Pfizer, Inc. (PFE)

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Pfizer (PFE)

Q4 2008 Earnings and Conference Call

January 26, 2009 8:30 am ET


Charles E. Triano - Senior Vice President, Investor Relations

Jeffrey B. Kindler - Chairman and Chief Executive Officer

Martin Mackay - Head of Research and Development

Ian Read - President, Worldwide Pharmaceutical Operations

Amy Schulman - Senior Vice President & General Counsel

Bernard Poussot - Chairman and Chief Executive Officer of Wyeth

Gregory Norden - Senior Vice President and Chief Financial Officer of Wyeth

Lawrence V. Stein - Senior Vice President and General Counsel of Wyeth

Justin R. Victoria - Vice President - Investor Relations of Wyeth


Catherine Arnold - Credit Suisse

David [Lessinger] - Bank of America

Barbara Ryan - Deutsche Bank Securities

Anthony Butler - Barclays Capital

Jami Rubin - Goldman Sachs

Roopesh Patel - UBS

Chris Schott - J.P. Morgan

Tim Anderson - Sanford Bernstein

Seamus Fernandez - Leerink Swann Llc

Steve Scala - Cowen and Company

Robert Hazlett - BMO Capital Markets



Good morning ladies and gentlemen and welcome to Quarter Earnings Release Conference Call. (Operator Instructions). I would now like to turn the call over to Mr. Charles Triano Pfizer’s Senior Vice President of Investor Relations.

Charles Triano

Good morning everyone. Thank you for joining us today to discuss today’s announcement that Pfizer has entered into an agreement to acquire Wyeth. I am here with our Chairman and Chief Executive Officer Jeff Kindler.

The presentation that accompanies today’s call can be viewed on This call is scheduled to last one hour and I would also add that today’s call is in lieu of our earnings conference call that was originally scheduled for this Wednesday.

Discussions during this conference call will include certain financial measures that were not prepared in accordance with US Generally Accepted Accounting Principles. Reconciliation of those non-US GAAP financial measures to the most directly comparable US GAAP financial measures can be found in Pfizer’s current report on Form 8-K dated January 26, 2009.

Discussions during this conference call will also include forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ are discussed in Pfizer’s 2007 annual report on Form 10-K and in our reports on Form 10-Q and Form 8-K. These reports are available at our website in the Investor SEC Filing section.

With that I would like to turn the call over to Jeff Kindler.

Jeff Kindler

Thank you, Chuck good morning everyone, and thank you for joining us today. I am here with members of Pfizer’s senior management and we are also very honored this morning to be joined by Bernard Poussot, Chairman and Chief Executive of Wyeth. With Bernard are three members of his senior management team, Greg Norden, Chief Financial Officer; Larry Stein, General Counsel; and Justin Victoria, Vice President of Investor Relations.

We are very excited about today’s announcement that Pfizer and Wyeth will combine to become the world’s premier biopharmaceutical company. I know that Bernard shares my enthusiasm for this combination and for the opportunities it will create for patients today, for patients tomorrow and for patients around the world, so I would like to begin by asking Bernard to share his thoughts with you. Bernard?

Bernard Poussot

Thank you very much Jeff and good morning everyone. I appreciate the invitation to comment on the value that Wyeth will bring to this great company in the making. Our vision at Wyeth for about 20 years has been to establish a very strong foundation in science, focus on providing new solutions to patients and their families. As a result, we have created over the years what is today a global biopharmaceutical company with striking diversity. We established ranks in biotechnology and vaccines when others were just recognizing recently this highly desirable, strategic, objective.

Our execution has been relentless about building what I just described. We created diverse business platforms ranging from pharmaceuticals, biopharma, vaccines, but also nutritionals, consumer health care and more. Today, at the end of 2008, 60% of our revenues are from no traditional pharmaceuticals. We have built industry leading biotechnology and vaccine manufacturing capacity and capabilities. As a result, we established a diverse business sector leadership.

Biopharma Enbrel has become now the number one biologic product in the world. The vaccine Prevnar is today’s largest selling vaccine in the world. At the same time we established pharmaceuticals block busters such as Effexor and Zosyn which are both number one in their categories. We are also a strong nutritional franchise and we are number one in markets where we compete.

Consumer health is an important piece of our business with brands like Advil, Centrum, and Robitussin. In the name of health we have been a key provider on biologics and vaccines for animals.

There are many opportunities remaining in those key franchises. Just to name a few, in the field of rheumatoid arthritis and the psoriasis market, where we are leading with Enbrel we expect a $10 billion expansion between now and 2012. The fever vaccines we are preparing our Prevnar products not only for infants, there is also a totally new indication in adults. Even in consumer health we have been adding the Thermacare acquisition to our consumer pain franchise led by Advil.

We are also pleased to add a diverse portfolio of innovative new products. Tygacil, Torisel, Pristiq, Xyntha, and Relistor are all recent new product pools and we are still in the process of launching those products worldwide. Collectively they offer a multi-billion dollar peak potential.

I just want to finish highlighting prevention as a key driver in our view to manage rising healthcare costs. Nothing is more efficient than prevention to do this. We have built that key business over the years, which Prevnar, as I mentioned and we are working actively on a meningitis additional vaccine that could prove instrumental to children around the world.

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