Guatemala, Sociedad Anonima
• Yusafarm D.O.O.

28

Business

2010
Appendix B: List of Products
April 22,

• Aricept (Alzheimer's disease)
• Aromasin (breast cancer)
• BeneFIX (hemophilia, from Wyeth acquisition)
• Caduet (high cholesterol and blood pressure dual therapy)
• Camptosar (colorectal cancer)
• Cardura (hypertension and enlarged prostate disease)
• Celebrex (arthritis pain)
• Chantix/Champix (smoking cessation)
• Detrol (overactive bladder)
• Diflucan (antifungal)
• Effexor (antidepressant and anxiety disorder treatment, from Wyeth acquisition)
• Enbrel (arthritis treatment, from Wyeth acquisition)
• Genotropin (growth hormone deficiency)
• Geodon (schizophrenia and bipolar disorder, Zeldox outside of the US)
• Lipitor (cholesterol)
• Lybrel (oral contraceptive, from Wyeth acquisition)
• Lyrica (nerve pain)
• Neurontin (epilepsy)
• Norvasc (hypertension)
• Premarin (hormone replacement therapy, from Wyeth acquisition)
• Prempro (hormone replacement therapy, from Wyeth acquisition)
• Prevnar (pneumococcus vaccine, from Wyeth acquisition)
• Pristiq (antidepressant, from Wyeth acquisition)
• Protonix (protein pump inhibitor, from Wyeth acquisition)
• Rapamune (organ rejection preventative, from Wyeth acquisition)
• Rebif (multiple sclerosis)
• ReFacto AF/Xyntha (hemophilia, from Wyeth acquisition)
• Relpax (migraines)
• Revatio (hypertension)
• Selzentry (HIV)
• Spiriva (chronic obstructive pulmonary disease)
• Sutent (carcinoma and tumors)
• Tygacil (anti-infective, from Wyeth acquisition)
• Vfend (fungal infections)
• Viagra (impotence)
• Xalatan/Xalacom (glaucoma)
• Xanax (anti-anxiety treatment)
• Zithromax/Zmax (antibiotic)
• Zoloft (depression)
• Zosyn/Tazocin (anti-infective, from Wyeth acquisition)
• Zyvox (antibiotic)
• Animal Health
• Cerenia (nausia treatment for canines)
• Convenia (canine and feline antibiotics)
• Draxxin (cattle and swine antibiotic)
• Excede (cattle and swine antibiotic)
• Improvac (swine vaccine for boar taint)
• Palladia (dog cancer treatment)
• Revolution/Stronghold (antiparasitic for dogs and cats)
• Rimadyl (canine osteoarthritis treatment)
• Suvaxyn PCV2 (swine vaccine, from Wyeth acquisition)
• Zulvac (cattle vaccine, from Wyeth acquisition)
• Consumer Health (from Wyeth acquisition)
• Advil (analgesic)
• Anbesol (oral pain relief)
• Caltrate (nutritional supplement)
• Centrum (vitamins)

28

Business
• ChapStick (lip care)
• Dimetapp (cough/cold remedy)
• FiberCon (laxative)
• Preparation H (hemorrhoid treatment)
2010 • Robitussin (cough/cold remedy)
April 22, • ThermaCare (aches and pains)
• Capsugel (gelatin capsules business)
• Nutrition (from Wyeth acquisition)
• Progress Gold (nutritional formula)
• Promil Gold (nutritional formula)
• S-26 Gold (nutritional formula)

28

Business Report on Pfizer

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