EXHIBIT 99.3
Forward Looking Statements
- --------------------------
This analyst presentation includes "forward-looking statements" within the
meaning of the safe harbor provisions of the United States Private Securities
Litigation Reform Act of 1995. Such statements may include, but are not limited
to, statements about the benefits of the proposed merger between Pfizer and
Wyeth, including future financial and operating results, the combined company's
plans, objectives, expectations and intentions and other statements that are not
historical facts. Such statements are based upon the current beliefs and
expectations of Pfizer's and Wyeth's management and are subject to significant
risks and uncertainties. Actual results may differ from those set forth in the
forward-looking statements.
The following factors, among others, could cause actual results to differ from
those set forth in the forward-looking statements: the possibility that the
expected synergies from the proposed merger of Pfizer and Wyeth will not be
realized, or will not be realized within the expected time period, due to, among
other things, the impact of pharmaceutical industry regulation and pending
legislation that could affect the pharmaceutical industry; the ability to obtain
governmental and self-regulatory organization approvals of the merger on the
proposed terms and schedule; the failure of Wyeth stockholders to approve the
merger; the risk that the businesses will not be integrated successfully;
disruption from the merger making it more difficult to maintain business and
operational relationships; the possibility that the merger does not close,
including, but not limited to, due to the failure to satisfy the closing
conditions; Pfizer's and Wyeth's ability to accurately predict future market
conditions; dependence on the effectiveness of Pfizer's and Wyeth's patents and
other protections for innovative products; the risk of new and changing
regulation and health policies in the U.S. and internationally and the exposure
to litigation and/or regulatory actions. Additional factors that could cause
results to differ materially from those described in the forward-looking
statements can be found in Pfizer's 2007 Annual Report on Form 10-K, Wyeth's
2007 Annual Report on Form 10-K and each company's other filings with the
Securities and Exchange Commission (the "SEC") available at the SEC's Internet
site (http://www.sec.gov).
Additional Information
- ----------------------
In connection with the proposed merger, Pfizer will file with the SEC a
Registration Statement on Form S-4 that will include a proxy statement of Wyeth
that also constitutes a prospectus of Pfizer. Wyeth will mail the proxy
statement/prospectus to its stockholders. Pfizer and Wyeth urge investors and
security holders to read the proxy statement/prospectus regarding the proposed
merger when it becomes available because it will contain important information.
You may obtain copies of all documents filed with the SEC regarding this
transaction, free of charge, at the SEC's website (www.sec.gov). You may also
obtain these documents, free of charge, from Pfizer's website, www.pfizer.com,
under the tab "Investors" and then under the tab "SEC Filings". You may also
obtain these documents, free of charge, from Wyeth's website, www.wyeth.com,
under the heading "Investor Relations" and then under the tab "Financial
Reports/SEC Filings".
Pfizer, Wyeth and their respective directors, executive officers and certain
other members of management and employees may be soliciting proxies from Wyeth
stockholders in favor of the merger. Information regarding the persons who may,
under the rules of the SEC, be deemed participants in the solicitation of the
Wyeth stockholders in connection with the proposed merger will be set forth in
the proxy statement/prospectus when it is filed with the SEC. You can find
information about Pfizer's executive officers and directors in its definitive
proxy statement filed with the SEC on March 14, 2008. You can find information
about Wyeth's executive officers and directors in its definitive proxy statement
filed with the SEC on March 14, 2008. You can obtain free copies of these
documents from Pfizer and Wyeth using the contact information above.
[Pfizer LOGO]
- --------------------------------------------------------------------------------
Creating the World's Premier
Biopharmaceutical Company
- --------------------------------------------------------------------------------
January 26, 2009
Forward-Looking Statements and
Non-GAAP Financial Information
- --------------------------------------------------------------------------------
|X| 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 2007 Annual Report on Form
10-K and in our reports on Form 10-Q and Form 8-K.
|X| Discussions during this during this conference call will include certain
financial measures that were not prepared in accordance with U.S.
generally accepted accounting principles. Reconciliations of those
non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP
financial measures can be found in Pfizer's Current Reports on Form 8-K
dated January 26, 2009.
|X| These reports are available on our website at www.pfizer.com in the
"Investors--SEC Filings" section.
2
[Pfizer LOGO]
Creating the World's Premier
Biopharmaceutical Company
[Pfizer LOGO]
- --------------------------------------------------------------------------------
Jeff Kindler
Chairman and Chief Executive Officer
- --------------------------------------------------------------------------------
Creating the World's Premier
Biopharmaceutical Company
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Extends Global Health Care Leadership
- --------------------------------------------------------------------------------
|X| Human, Animal, Consumer Health; Nutritionals
|X| Primary and Specialty Care
|X| Vaccines, Biologics and Small Molecules
|X| Developed and Emerging Markets
- --------------------------------------------------------------------------------
Strengthens Platforms for Improved,
Consistent and Stable Earnings Growth
- --------------------------------------------------------------------------------
|X| Definitively addresses revenue loss from Lipitor loss of exclusivity (LOE)
|X| Forms broad, diversified portfolio of growth drivers
|X| Supports continuing progress in establishing a lower, more flexible cost
base
- --------------------------------------------------------------------------------
Drives Improved Performance Through
Unique, Flexible Business Model
- --------------------------------------------------------------------------------
|X| Focused, agile business units
|X| Backed by resources, scale of global enterprise
|X| Significant financial resources available for investment
- --------------------------------------------------------------------------------
Enhances Ability to Meet Unmet Needs
of Patients, Physicians and
Other Customers
- --------------------------------------------------------------------------------
|X| Augments in-line and pipeline portfolio in "invest to win" disease areas
|X| Enhances scientific, manufacturing and pharmaceutical science capabilities
|X| Provides the best opportunities for world class, high performing talent
- --------------------------------------------------------------------------------
Significantly Advances Each Stated Strategic Priority in a Single Transaction
- --------------------------------------------------------------------------------
5
Pfizer Has Transformed Itself and
is Ready for This Acquisition
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
| Primary | Specialty | | Established | Emerging | Animal |
| Care | Care | Oncology | Products | Markets | Health |
- -------------------------------------------------------------------------------
- ----------------------------------------------------------------
| Research and \ Business Units \
| Biotherapeutics & \ ------------------------------------------\
| Bioinnovation / Development / Medical / Sales & /
| Center / / / Marketing /
- ----------------------------------------------------------------
---------------------------------------------- Customer
| \ Focused
| Manufacturing \
| /
| /
----------------------------------------------
- ----------------------------------------------------------------
| \
| Supporting Functions \
| /
| /
- ----------------------------------------------------------------
- --------------------------------------------------------------------------------
Well Positioned for the Wyeth Transaction
- --------------------------------------------------------------------------------
6 Creating the World's Premier Biopharmaceutical Company
Why Wyeth Is Right For Pfizer
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Each of Pfizer's Strategic Objectives Advanced in a Single Transaction
- --------------------------------------------------------------------------------
- ------------------------------ -------------------------------------------------
Stated Objective Wyeth Presence / Capability
- ------------------------------ -------------------------------------------------
- ------------------------------ -------------------------------------------------
Become a Leader in Biologics [checkmark] Enbrel, manufacturing excellence,
pipeline
- ------------------------------ -------------------------------------------------
- ------------------------------ -------------------------------------------------
Enter the Vaccines Market [checkmark] Prevnar, strong late-stage pipeline
- ------------------------------ -------------------------------------------------
- ------------------------------ -------------------------------------------------
Expand Invest to Win Areas [checkmark] Augments in-line and pipeline
portfolios in inflammation,
neuroscience, oncology and infectious
disease
- ------------------------------ -------------------------------------------------
Strengthen Leadership [checkmark] Solidifies leading position with new
in Emerging Markets products
- ------------------------------ -------------------------------------------------
- ------------------------------ -------------------------------------------------
Create New Opportunities [checkmark] Increases breadth and depth of
for Established Products portfolio
- ------------------------------ -------------------------------------------------
Invest in Complementary [checkmark] Adds Consumer and Nutritionals
Businesses businesses, strengthens Animal
Health business
- ------------------------------ -------------------------------------------------
- ------------------------------ -------------------------------------------------
Establishes a Lower and [checkmark] Promotes long-term growth and
More Flexible Cost Base stability
- ------------------------------ -------------------------------------------------
7 Creating the World's Premier Biopharmaceutical Company
Diversification by Therapies
- --------------------------------------------------------------------------------
- -------------------------------- --------------------------------
Today Projected 2012
- -------------------------------- --------------------------------
[GRAPHIC OMITTED] [GRAPHIC OMITTED]
Capsugel 2% Capsugel 1%
Animal Health 6% Animal Health 6%
Consumer 5%
Oncology 5% Nutritional 3%
ID* 4%
Other Specialty 8% Oncology 4%
------- Inflammation 6%
Total Specialty 17% ID* 10%
------- Other Specialty 10%
-------
CV* 27% Total Specialty 30%
CNS* 11% -------
Urology 6%
Other Primary 31% CV* 5%
------- CNS* 11%
Total Primary 75% Urology 4%
------- Other Primary 35%
-------
Total Primary 55%
-------
* Infectious Disease (ID), Cardiovascular (CV), Central Nervous System (CNS)
8 Creating the World's Premier Biopharmaceutical Company
Diversification by Platforms
- --------------------------------------------------------------------------------
- -------------------------------- --------------------------------
Today Projected 2012
- -------------------------------- --------------------------------
[GRAPHIC OMITTED] [GRAPHIC OMITTED]
Capsugel 2% Consumer 4%
Animal Health 6% Nutritional 3%
Biologics 2% Capsugel 1%
Small Molecule 90% Animal Health 6%
Biologics 11%
Vaccines 5%
Small Molecule 70%
9 Creating the World's Premier Biopharmaceutical Company
R&D Focus on Innovative Therapies in
Key Areas of Unmet Medical Need
- --------------------------------------------------------------------------------
Neuroscience Inflammation Oncology Metabolic Disorders
[GRAPHIC OMITTED] [GRAPHIC OMITTED] [GRAPHIC OMITTED] [GRAPHIC OMITTED]
--------------------------------------------------------
Expands High Priority Disease Areas
and Enhances Biologics Capabilities
--------------------------------------------------------
[GRAPHIC OMITTED] [GRAPHIC OMITTED] [GRAPHIC OMITTED]
Vaccines Infectious Diseases Biotherapeutics
10 Creating the World's Premier Biopharmaceutical Company
Revenue Leadership in Key Product Areas
- --------------------------------------------------------------------------------
[Pfizer LOGO] + [Wyeth LOGO] = [Pfizer LOGO + Wyeth LOGO]
- ---------------- ---------------------------------------------------------------------------------------
|X| #1 Primary care |X| #9 Primary care |X| #1 Primary care
- #1 CV - #1 CV
- #4 CNS - #7 CNS - #2 CNS
Biopharma |X| #10 Specialty(1) |X| #8 Specialty(1) |X| #2 Specialty(1)
Leadership - #3 ID - #7 ID - #2 ID
- #4 Immunology - #4 Immunology
- #9 Oncology - #8 Oncology
|X| #4 Vaccines |X| #4 Vaccines
- ---------------- ---------------------------------------------------------------------------------------
- ---------------- ---------------------------------------------------------------------------------------
|X| #1 Animal Health |X| Complementary |X| Significantly
Animal Health diversified
Diversification |X| #4 Consumer combined company
|X| Nutritionals |X| 35% non-small
molecule/primary
care
- ---------------- ---------------------------------------------------------------------------------------
Source: IMS Data, Company estimates, Wall Street Research
(1) Specialty = products where predominant prescriber is a specialist
(oncologist, rheumatologist, psychiatrist, pediatrician, etc.)
11 Creating the World's Premier Biopharmaceutical Company
Revenue Leadership in Key Geographic Areas
- --------------------------------------------------------------------------------
[Pfizer LOGO] + [Wyeth LOGO] = [Pfizer LOGO + Wyeth LOGO]
- --------------------- ---------------------------------------------------------------------------------------
Geographic
Leadership
- ---------------------
|X| US |X| #1 (9% share) |X| #12 (3% share) |X| #1 (12% share)
|X| Europe |X| #2 (7% share) |X| #10 (3% share) |X| #1 (10% share)
|X| Asia (ex Japan) |X| #1 (6% share) |X| #12 (1% share) |X| #1 (7% share)
|X| Japan |X| #1 (6% share) |X| #15+ |X| #1 (6% share)
|X| Latin America |X| #1 (6% share) |X| #15+ |X| #1 (6% share)
|X| Eastern Europe |X| #4 (6% share) |X| #15+ |X| #4 (6% share)
(CEER(1))
- --------------------- ---------------------------------------------------------------------------------------
Source: Approximate share as reported by IMS Data, Company estimates and Wall
Street Research
(1) Includes Belgium, Bulgaria, Czech Republic, Estonia, Hungary, Latvia,
Lithuania, Luxembourg, Poland, Slovakia, Slovenia
12 Creating the World's Premier Biopharmaceutical Company
Creating the Premier Health Care Portfolio
- --------------------------------------------------------------------------------
--------------------------------- ---------------------------------
| [Pfizer LOGO] | \ | [Pfizer LOGO + Wyeth LOGO] |
| | ---- | |
| Total Revenue: ~$48 Billion | / | Total Revenue: ~$71 Billion* |
--------------------------------- ---------------------------------
- -------------------------- -------------------------- -------------------------- --------------------------
Consumer/
Primary Specialty Nutritionals Animal Health
2008 Revenue: ~$46B* 2008 Revenue: ~$17B* 2008 Revenue: ~$4B* 2008 Revenue: ~$4B*
- -------------------------- -------------------------- -------------------------- --------------------------
|X| CNS |X| Oncology |X| Vitamins |X| Vaccines
|X| CV |X| Ophthalmology |X| Analgesics |X| Parasiticides
|X| Women's Health |X| Inflammation |X| Cough / Cold |X| Anti-Infectives
|X| Urology |X| Immunology |X| Infant / Children's
Formulas
|X| Pain |X| Psychosis
|X| Alzheimer's Disease |X| Infectious
|X| Vaccines
- -------------------------- -------------------------- -------------------------- --------------------------
* Unaudited figures
13 Creating the World's Premier Biopharmaceutical Company
Focused Business Units Backed by
Global Resources
- --------------------------------------------------------------------------------
- -------------------------------------- --------------------------------------
Agility and Speed Scale and Reach
- -------------------------------------- --------------------------------------
| |
|-- Patient-centric decision making |-- Diversification and stability
| |
|-- Entrepreneurial culture |-- Relevance to payors
| |
|-- P&L responsibility |-- Fixed cost efficiencies
| |
|-- Operational accountability |-- Critical mass in key areas
| |
|-- Ability to harness scale |-- Financial strength and flexibility
- --------------------------------------------------------------------------------
The Spirit of Small, the Power of Scale
- --------------------------------------------------------------------------------
14 Creating the World's Premier Biopharmaceutical Company
[Pfizer LOGO]
- --------------------------------------------------------------------------------
Frank D'Amelio
Chief Financial Officer
- --------------------------------------------------------------------------------
Income Statement Highlights
- --------------------------------------------------------------------------------
($ Millions, Except Per-Share Amounts)
------------------------------- -------------------------------
Fourth Quarter Full Year
------------------------------- -------------------------------
2008 2007 Change 2008 2007 Change
--------- ---------- ---------- --------- ---------- ----------
Reported Revenues $12,346 $12,870 (4%) $48,296 $48,418 --
Reported Net Income 266 2,724 (90%) 8,104 8,144 --
Reported Diluted EPS 0.04 0.40 (90%) 1.20 1.17 3%
Adjusted Revenues(1) 12,311 12,795 (4%) 48,341 48,209 --
Adjusted Income(1) 4,389 3,402 29% 16,366 15,113 8%
Adjusted Diluted EPS(1) 0.65 0.50 30% 2.42 2.18 11%
- --------------------------------------------------------------------------------
Adjusted Income(1) and Diluted EPS(1) Increased on Both a Quarterly and
Full-Year Basis; Full-Year EPS Growth Outpacing Revenue Growth
- --------------------------------------------------------------------------------
(1) Adjusted Income and its components and Adjusted Diluted EPS are defined as
Reported Net Income and its components and Reported Diluted EPS, excluding
Purchase Accounting Adjustments, Acquisition-Related Costs, Discontinued
Operations and Certain Significant Items.
16 Creating the World's Premier Biopharmaceutical Company
2008 Financial Guidance vs. Actual
- --------------------------------------------------------------------------------
--------------------------------- -------------------------------
Guidance Actual
--------------------------------- -------------------------------
Adjusted Revenues(1) $48.0 to $49.0 Billion $48.3 Billion [checkmark]
Adjusted Total Costs(5) Decrease of at least $2 Billion Decrease of $2.8 Billion [checkmark]
versus 2006 on a constant versus 2006 on a constant
currency basis (3) currency basis (3)
Adjusted Cost of Sales(1)(2) 15.0% to 15.5% 14.6% [checkmark]
Adjusted SI&A Expenses(1) $14.4 to $14.7 Billion $14.0 Billion [checkmark]
Adjusted R&D Expenses(1) $7.3 to $7.6 Billion $7.5 Billion [checkmark]
Reported Diluted EPS $1.61 to $1.71 $1.20 [checkmark]
Adjusted Diluted EPS(1) $2.36 to $2.41 $2.42 [checkmark]
Effective Tax Rate(4) 21.5% to 22.0% 22.0% [checkmark]
- --------------------------------------------------------------------------------
Met Full-Year Revenue Guidance; Exceeded Full-Year Adjusted Diluted EPS(1)
Guidance and Adjusted Total Cost(5) Reduction Target
- --------------------------------------------------------------------------------
(1) See Slide 16 for definition. (2) As a Percentage of Adjusted Revenues(1).
(3) At 2006 Exchange Rates. (4) On Adjusted Income(1) (5) Adjusted Total
Costs represents the total of Adjusted Cost of Sales(1), Adjusted SI&A(1)
and Adjusted R&D(1).
17 Creating the World's Premier Biopharmaceutical Company
2009 Financial Guidance
- --------------------------------------------------------------------------------
-------------------------------------
Guidance(3)
-------------------------------------
Adjusted Revenues(2) $44.0 to $46.0 Billion
Adjusted Cost of Sales(2) as a Percentage of 14.5% to 15.5%
Adjusted Revenues(2)
Adjusted SI&A Expenses(2) $13.5 to $14.0 Billion
Adjusted R&D Expenses(2) $7.1 to $7.5 Billion
Adjusted Other Income(2) $500 to $700 Million
Reported Diluted EPS(5) $1.34 to $1.49
Adjusted Diluted EPS(2) $1.85 to $1.95
Effective Tax Rate(4) Approximately 30%
Adjusted Total Cost(1) Reduction Absolute Net Savings of Approximately
$2 Billion by 2011 vs. 2008(6)
Dividends per Share (Qtr 2 - Qtr 4) $0.16 per quarter
- --------------------------------------------------------------------------------
2009 Guidance Includes $1 Billion Reinvestment in Business
- --------------------------------------------------------------------------------
(1) Adjusted Total Costs represents the total of Adjusted Cost of Sales(2),
Adjusted SI&A(2) and Adjusted R&D(2). (2) See Slide 16 for definition. (3)
Except as noted, at January 2009 exchange rates. (4) On Adjusted
Income(2). (5) Excludes potential effects of business development
transactions not completed as of December 31, 2008 and of
litigation-related matters not substantially resolved as of December 31,
2008. (6) At average 2008 exchange rates.
18 Creating the World's Premier Biopharmaceutical Company
2009 Guidance Bridge
- --------------------------------------------------------------------------------
--------------------------- ----------------------------
Adjusted Revenue(1) Adjusted Diluted EPS(1)
--------------------------- ----------------------------
Full Year 2008 Results $48.3 billion $2.42
Foreign Exchange (~$3 billion) (~$0.21)
Effective Tax Rate(3) - (~$0.21)
Pension Expense - (~$0.04)
Interest Income - (~$0.04)
2009 Guidance(2) $44.0 - $46.0 billion $1.85 - $1.95
- --------------------------------------------------------------------------------
2009 Underlying Business Performance Expected to be Comparable to 2008
- --------------------------------------------------------------------------------
(1) See Slide 16 for definition. (2) At January 2009 exchange rates. (3) On
Adjusted Income(1).
19 Creating the World's Premier Biopharmaceutical Company
Financial Terms
- --------------------------------------------------------------------------------
Purchase Price ---> |X| Acquire all outstanding Wyeth common shares
|X| Currently valued at $50.19 per share*
Cash/Share Mix ---> |X| $33 per share in cash
|X| Current value of $17.19 per share in equity
(fixed exchange ratio of 0.985)
Funding ---> |X| Combination of cash, debt and equity
Ownership ---> |X| Pfizer shareholders will own approximately 84%
of the stock in the combined company
Time to Accretion ---> |X| Second full year following close
Transaction Close ---> |X| Expected at end of Qtr 3 / Qtr 4 2009
- --------------------------------------------------------------------------------
Transaction Currently Valued at Approximately $68 Billion
- --------------------------------------------------------------------------------
*Based upon Pfizer's January 23, 2009 closing price.
20 Creating the World's Premier Biopharmaceutical Company
Transaction Funding
- --------------------------------------------------------------------------------
------------------------------------------
Sources
------------------------------------------
Cash $22.5 Billion
Debt 22.5 Billion
Pfizer Stock 23.0 Billion
-------------------- ---------------------
Total $68.0 Billion
==================== =====================
|X| Commitment from syndicate of banks for debt financing
- JPMorgan, Bank of America Merrill Lynch, Barclays, Citigroup,
Goldman Sachs
|X| Anticipated credit ratings
- Moody's: A1/Stable long term, P1/affirmed short term
- S&P: AA/Stable long term, A1+/confirmed short term
- --------------------------------------------------------------------------------
Funding via Combination of Cash, Debt and Equity
- --------------------------------------------------------------------------------
21 Creating the World's Premier Biopharmaceutical Company
Meaningful Savings
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
$2B of Savings Announced Today Plus $4B of Deal Savings
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
- ---------------------------------- -------------------- -------------------------------------------------
Savings Achieved Savings Planned Savings Planned Post-Close
2007-2008 2009-2011 Qtr 4 2009-2012
- ---------------------------------- -------------------- -------------------------------------------------
$400 Million $2.8 Billion $2.0 Billion $4.0 Billion |X| 50% within 12 months
|X| 75% within 24 months
|X| 100% within 36 months
|X| Approx. 50% from SI&A;
remaining from R&D and
Manufacturing
------------------------------------
| Approx. 15% combined company |
| workforce reduction |
------------------------------------
- ---------------------------------- -------------------- -------------------------------------------------
Wyeth Pfizer Pfizer
22 Creating the World's Premier Biopharmaceutical Company
2012 Financial Targets
- --------------------------------------------------------------------------------
- ----------------------------- -------------------------------------------------
Total Revenues Comparable to pro forma 2008 results of ~$70
billion
- ----------------------------- -------------------------------------------------
- ----------------------------- -------------------------------------------------
Adjusted Operating Margin(1) High 30%s to Low 40%s
- ----------------------------- -------------------------------------------------
- ----------------------------- -------------------------------------------------
Adjusted Diluted EPS(1) Comparable to Pfizer 2008 results of $2.42
- ----------------------------- -------------------------------------------------
- ----------------------------- -------------------------------------------------
Operating Cash Flow $20+ billion
- ----------------------------- -------------------------------------------------
- ----------------------------- -------------------------------------------------
Cash Position Net positive
- ----------------------------- -------------------------------------------------
- ----------------------------- -------------------------------------------------
Portfolio Diversification No product projected to represent more than
10% of revenues
- ----------------------------- -------------------------------------------------
- --------------------------------------------------------------------------------
Transaction Addresses Revenue Loss from Lipitor LOE
- --------------------------------------------------------------------------------
(1) Adjusted Income and its components and Adjusted Diluted EPS are defined as
Reported Net Income and its components and Reported Diluted EPS, excluding
Purchase Accounting Adjustments, Acquisition-Related Costs, Discontinued
Operations and Certain Significant Items.
Note: These targets are subject to change as a result of potential material
negative impacts related to foreign exchange fluctuations, macroeconomic
volatility, industry-specific challenges, and changes to government
healthcare policy, among other things.
23 Creating the World's Premier Biopharmaceutical Company
The Right Transaction at the Right Time for the Right Reasons
- --------------------------------------------------------------------------------
[checkmark] Best Portfolio of Products, Pipeline and Capabilities in the
Industry
[checkmark] Strong Revenue Diversification from Stable, Growing Areas
[checkmark] Leadership Positions in Key Growing Therapeutic Areas
[checkmark] Combines Entrepreneurial, Focused Businesses with Global Scale
[checkmark] Positioned for Sustainable Growth
[checkmark] Focused on Delivering Patient-Centric, Innovative Therapies
- --------------------------------------------------------------------------------
Delivering Value to Patients, Shareholders and Other Stakeholders
- --------------------------------------------------------------------------------
24 Creating the World's Premier Biopharmaceutical Company
[Pfizer LOGO]
The Premier Global
Biopharmaceutical Company