`
`WE’VE BUILT THE INDUSTRY’S MOST-PROMISING
`PIPELINE OF NEW PHARMACEUTICALS.
`
`WE’RE LAUNCHING NOVEL MEDICINES TAKING
`AIM AT FEARED DISEASES.
`
`WE’RE EXPLORING NEW DIRECTIONS IN
`KEEPING HEALTHCARE PERSONAL, AFFORDABLE
`AND ACCESSIBLE.
`
`OUR CHALLENGE:
`BUILD THE NEXT-GENERATION PFIZER.
`
`WE HAVE THE TEAM, THE STRENGTH AND
`THE WILL TO DO IT.
`
`2005 AnnuAl Review
`
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`
`
`INTRODUCTION
`NEW HOPE FOR PATIENTS
`CHAIRMAN’S LETTER TO SHAREHOLDERS
`FINANCIAL HIGHLIGHTS
`
`DELIVER MORE NEW MEDICINES, MORE QUICKLY, TO PATIENTS
`
`DRIVE OUR ADVANTAGES IN SIZE, REACH AND PRODUCTIVITY
`
`BUILD THE PERFORMANCE POTENTIAL OF EACH COLLEAGUE
`
`SHAPE A POSITIVE ENVIRONMENT FOR BETTER HEALTHCARE
`
`CREATE NEW DIRECTIONS IN HEALTH AND WELLNESS
`
`1
`2
`8
`12
`
`14
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`23
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`26
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`29
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`32
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`36
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`BOARD OF DIRECTORS
`CORPORATE AND SHAREHOLDER INFORMATION
`
`INSIDE BACK COVER
`
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`
`
`THE NEXT-GENERATION
`PfIzER
`
`• KEEP THE fOCUS ON PATIENTS
`• TRANSfORM OUR COMPANY
`• DELIVER NEW VALUE
`
`The cycle of renewal drives everything we do at Pfizer.
`With several Pfizer medicines now coming to the end
`of their life cycles, we are doing what Pfizer people have
`done many times since our founding in 849—build a new
`platform for extended growth. Pfizer colleagues around
`the world are putting into place the next-generation
`Pfizer, one that will meet fast-changing needs in health
`and healthcare.
`
`We are working hard to both transform our business
`and to be partners in transforming healthcare itself.
`Our focus remains on our core business—innovation in the
`medicines that are integral to good healthcare. But our
`strategy goes further—to help create entire new directions
`in health and healthcare, exploring systems that start
`with the simple question: “How can we best help people
`before disease strikes?”
`
`Our plans to transform Pfizer capitalize on every one
`of our strengths—our size, global reach, knowledge of
`health and disease, and unmatched resources in biomedical
`R&D. Central to our transformation is a new generation
`of Pfizer medicines either recently launched or planned for
`launch. In 2005, we introduced four new medicines in the
`United States. In 2006, we have plans to launch six new
`medicines in the U.S.—three of which are already approved
`by the FDA. What follows are some highlights of a
`new wave of medicines offering new hope for patients,
`new value for investors and new growth for Pfizer.
`
`
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`
`
`fizer have allowed me to not only
`'
`' Else to live a normal life.“
`SUTENT PATIENT
`
`SUTENT
`
`.3"
`
`'“z5
`
`’
`'
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`WATSON LABORATORIES, INC. , IPR2017-01622, Ex. 1 125, p. 4 of 40
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`r"-
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`'-. Tin-1'
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`'II'= I
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`“ I’ve been taking injections for over 21 years.
`After all this time it still bothers me. Exubera
`offers me new freedoms, a new lease on life.”
`
`RICHARD ST. PIERRE, EXUBERA PATIENT
`
`EXUBERA
`
`THe WORlD’S FIRST InHAleD InSUlIn
`
`Exubera is the first new method of delivering human
`insulin in more than 80 years. Developed in conjunction
`with Nektar Therapeutics, Exubera is a powdered form
`of insulin, inhaled through the use of a novel, compact,
`canister-shaped device the size of an eyeglass case.
`Approved by the FDA for type 1 and type 2 diabetes in
`adults, Exubera is expected to launch in mid-2006.
`
`This therapy takes aim at a growing global epidemic
`with terrible consequences—heart disease, blindness
`and circulation problems leading to amputations.
`Exubera’s greatest contribution may be to patients failing
`on oral diabetes agents and delaying further treatment
`of this devastating disease for fear of injections.
`
`
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`
`
`“ The pain prevented me from simply wearing
`a pair of shoes. With Lyrica, I can now put
`my shoes on and go out and see my friends
`and family. Incredible!”
`
`HILDA ROqUE, LYRICA PATIENT
`
`LYRICA
`
`One OF THe WORlD’S FASTeST-gROWIng meDICIneS
`
`Now available in 30 markets, Lyrica was launched in the U.S.
`in September 2005. Lyrica offers rapid and sustained relief
`for two common forms of neuropathic pain, which is pain
`centered in the nerves themselves and not associated with
`an external cause. Severe neuropathic pain often afflicts
`people with diabetes, epilepsy or viral infections such
`as shingles or HIV. Lyrica is also approved as adjunctive
`
`therapy for partial onset epileptic seizures. Early in 2006, an
`advisory committee in the European Union recommended
`that Lyrica also be approved for use in generalized anxiety
`disorder, a psychological condition that disables millions
`of people. In the U.S., Lyrica’s acceptance among physicians
`and patients has made it the pharmaceutical industry’s
`most successful new drug launch this decade.
`
`4
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`
`
`“ I could not see my hand in front of my face.
`The morning after my first Macugen treatment,
`I watched the sun rise across the fields.”
`
`JOHN BOYD, MACUGEN PATIENT
`
`MACUGEN
`
`neW HOPe In THe FIgHT FOR SIgHT
`
`Neovascular age-related macular degeneration (AMD)
`is the leading cause of blindness for people aged 60
`and above. Even patients with relatively good vision at
`diagnosis can develop severe vision loss rapidly due
`to abnormal blood vessel growths and blood vessel leakage
`in the eyes. Macugen is the first and only selective VEGF
`
`inhibitor approved for AMD, and treats the disease
`early at its source. Pfizer co-promotes Macugen
`with its discoverer, OSI Pharmaceuticals. Launched
`in the U.S. early in 2005, Macugen has now been used
`by more than 50,000 patients, and is expected to
`launch in Europe in 2006.
`
`5
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`
`
`“ I tried to quit smoking so many times
`but failed...until Champix. The cravings just
`went away, and I finally stopped.”
`
`JOE MALOOf, CHAMPIX USER
`
`CHAMPIX
`
`A lIFelIne FOR THOSe WHO WAnT TO qUIT
`
`Now in regulatory review, Champix is a non-nicotine-based
`therapy that may help millions of people defeat one of
`humanity’s toughest-to-break addictions. The consequences
`of tobacco use are well-known—various cancers, heart
`disease and lung disorders. The vast majority of people
`who smoke want to quit the habit but find it too difficult
`to overcome nicotine addiction. A novel nicotine-receptor
`
`agonist, Champix fools the brain into believing that the
`urge to smoke tobacco has been satisfied. Clinical trials
`to date have shown that Champix is more effective than
`currently available oral antismoking prescription medicines.
`Champix has been granted priority review status by the
`FDA. Pending FDA approval, a 2006 launch is planned.
`
`6
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`
`
`IMPORTANT AS THEY ARE, THESE NEW MEDICINES ARE JUST ONE
`
`DIMENSION Of PfIzER’S PLAN fOR THE fUTURE. WE ARE POSITIONING
`
`OURSELVES AT THE MOST PROMISING INTERSECTION Of OUR YOUNG
`
`CENTURY—WHERE A GOLDEN AGE Of BIOMEDICAL SCIENCE MEETS
`
`THE GROWING GLOBAL DEMAND fOR BETTER HEALTHCARE.
`
`
`
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`
`
`Chairman’s Letter to Shareholders
`
`Dear Shareholder,
`Without question, 2005 was a difficult year for Pfizer and for our investors. Our revenues
`declined two percent due to the losses of patent protection for several Pfizer medicines
`and the uncertainties related to pain medicines in the COX-2 class. But 2005 was also
`a successful year in our efforts to transform Pfizer for the next generation and build a
`new platform for growth. Our plan matches the right people and resources with the right
`opportunities to achieve our goals. We are seeing results, particularly in the launches
`of new medicines and the expansion of our R&D pipeline.
`
`Pfizer is in a cycle of renewal that is common in our
`industry. Our success since our founding in 1849 lies in
`the understanding that once every 15 years or so, we
`must leave behind the past and create a new future.
`The Pfizer built in the 1990s is fading away as some of
`our prominent, current medicines lose patent protection.
`This transformation process—this cycle of renewal—
`is not unexpected. We have been planning for it for years,
`understanding that while renewal brings challenges,
`it also creates numerous opportunities.
`Caring for people’s health—long one of the world’s
`noblest callings—is also an industry of the future. The
`long-predicted explosion of knowledge in fields such as
`genomics is upon us. We will learn more about human
`health in the next two decades than we did in the previous
`two millennia. In addition, the baby-boomer generation
`is now entering its peak years of utilizing healthcare
`services. The systems delivering healthcare are
`increasingly strained and new approaches are sorely
`
`needed. As the industry’s global leader, Pfizer
`is committed to discovering and delivering novel,
`high-value medicines, along with new thinking on
`how pharmaceuticals fit into a larger landscape of
`affordable, patient-centered healthcare.
`We face daunting challenges. Moving a new medicine
`from concept to patient is arguably the riskiest, most-
`expensive R&D process undertaken by any company
`in any industry. As the industry leader, we are acutely
`aware of the pressures felt by those who pay for
`healthcare. Our transformation is not complete but we
`are taking the right steps to create and sustain value.
`We have the right strategy for these times, and we will
`deliver the next-generation Pfizer.
`
`NEW LEVELS Of BIOMEDICAL INNOVATION
`Our central task in transforming Pfizer is to discover and
`develop more new medicines for patients. 2005 was a
`record year for Pfizer, with four new pharmaceuticals
`
`8
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`
`
`HANK MCKINNELL
`Chairman of the Board and Chief Executive Officer
`
`introduced in the U.S., and a number of current medicines
`entering new markets worldwide. These introductions
`included Lyrica, a new medicine for epilepsy and
`neuropathic pain, which emerged as our industry’s most-
`successful new product launch this decade.
`Our 2005 record of new introductions will
`almost certainly be surpassed in 2006. We now have
`six new medicines expected to become available in
`the U.S., with three of them—Sutent for cancer, Exubera
`for diabetes and Eraxis for fungal infections—already
`approved by the FDA. Behind these medicines are
`235 projects in development—152 new molecular entities
`and 83 product-line extensions—a pharmaceutical
`pipeline unmatched in our industry.
`Beyond new medicines, 2005 was a landmark
`year for Pfizer innovation. We also completed a broad
`restructuring of Pfizer Global Research and Development,
`transforming the way we develop new medicines. We are
`expanding our presence in next-generation disciplines
`such as genomics and biologics, and we expect to be
`a Top Five power in them by 2010. In addition, all of
`our medicines, and, in fact, our capacity to innovate,
`benefited from our decision to stand fast for the rights
`of innovators everywhere, as demonstrated by a string of
`court victories over those who tried to infringe on
`our patent rights.
`
`MAXIMIzING THE VALUE Of OUR
`IN-LINE MEDICINES
`Pfizer offers the industry’s broadest array of medicines,
`covering virtually all therapeutic areas. Our offerings
`include Lipitor, the world’s best-selling prescription
`medication. We continue to add value to the Lipitor
`franchise through extensive post-marketing clinical
`studies. Lipitor continued to grow at double-digit rates
`in 2005, surpassing $12 billion in annual sales.
`A number of our medicines launched earlier this
`decade are now gaining broader acceptance among
`doctors and patients, and are growing accordingly.
`Geodon for schizophrenia; Relpax for migraine; Caduet,
`a treatment for high cholesterol and hypertension; and
`Vfend for serious systemic fungal infections—all of these
`medicines grew at double-digit rates in 2005.
`2005 was a difficult year for pain medications
`due to uncertainties around the COX-2 class of
`medicines, which includes Pfizer’s arthritis treatment
`Celebrex. In 2005, the FDA and European regulators
`determined that Celebrex should remain available
`to patients. Also in 2005, the FDA approved Celebrex
`for a new indication, the treatment of ankylosing
`spondylitis, an often-crippling arthritis condition that
`usually affects the spinal column. We have important
`benefits to communicate about Celebrex and great
`confidence in its value for patients.
`
`9
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`
`We are making progress in delivering more value to patients, and in
`doing that, we can deliver greater value to investors… We will do as Pfizer
`colleagues have always done—deliver for all those who depend on us,
`work with us and invest in us.
`
`MAKING PfIzER MORE EffECTIVE AND EffICIENT
`Large-scale changes in how we do business and
`deliver value are also part of the next-generation
`Pfizer. In 2005, we began comprehensive efforts
`to streamline our company. We set a financial goal—
`approximately $4 billion in annual savings by 2008.
`In 2005, Pfizer colleagues more than delivered on
`this commitment—achieving some $800 million in
`savings, twice our projections.
`Our vision, however, goes beyond cost savings. We
`seek totally new approaches to core processes to make
`the most of our industry-leading size and global reach.
`
`DELIVERING SHAREHOLDER VALUE
`We are committed to providing value to our investors
`now—and over the long-term.
`Certainly, at the core of that commitment is returning
`the company to solid top- and bottom-line growth. We
`will continue Pfizer’s transformation and expect 2006
`revenues to be comparable to those in 2005. We envision
`a renewal in revenue growth beginning in 2007, through
`the increasing contributions of our new medicines.
`We have taken—and continue to take—other significant
`steps to return more value to investors. These include:
`• Continuing our authorized program to
`repurchase shares;
`• Repatriating nearly $37 billion in foreign earnings
`to strengthen our balance sheet and invest in
`the business;
`
`• Increasing our dividend by 26 percent, continuing our
`39-year record of increasing annual dividends; and
`• Exploring strategic options for Pfizer Consumer
`Healthcare to unlock its value for shareholders.
`Through these actions, and through the plans for
`Pfizer’s transformation outlined in this Review, we plan to
`return Pfizer to its hallmark—solid growth in shareholder
`value over the long-term.
`
`DETERMINED TO SUCCEED
`At Pfizer, we are reminded every day of a handwritten
`sign seen in a research lab—”Remember, the patient
`is waiting.” We know our investors are waiting as well.
`We are making progress in delivering more value to
`patients, and in doing that, we can deliver greater value
`to investors. Thank you for your patience and for your
`confidence in our ability to transform Pfizer. We will do as
`Pfizer colleagues have always done—deliver for all those
`who depend on us, work with us and invest in us.
`
`Sincerely,
`
`Hank mcKinnell
`Chairman of the Board and
`Chief Executive Officer
`
`February 23, 2006
`
`0
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`
`
`PfIzER’S EXECUTIVE COMMITTEE
`
`JEffREY B. KINDLER
`Vice Chairman and
`General Counsel
`
`DAVID L. SHEDLARz
`Vice Chairman
`
`HENRY A. MCKINNELL, PH.D.
`Chairman of the Board and
`Chief Executive Officer
`
`KAREN L. KATEN
`Vice Chairman and
`President, Pfizer Human Health
`
`
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`
`
`fINANCIAL HIGHLIGHTS
`
`Three-Year Summary
`
`
`
`AS OF AND FOR THE YEAR ENDED DECEMBER 31
`
`% CHANGE
`
`(MILLIONS, EXCEPT PER COMMON SHARE DATA)
`
`2005
`
`2004
`
`2003
`
`05/04 04/03
`
`Revenues
`Research and development expenses
`Merger-related in-process research and
` development charges(a)
`Restructuring charges and merger-related costs(b)
`Income from continuing operations before provision
` for taxes on income, minority interests and cumulative
` effect of a change in accounting principles
`Net income
`Diluted earnings per common share
`Weighted-average shares—diluted
`Number of common shares outstanding
`
`Working capital
`Goodwill and other identifiable intangible assets, net
`Total assets
`Total debt(c)
`Total shareholders’ equity
`Shareholders’ equity per common share
`
`Cash provided by continuing operating activities
`Property, plant and equipment additions
`Purchases of common stock
`Cash dividends paid
`
`$ 51,298
`7,442
`
`$ 52,516
`7,684
`
`$ 44,736
`7,487
`
`(2)
`(3)
`
`17
`3
`
`1,652
`1,392
`
`1,071
`1,193
`
`5,052
`1,058
`
`54
`17
`
`(79)
`13
`
`11,534
`8,085
`1.09
`7,411
`7,361
`
`13,448
`51,560
`117,565
`17,936
`65,627
`8.96
`
`14,733
`2,106
`3,797
`5,555
`
`14,007
`11,361
`1.49
`7,614
`7,474
`
`12,630
`57,007
`123,078
`18,545
`68,278
`9.19
`
`16,340
`2,601
`6,659
`5,082
`
`3,246
`3,910
`0.54
`7,286
`7,630
`
`(18) 332
`(29) 191
`(27) 176
`(3)
`5
`(2)
` (2)
`
`6,768
`57,856
`116,775
`14,573
`65,377
`8.63
`
`11,727
`2,629
`13,037
`4,353
`
`6
`(10)
`(4)
`(3)
`(4)
`(3)
`
`(10)
`(19)
`(43)
`9
`
`87
`(1)
`5
`27
`4
`6
`
`39
`(1)
`(49)
`17
`
`(a) Merger-related in-process research and development charges primarily include amounts related to our acquisition of Vicuron Pharmaceuticals, Inc.
`on September 14, 2005, Idun Pharmaceuticals, Inc. on April 12, 2005, Esperion Therapeutics, Inc., on February 10, 2004 and Pharmacia Corporation
`on April 16, 2003.
`
`(b) Restructuring charges and merger-related costs include integration costs and restructuring charges related to our acquisition of Pharmacia Corporation
`on April 16, 2003 and restructuring charges related to our Adapting to Scale productivity initiative.
`
`(c) Our short-term borrowings are rated P-1 by Moody’s Investors Service (Moody’s) and A1+ by Standard & Poor’s (S&P). Our long-term debt is rated Aaa
`by Moody’s and AAA by S&P. Moody’s and S&P are major corporate debt-rating organizations.
`
`Detailed information on our financial and operational performance can be found in the 2005 Financial Report.
`
`2
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`
`
`WE ARE TRANSfORMING PfIzER THROUGH fOCUSED EffORTS
`
`ON fIVE STRATEGIC IMPERATIVES AIMED AT ACCELERATING OUR
`
`INNOVATION, CAPITALIzING ON OUR COMPETITIVE ADVANTAGES
`
`AND CREATING NEW DIRECTIONS IN HEALTH AND WELLNESS.
`
`IN THE PAGES THAT fOLLOW, YOU WILL LEARN ABOUT OUR
`
`STRATEGIC IMPERATIVES AND REVIEW OUR PROGRESS TOWARD THEM.
`
`YOU CAN ALSO MEET SOME PfIzER COLLEAGUES WHO, LIKE ALL
`
`Of US, ARE WORKING fOR A HEALTHIER WORLD.
`
`
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`
`“ In my 18 years in this industry I’ve never experienced
`anything like our recent series of successful launches and
`new approvals for our medicines.”
`
`TONI M. HOOVER, PH.D.
`Senior Vice President, Pfizer Global Research and Development
`Site Director, Groton/New London Laboratories
`
`DELIVER MORE NEW MEDICINES,
`MORE qUICKLY, TO PATIENTS
`
`If Pfizer can discover, develop and introduce medicines
`at a faster pace, then we can bring more value to patients,
`physicians and investors. Five years ago, we set out to
`change our approaches to pharmaceutical R&D and break
`away from the pack in our productivity. Two years ago,
`we created an integrated Human Health organization,
`designed to speed the flow of new medications from
`patent to patient. The results are now coming into focus.
`Pfizer has the industry’s best pharmaceutical pipeline
`and is poised to launch a new wave of medicines—
`the platform for future growth.
`
`MORE PUNCH IN THE PIPELINE
`From a breakthrough treatment for cancer to a new
`therapy to help people stop smoking, investments in
`our core Human Health business are paying off.
`Early in this report, we discussed plans to launch
`six new medicines in 2006. Three of these medicines—
`Sutent for cancer; Exubera, the world’s first inhalable
`human insulin for the treatment of diabetes; and Eraxis
`for severe fungal infections—are already approved
`by the FDA and slated for launch. We anticipate three
`more approvals and launches in 2006—Champix for
`smoking cessation; Zeven for bacterial infections;
`and indiplon, an insomnia treatment being developed
`in partnership with Neurocrine Biosciences.
`
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`
`“ I’m proud to be part of the team
`bringing Exubera to diabetes
`patients worldwide. Pfizer is
`committed to excellence and that
`commitment drives us to supply
`products that make the world a
`healthier place.”
`
`DANIEL BALL
`Shift Leader
`Exubera Packaging
`
`5
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`
`
`THE NEXT WAVE
`In 2006 and 2007, we plan to file Pfizer’s next wave of new
`medicines with the FDA. These therapies are all aimed at
`serious conditions that impose hardship on patients and
`their caregivers, and considerable expense on healthcare
`systems everywhere. These new medicines are:
`• Maraviroc, for HIV/AIDS. Maraviroc selectively binds
`with the receptor that HIV uses to enter uninfected cells.
`• Asenapine, for schizophrenia and bipolar disorder.
`Versatile, easy-to-administer and well-tolerated,
`asenapine would add to the options physicians
`already have in Geodon, to treat these incurable and
`complex conditions. Asenapine is being developed in
`partnership with the Organon unit of Akzo Nobel.
`• Ticilimumab, for cancer. This CTLA-4 monoclonal
`antibody will fight life-threatening cancers by helping
`a person’s immune system recognize and selectively
`destroy cancerous cells. Ticilimumab is being developed
`by Pfizer in collaboration with Abgenix.
`• Torcetrapib/atorvastatin, for heart disease. This
`one-pill combination therapy is designed to reduce the
`risk of atherosclerosis by raising the levels of “good”
`HDL cholesterol and, simultaneously, lowering the
`levels of “bad” LDL cholesterol. The development
`work and clinical studies for this medicine will exceed
`$800 million.
`
`In 2001, when the work of revitalizing Pfizer’s
`pharmaceutical research and development began in
`earnest, we set a goal of filing 20 new medicines
`with the FDA by the end of 2006—an industry record
`for new filings. With 17 medicines already filed, we
`now believe we will achieve 19 of these filings by our
`target date—still, far and away, an industry record.
`
`NEW STANDARDS Of PRODUCTIVITY
`While we have achieved new heights in R&D productivity,
`our R&D processes must be made even more robust to
`sustain our growth well into the next decade. Today we
`are implementing new organizational structures that
`both streamline our R&D processes and refocus them on
`advancing the science. For example, by adopting new
`approaches to information technology, we have created
`far more efficient IT service models. The result: more
`resources can be redeployed into biomedical discovery
`and development. We have also created a number of
`“global centers of excellence” in functions such as pilot
`plant production and high-throughput compound
`screening. For example, global biologics development
`and manufacturing is now consolidated into a single
`R&D site in St. Louis, Missouri. Again, the results lead to
`more funds available for investment in the projects that
`lead directly to new medicines.
`
`JOHN AND LINDA DWYER
`“More time with her family was the only thing that mattered to her.”
`
`Linda Dwyer’s daughter Kelly speaks
`of her mother today in the present
`tense because, “even though she’s not
`here with us physically any more, she
`lives on in so many people.” Linda, who
`was featured on the cover of Pfizer’s
`2003 Annual Review, died in 2005.
`Her legacy lives on not only in her three children Teague,
`Kelly and Brendan, but also in the countless people she helped
`by her participation in the Phase III clinical trials for SU-11,248,
`developed by Pfizer’s La Jolla labs and now available to patients
`as Sutent. Without clinical trials and the extraordinary bravery
`of patients like Linda Dwyer, new lifesaving medicines would
`
`not exist. “I will never see bravery and courage like Linda’s,”
`her husband John says, referring to the nine major surgeries
`and the 100-plus medical procedures she endured through
`her seven-year battle. “Seven years of love, happiness, growing
`and memories. Without all that extra time, my brothers and
`I wouldn’t have had the chance to know my mom like we know
`her today,” Kelly says. Whether Linda was enjoying a birthday
`visit to the David Letterman show, watching her son’s hockey
`tournament at Lake Placid, enjoying the annual summer
`vacation at Orchard Beach, Maine, or seeing the Boston Red
`Sox win the World Series, she knew, John says, that the
`“only thing that matters in life is life itself.”
`
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`“ We have the ability to continuously
`turn opportunities into reality.
`Our work brings meaningful
`medical advances to patients and
`to the healthcare community
`and I’m proud to contribute to
`that process.”
`
`ELISE C. ANDREAS
`Director, Team Leader
`Customer Information Solutions
`
`“ When you know you are selling a
`product that changes people’s lives
`for the better, you have a different
`kind of passion and determination
`for your work. That’s what makes
`Pfizer an exciting place to be.”
`
`JEAN-PIERRE CAMPEAU
`Pharmaceutical Sales Representative
`Pfizer Canada
`
`
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`Human Health brings our
`research, manufacturing and
`commercial operations together
`into a seamless business model
`unified and focused on the
`needs of patients.
`
`One area where we believe we lead all others
`is in reducing the attrition of compounds we move into
`full-scale development. Historically, companies like
`Pfizer have had to put 20 to 25 compounds into the
`development pipeline to get one medicine approved
`for patients. For several years now, we’ve attacked
`this high attrition rate and it is now falling. We believe
`our process improvements can result in a doubling of our
`R&D productivity—yielding one new medicine for
`every 11 compounds moved into full-scale development.
`In order to take advantage of our size but retain
`the entrepreneurial feel of a smaller enterprise, we have
`reorganized R&D into 11 Therapeutic Areas that are
`closely aligned with commercial operations and global
`manufacturing. This new model provides for clear points
`of accountability at each stage of the process from
`discovery to distribution. Pfizer’s new therapeutic teams
`find they are better able to address outside challenges
`and are equipped to accelerate the entire development
`process from idea to marketplace. Colleagues in our
`new Therapeutic Areas share clear priorities, starting with
`the most obvious—the health of the patient.
`
`SUSTAINING THE MOMENTUM
`Pfizer has more projects in discovery (400) and in
`development (235) now than at any time in the
`company’s history. We have the largest pipeline in
`the pharmaceutical industry and are a major force
`in licensing and acquisitions. The next-generation
`Pfizer is being built on the foundation of next-generation
`medicines, to the benefit of patients, physicians,
`healthcare payers—and investors everywhere.
`
`from left:
`
`DAPHNE NUGENT LAIKEN
`Director, Global Market Analytics
`Lyrica U.S. and WW Teams
`
`KIERAN fITzPATRICK
`Senior Manager, Drug Product Technology
`Pfizer Global Manufacturing
`
`TERESA GRIESING
`Director, U.S. Team Leader
`U.S. Arthritis and Pain
`
`KATHLEEN DOWD
`Director, Team Leader
`U.S. Lyrica Marketing
`Pfizer Global Pharmaceuticals
`
`LUCY CASTRO
`Director, U.S. Regulatory Affairs
`
`BRUCE fLEISCHMANN
`Vice President, Sales
`APM East
`
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`“ Knowing that what we do has the potential to provide
`relief to millions of patients worldwide is the reason why the
`members of this team come to work each day. Our ability
`to discover, develop and market innovative medicines, and
`then to bring them to patients around the globe, is our
`strongest asset.”
`
`KATHLEEN DOWD
`
`9
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`
`KEY HUMAN HEALTH MEDICINES
`
`LIPITOR
`The world’s best-selling medicine, Lipitor
`reduces elevated LDL cholesterol. Lipitor is
`also approved in a number of markets for
`prevention of cardiovascular disease and
`stroke in patients with multiple risk factors
`for coronary heart disease and normal-to-
`mildly elevated cholesterol levels.
`
`NORVASC
`With 15 years in the marketplace helping
`patients who suffer from hypertension
`and angina, Norvasc remains the world’s
`most-prescribed branded medicine for
`treating these cardiovascular conditions.
`
`zOLOfT
`The number one prescribed antidepressant
`in the U.S., Zoloft is approved for six mood
`and anxiety disorders, the broadest range
`of such disorders of any antidepressant.
`It is the only approved medicine for the
`long-term treatment of post-traumatic
`stress disorder and social anxiety disorder.
`
`$12.2 BILLION +12%
`
`$4.7 BILLION +5%
`
`$3.3 BILLION –3%
`
`CELEBREX
`The clinical effectiveness of the COX-2
`inhibitor Celebrex is well-established in
`numerous settings. Celebrex is valuable
`in treating osteoarthritis, adult rheumatoid
`arthritis, acute pain, menstrual pain, familial
`adenomatous polyposis and ankylosing
`spondylitis.
`
`VIAGRA
`One of the world’s most-recognized
`pharmaceutical brands, Viagra continues
`to lead the erectile dysfunction (ED) market
`in the U.S. Pfizer is supporting consumer
`education about this important condition
`with the recent launches of new branded
`and unbranded educational campaigns.
`
`XALATAN/XALACOM
`The most-prescribed branded
`glaucoma medicine in the world, Xalatan
`is poised for continued strong growth
`in 2006. Its companion product, Xalacom
`(a combination of Xalatan and the
`beta-blocker timolol), offers a single daily
`dose that provides greater efficacy
`for patients with insufficient response
`to treatment with one agent.
`
`$1.7 BILLION –48%
`
`$1.6 BILLION –2%
`
`$1.4 BILLION +12%
`
`zYRTEC
`The most-prescribed antihistamine in
`the U.S., Zyrtec provides strong, rapid
`and long-lasting relief for seasonal and
`year-round allergies with once-daily dosing.
`Zyrtec is marketed in the U.S. in conjunction
`with its discoverer, UCB S.A.
`
`DETROL/DETROL LA
`Detrol is the world’s leading prescribed
`medicine for overactive bladder, a condition
`that affects up to 100 million people
`around the world. Detrol LA, a once-daily
`extended-release formulation, is the top
`treatment for overactive bladder in the U.S.
`
`CAMPTOSAR
`A foundation treatment for metastatic
`colorectal cancer, Camptosar is a flagship
`oncology medicine for Pfizer. The overall
`survival rate for patients with metastatic
`colorectal cancer has almost doubled since
`Camptosar’s introduction in 1999.
`
`$1.4 BILLION +6%
`
`$988 MILLION +9%
`
`$910 MILLION +64%
`
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`GENOTROPIN
`Genotropin is the world’s leading human
`recombinant growth hormone, accounting
`for about one-third of the total market.
`Its leadership reflects two decades of
`scientific studies on product safety,
`investment in drug and delivery-device
`innovation, and attention to patient care.
`
`zYVOX
`Zyvox treats serious gram-positive infections
`in adults and children—which increasingly
`are caused by drug-resistant bacteria. Such
`infections can double the time patients
`spend in hospitals. Zyvox is available
`in intravenous, tablet and oral-suspension
`formulations.
`
`GEODON/zELDOX
`Geodon enjoyed strong 2005 growth in
`the atypical antipsychotic market, thanks to
`its efficacy, dosing flexibility and more
`tolerable side effects compared to older
`agents. Marketed under the trademark
`Zeldox in many countries, Geodon has been
`launched in 59 countries, and more than
`7 million prescriptions have been written
`for it worldwide.
`
`$808 MILLION +10%
`
`$618 MILLION +33%
`
`$589 MILLION +26%
`
`VfEND
`A next-generation antifungal medicine
`for serious systemic fungal infections, Vfend
`can be administered orally or intravenously.
`In January 2005, Vfend was approved by
`European r