Pfizer, Inc. (PFE)

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Pfizer, Inc. (PFE)

Q3 2009 Earnings Call

October 20, 2009 10:00 am ET

Executives

Chuck Triano - Senior Vice President, Investor Relations

Jeff Kindler - Chairman and Chief Executive Officer

Frank D'Amelio - Senior Vice President and Chief Financial Officer

Ian Read - President, Worldwide Pharmaceutical Operations

Martin Mackay - President, Global Research and Development

Analysts

David Reisinger - Morgan Stanley

Chris Schott - JPMorgan

Tim Anderson - Sanford Bernstein

Catherine Arnold - Credit Suisse

Seamus Fernandez - Leerink Swann

Jami Rubin - Goldman Sachs

Eric Lo - Banc of America

Peiro PĂ©rez - UBS

Presentation

Operator

Welcome to the Pfizer's third quarter earnings call. We will now turn the call over to Mr. Chuck Triano. Please begin the call.

Chuck Triano

Good morning, and thank you for joining us today to review Pfizer's third quarter 2009 performance. I'm here with Jeff Kindler, Frank D'Amelio, Ian Read, Martin Mackay and Amy Schulman.

The financial charts that will be presented on this call can be viewed on our homepage at www.Pfizer.com in the Investor/Presentations tab, by clicking on the link, Quarterly Corporate Performance - Third Quarter 2009. We will keep our opening remarks brief and leave about 30 minutes for the Q&A session.

Before we start, I would like to remind you that our discussions during this conference call will 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 2008 annual report on Form 10-K and in our reports on Form 10-Q and Form 8-K. Also the discussions during this conference call will include certain financial measures that were not prepared in accordance with the generally accepted accounting principles. Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in Pfizer's current report on Form 8-K dated today, October 20, 2009. These reports are available on our website, Pfizer.com, in the Investor's SEC filing section.

I would also advise that Wyeth's third quarter earnings release and conference call scheduled for October 22 will not occur.

With that, I will now turn the call over to Jeff Kindler who will speak to the just completed Wyeth acquisition and then move to the third quarter results. Jeff?

Jeff Kindler

Thanks, Chuck. Good morning, everyone and thanks for joining us today. As you know, we completed the acquisition of Wyeth last Thursday. This transformational step was made possible by and builds upon the changes we have been making at Pfizer over the last three years. As one combined company, we have the people, the products, the capabilities and the organization to accelerate every single one of the strategies that Pfizer has been advancing since soon after this management team came into place.

Pfizer is now a significantly more diversified company, with an expanded inline portfolio offering treatments and preventive medicines for every stage of life. The combined company also has a robust pipeline of biopharmaceutical projects, including significant late-stage opportunities in Alzheimer's disease, oncology, pain, inflammation and other important therapeutic areas.

We have an enhanced ability to innovate with more top scientists to even greater scientific and manufacturing capabilities and with a global network of clinical development centers that is second to none. And our operations in Animal Health, Consumer Healthcare, Nutrition and Capsugel serve to diversify Pfizer like never before.

Now we move forward with integrating these two companies, a process that began immediately on the day after we completed the closing last Thursday. We were able to get started so fast because we began intensive integration planning soon after announcing the deal earlier this year, starting with the formation of the new leadership team.

Back in April, we announced the new company's executive leaders. Since then we have been combining our Pfizer and Wyeth teams and we now have terrific leaders in place from both companies at all levels of the new organization. We've added two new members to our executive leadership team from Wyeth. Three of our business unit leaders are from Wyeth and so is our Chief Information Officer, our head of Regulatory Strategy, and several of our Chief Scientific Officers.

In all, 112 Wyeth senior executives have accepted offers to join Pfizer so far. Of these, 14 are joining as country managers or country business unit leaders and 12 have agreed to join our research and development organization, a number that we expect to increase.

It's been especially gratifying to watch the close working relationships develop among these Wyeth and Pfizer leaders over the last several months. Their work together has enabled our integration planning to move quickly, just as the implementation of those plans is now also moving very quickly. In fact, we completed the integration planning and closed the transaction 8 months and 21 days after announcing it. This is remarkably fast given the scale and complexity of two major science companies operating in diverse markets around the world. And as I said the speed is continuing.

For example, we held our first global town hall meeting with employees on day one at 2 a.m. New York on Friday morning just 14 hours after announcing the legal closing, and we did it at that hour so that we could reach our colleagues in Asia during their work day. Our leadership teams below the executive level are now in place across most of the company. And every employee in the company knows their reporting relationships.

The day after we closed last week we announced the sites from which our major operating teams will be led. This week we are communicating the changes in our U.S. field force that will result from the acquisition, changes that will be fully implemented by the end of this year.

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