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Pfizer at UBS 2008 Global Life Sciences Conference 

 

 
 
Tags:  cymbalta  finance  pfizer  p  management  income  l  results  statements  annual  500  balance 
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Slide 1: UBS Global Life Sciences Conference Ian Read President, Worldwide Pharmaceutical Operations September 22, 2008
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information Discussions at this meeting will include forward-looking statements. Actual results could differ materially from those projected in the forwardlooking 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. Also, discussions during this meeting will include certain financial measures that were not prepared in accordance with generally accepted accounting principles. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in Pfizer’s Current Reports on Form 8-K dated July 23, 2008. These reports are available on our website at www.pfizer.com in the "Investors—SEC Filings" section. 2
Slide 3: Our Path Forward Maximize Revenues from Existing, New & Diverse Sources Take Advantage of Size, Scale of Pfizer Operate with Agility, Speed, Focus of an Entrepreneurial Organization Establish a Lower, More Flexible Cost Base Innovate the Business Model Drive Greater Total Shareholder Return 3
Slide 4: Our Path Forward: Today’s Focus Today US Lipitor LOE Post Lipitor Optimize the Patent-Protected Portfolio Maximize the Value of New and Inline Products Advance Compounds in the Pipeline Maximize Revenues Capitalize on Established Products Grow in Emerging Markets Invest in Complementary Businesses Aggressively Manage Costs Create More Flexible Operating Model Continuous Improvement in Processes Sustainable TSR Growth Revenue growth EPS growth Flexible Cost Base Innovate Our Business Model 4
Slide 5: Our Broad Patent-Protected Portfolio First Half 2008 Global Product Revenues ($ Millions) $6,113 1,200 % Change 1 12 50 13 5 33 11 22 Primary Care 1,196 923 / / 293 603 484 * / 225 841 551 12 20 20 10 62 22 19 Specialty / 473 444 401 358 221 * Represents direct sales under license agreement with Eisai Co., Ltd. Source: Pfizer 2Q2008 Earnings Release 5
Slide 6: Our Strong Global Presence United States Revenues and Growth * $9.5B in 1H2008 (-13%G) International $12.4B in 1H2008 (+16%G) #2 Europe $14.3B 6.8% Share 2.4%G #1 U.S. $24.0B 8.6% Share -11.2%G #4 Africa/ Middle East $0.5B 5.7% Share 10.9%G #1 Japan #1 Asia $2.7B 5.3% Share 9.2%G $4.1B 6.4% Share 5.3%G #1 Latin America $1.5B 5.9% Share 6.2%G * Pfizer 2Q2008 Earnings Release Source: All IMS MAT 2Q2008, except as otherwise noted 6
Slide 7: Lots of Life Left for Lipitor United States Revenues and Growth* $3.1B in 1H2008 (-11%G) • Hyper-competitive, generic, decelerating market growth • Heightened cost sensitivity • Lack of landmark data International $3.0B in 1H2008 (+16%G) • Advocating first-line simvastatin use in most EU markets • Access challenges • Reimbursement pressures Market Dynamics Game Plan • Reinforce differentiation with compelling clinical evidence • Target new & continuing patients • Maintain access • Prevention focus in higher risk patients with higher doses of Lipitor w Ne ! C DT * Pfizer 2Q2008 Earnings Release 7
Slide 8: Restoring Confidence in Chantix/Champix United States Revenues and Growth* $302MM 1H2008 (-3%G) • 3 label changes • Negative media coverage • Physician and patient confidence challenged • Education/promotional efforts on process of quitting, Chantix benefit/risk profile, adherence • Grow access, reimbursement • Safety studies ongoing International $182MM 1H2008 (+264%G) • Muted media coverage • Positive support from key influencers & smoking bans • Patient willingness to pay • Continue launch rollout globally • Support policies on smoking bans and access/reimbursement • Education/promotional efforts to target Rx quit season Market Dynamics Game Plan e ’r e ! Wk c Ba is making a positive impact on the lives of millions of smokers 8 * Pfizer 2Q2008 Earnings Release
Slide 9: Growing Lyrica’s Leadership United States Revenues and Growth* $686MM 1H2008 (+50%G) • Cymbalta launch • Low diagnosis & treatment levels • Generics are increasingly being used first • Drive earlier diagnosis, treatment and use with multi-channel efforts • Legitimize Fibromyalgia as a disease • Grow 1st line use in DPN/PHN Online Educational Materials About Fibromyalgia International $510MM 1H2008 (+49%G) • Challenging access environment • Preference for cheaper alternatives • Cymbalta, Lyrica await approval for Fibromyalgia • Drive earlier diagnosis & treatment in neuropathic pain, epilepsy, GAD • Legitimize Fibromyalgia as a disease • Enhance access Market Dynamics Game Plan Additional Innovative Tactics Resources to Help Manage the Condition * Pfizer 2Q2008 Earnings Release 9
Slide 10: Sutent – The Bedrock of Our Oncology Portfolio United States Revenues and Growth* $126MM 1H2008 (+10%G) Rapid uptake of new agents High unmet medical needs Extended treatment regimens as patients live longer International $275MM 1H2008 (+106%G) Increased 1st line RCC competition More stringent reimbursement and access issues Growing opportunity in emerging Asian markets Continue global launch roll-out Efficacy focus Remain as standard of care Highlight 2yr mRCC survival data Manage cost-benefit concerns US 52% 51% IT UK 37% 10 Market Dynamics Game Plan Efficacy focus Keep patients at the appropriate dose through all treatment cycles Highlight 2-yr mRCC survival data Potential indications to drive growth FR 74% GER 63% SP 63% mRCC Patient Share – 1st Line * Pfizer 2Q2008 Earnings Release Sources: US share = ImpactRx (March ’08 data; n=153); EU share = Custom Patient Record Study (fielded 4Q07; >1,200 pt records sampled)
Slide 11: Investing to Win in Oncology Global Oncology Opportunity: Four Research Platforms ANTIANGIOGENESIS Blocks growth of tumor blood vessels IMMUNOTHERAPY Reawakens immune system $81B by 2012 with 7% CAGR Pfizer Oncology products $1.3B 1H2008 Pfizer Assets and Advantages: Among top Oncology field forces #1 in Oncology Account Management for customer focus and innovative value added program * PfizerOncology.com – 24/7 access to Pfizer oncology resources for healthcare professionals SIGNAL TRANSDUCTION INHIBITORS Blocks cancer growth signals CYTOTOXIC/ POTENTIATORS Exploit defects in repair and cycle cells Pfizer Strategy: Created Business Unit focused on Oncology Pursue continuous cycle of new indications in different tumor types Accelerate clinical trial enrollment & execution Supplement with business development Leverage biotech assets Largest Oncology Pipeline with 22 compounds in development * Towers Perrin 11
Slide 12: Promising Commercial Potential From Our Phase 3 Portfolio axitinib – Pancreatic Cancer apixaban – VTE Prevention PD-332334 – GAD esreboxetine – Fibromyalgia Zithromax/chloroquine – Malaria PF-1228305 (Thelin) – PAH NMEs CP-945598 – Obesity CP-751871 – Lung Cancer Dimebon* - Alzheimer’s apixaban – Atrial Fibrillation New Indications apixaban – VTE Treatment axitinib – Renal cell cancer / 12 * Pending HSR approval
Slide 13: Two Distinct, Yet Complementary Strategic Growth Initiatives Established Products • Medicines that have lost – or are about to lose – patent protection • Fastest growing segment of the global pharmaceutical market Emerging Markets • Asian, Latin American and Eastern European countries with growing economies and middle-class populations demanding quality healthcare Market Opportunity: $271B in 2006 $523B in 2012 Market Opportunity $152B in 2007 $267B by 2012 What Makes Pfizer’s Initiatives Different From Those of Other Companies ? Why Are We Confident We Will Succeed ? Source: IMS, Internal Analysis 13
Slide 14: Established Products $523B Opportunity by 2012 Dispensing Drivers: Payers and Pharmacy Channel, with Physician and Pharmacy Influence Brand: Moderately Important 2012 Size: $130B LOE Cliff: Moderate Branded Emerging Markets Branded Traditional Markets IP-Driven Markets Dispensing Drivers: Payers and Pharmacy Channel Brand: Less Important 2012 Size: $150B LOE Cliff: Steepest Dispensing Drivers: Physician and Pharmacist Brand: Very Important 2012 Size: $235B LOE Cliff: Smallest Source: Datamonitor; EvaluatePharma; analyst reports. 14
Slide 15: Unlocking the Value in Established Products – Strategy Overview Strengths Brand equity and breadth Product quality and reliability Global presence Technology innovation Partnerships Experienced local talent Focus Goals A leader in the LOE Market Oral solid dose 1 2 Product enhancements and reformulations A leading provider of low cost medicines “Niche” markets Late stage lifecycle planning 3 Outpace market growth 15
Slide 16: Emerging Markets $267B Opportunity by 2012 Global Pharma Revenues ($ Billions) 267 152 154 CAGR Brazil………….. 10% China………….. 20% India…………… 13% Mexico………….. 7% Russia………… 16% South Korea….. 9% Turkey………… 14% Top-priority Areas Expected to Grow 13% CAGR and $71 Billion by 2012 7 Priority Markets All Other 83 113 69 2007 2012 Source: IMS Health (Market Prognosis) 16
Slide 17: We’re Already On Our Way… BRAZIL Double-digit brand growth for both patent protected and LOE products Sutent, +270% since launch More nimble, flexible use of marketing strategies Pfizer presence since 1952 TURKEY All major products lack IP protection 8 product launches in 2008; 1 to go Expanded field force ~ 50% since 2006 Pfizer presence since 1957 CHINA Norvasc #1 anti-hypertensive – even though off patent 5 years Field force expansion ahead of schedule Asian-specific clinical research – oncology center of excellence Pfizer presence since early 1980’s RUSSIA Significant potential for growth; per capita Rx consumption <$50 Sutent, Champix launches planned Aim to expand sales force 40% by 2011 Pfizer presence since 1992 17
Slide 18: Growing in Emerging Markets – Strategy Overview Strengths Brand equity and breadth Global Scale R&D Presence Established, experienced local talent Partnerships Leading market growth where we are already present Focus Goals New segments 1 A leading Pharma company in our 7 priority areas 2 Products and Global Access initiatives Grow faster than the broader Pharma market 18
Slide 19: Innovation Focuses on Three Areas Customer Centricity Create access to Create access to new markets, new new markets, new business models, business models, and differentiated and differentiated customer customer experiences experiences Identify New Sources of Growth Optimize Our Go-To-Market Model Optimize our Optimize our interactions with interactions with and in support of and in support of customers (e.g., customers (e.g., physicians, payers, physicians, payers, pharmacies, pharmacies, employers and employers and consumers) consumers) Build Flexible Capabilities Develop capabilities to ensure flexible and Develop capabilities to ensure flexible and responsive use of resources and produce responsive use of resources and produce the greatest value for our customers the greatest value for our customers 19
Slide 20: Innovating the Business Model: Europe Change Benefits Realized Replaced ALL traditional sales reps with Key Account Managers, who changed their focus from GPs to new customers and influencers More resources allocated to support optimal product usage Lipitor sales went from flat-to-negative to +4% operational growth in 1H2008 Reduced GP field force 25%; created new tiered customer engagement model Fully integrated team at the regional level accountable for entire portfolio Positive customer response Sweden Germany UK Re-engineered traditional field based approach; changed 400 traditional reps to 100 account managers 20
Slide 21: Innovating the Business Model: US In Place Today Account Mgt. Pilots to be Scaled Needs Based Selling New Models in Development Closed-Loop Marketing Medical State Planning Customized Tactics E-detail Rep visit Behavioral Model Regional Business Unit Regional General Manager P&L Talent Mgmt 21
Slide 22: Cumulative Progress on Cost-Reduction Target (Second-Quarter 2008) On-track to reduce absolute adjusted total costs1 by at least $1.5 to $2.0 billion on a constant currency basis2 for 2008 vs. 2006 Cumulative operational cost reduction of $1.2 billion Reduction even after inflation and reinvestment in the business Period FY2007 Q1 ’08 Q2 ’08 Cost Reduction (2006 Currency Rates) $600 Million $170 Million $465 Million Total $1.2 Billion Much of the Remaining Cost Reductions Expected to Be Realized in the Fourth-Quarter 2008 1 “Adjust income” and its components are defined as reported net income and its components excluding purchase-accounting adjustments, acquisitionrelated costs, discontinued operations and certain significant items. Adjust Total Costs represents the total of Adjusted Cost of Sales, Adjusted SI&A and Adjusted R&D 2 Constant currency basis means that the applicable projected financial measure is based upon the actual foreign exchange rates in effect during 2006 . 22
Slide 23: Our Path Forward: Strategies for Growth Today US Lipitor LOE Post Lipitor Optimize the Patent-Protected Portfolio Maximize the Value of New and Inline Products Advance Compounds in the Pipeline Maximize Revenues Capitalize on Established Products Grow in Emerging Markets Invest in Complementary Businesses Aggressively Manage Costs Create More Flexible Operating Model Continuous Improvement in Processes Sustainable TSR Growth Revenue growth EPS growth Flexible Cost Base Innovate Our Business Model 23

   
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