Pfizer, Inc. (PFE)

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Pfizer (PFE)

Q4 2010 Earnings Call

February 01, 2011 10:00 am ET


Ian Read - Chief Executive Officer, President, Director, Chairman of Executive Committee, Member of Executive Compliance Committee and Group President of Biopharmaceutical Businesses

Charles Triano - Senior Vice President of Investor Relations

Frank D'Amelio - Chief Financial Officer, Senior Vice President of Business Operations and Member of Executive Compliance Committee

David Simmons - Business Unit President

Mikael Dolsten - Senior Vice President and President of Pfizer Worldwide Research & Development

Geno Germano - Head of Specialty Businesses


John Boris - Citigroup Inc

Catherine Arnold - Crédit Suisse AG

David Risinger

John Cogan - Daiwa Securities Capital Markets Co. Ltd.

Tim Anderson - Bernstein Research

Jami Rubin - Goldman Sachs Group Inc.

Steve Scala - Cowen and Company, LLC

Seamus Fernandez - Leerink Swann LLC

Christopher Schott - JP Morgan Chase & Co

Marc Goodman - UBS Investment Bank



Good day, everyone, and welcome to Pfizer's Fourth Quarter 2010 Earnings Conference Call. [Operator Instructions] At this time, I would like to turn the call over to Mr. Chuck Triano, Senior Vice President of Investor Relations. Please go ahead, sir.

Charles Triano

Good morning, and thank you for joining us today to review Pfizer's fourth quarter 2010 performance, 2011 financial guidance and 2012 targets. I'm here with our CEO, Ian Read; Frank D'Amelio, our CFO; Olivier Brandicourt, President and General Manager of Primary Care; Mikael Dolsten, President of Worldwide Research and Development; Geno Germano, President and General Manager of Specialty Care and Oncology; Amy Schulman, our General Counsel and Business Unit Lead for Nutritionals; and David Simmons, President and General Manager of Emerging Markets and Established Products. The financial charts that will be presented on this call can be viewed on our home page, by clicking on the link for Pfizer Quarterly Corporate Performance Fourth Quarter 2010, which is located in the Investor Presentation section in the lower right-hand corner of this page.

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 2009 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 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, February 1, 2011. These reports are available on our website at in the Investors SEC Filings section.

With that, I'll now turn the call over to Ian Read. Ian?

Ian Read

Thanks, Chuck. Let me begin by welcoming everyone to our call today. I'll start with a few comments about 2010.

We ended the year with a clear focus on meeting our financial commitments, managing our cost structure, executing on our strategy, successfully integrating Wyeth and enhancing shareholder value. I'm pleased to report that we've made steady progress across these areas and finished 2010 on a strong note with a very solid fourth quarter and a solid year, overall. Frank will take you through the details shortly but there are a few notable highlights for the year.

We met our top and bottom line commitments. We are on track to achieve our multiyear targeted cost reductions. We grew revenues in key emerging markets like China and Brazil. We grew key assets in our branded portfolio; Prevnar 13; Lyrica; Enbrel; SUTENT. We saw encouraging results in our late-stage pipeline, Prevnar 13 adult; Tosocitinib, the new name for tasocitinib; presotinib [ph] and apixaban. We expanded the portfolio through strategic and business development deals, King, Vicuron [ph] and we returned a meaningful level of capital to shareholders through dividends and share repurchases.

In summary, I would say 2010 was a year we once again did what we said we would do. We made additional progress in laying out a solid foundation to build sustainable shareholder value over time.

I'd now like to spend some time sharing my thoughts about Pfizer's future, our key challenges and the steps we're taking to shape our future. As most of you know, I spent my career at Pfizer. It's an honor for me to take over as CEO at this important time for both Pfizer and the industry.

We operate in an industry that continues to face multiple challenges. There is ongoing pressure from payers, governments and society to deliver greater value. Growth is slowing in traditional markets and shifting to rapidly expanding Emerging Markets where different approaches and different resource levels are required.

And universally, the industry has to find an innovative model that produces consistent returns. We understand these challenges, and I remain very optimistic that Pfizer will be a leader in driving the right solutions. I believe no company is better prepared to address head-on market dynamics. We have the talent, global footprint, commercially competitive businesses, capital resources and the foundation for leading-edge science, which now includes small molecules, large molecules, vaccines and different modalities represented by Redknapp and Kovacs [ph].

My job as CEO is to manage and focus our capabilities, assets and talent, to drive the most value for our shareholders. We will invest our human and financial capital in those areas where we can lead. And where we don't have core capabilities, we will look to partner or license assets. We are evolving our culture, including research, to be a result-driven and entrepreneurial organization.

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