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Pfizer Quarterly Corporate Performance - First Quarter 2008 

Pfizer Quarterly Corporate Performance - First Quarter 2008

 

 
 
Tags:  chantix  results  earnings  business  pfizer  sheet  statement  income  l  balance  finance  500  p 
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Published:  May 02, 2010
 
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Slide 1: First Quarter 2008 Earnings Teleconference April 17, 2008
Slide 2: First Quarter 2008 Earnings Teleconference Introduction Amal Naj Senior Vice President, WW Investor Development & Strategy
Slide 3: Forward-Looking Statements and Non-GAAP Financial Information Our discussions during this conference call will include forwardlooking 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. Also, the discussions during this conference call 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 Report on Form 8-K dated April 17, 2008. These reports are available on our website at www.pfizer.com in the "Investors—SEC Filings" section. 3
Slide 4: First Quarter 2008 Earnings Teleconference Opening Remarks Jeff Kindler Chairman & Chief Executive Officer
Slide 5: First Quarter 2008 Earnings Teleconference Financial Review Frank D’Amelio Senior Vice President & Chief Financial Officer
Slide 6: First-Quarter 2008 Income Statement Highlights ($ Millions, Except Per-Share Amounts) First Quarter 2008 Reported Revenues Reported Net Income Reported Diluted EPS Adjusted Income(1) Adjusted Diluted EPS(1) $11,848 2,784 0.41 4,099 0.61 2007 $12,474 3,392 0.48 4,804 0.68 Change (5%) (18%) (15%) (15%) (10%) Decline in Results Primarily Driven by Norvasc and Zyrtec Loss of Exclusivity (LOE) (1) Adjusted Income and its components and Adjusted Diluted EPS are defined as Reported Net Income and its components and Reported Diluted EPS, excluding Purchase Accounting Adjustments, Acquisition-Related Costs, Discontinued Operations and Certain Significant Items. Adjusted total costs represents primarily the total of Adjusted Cost of Sales, Adjusted SI&A expenses and Adjusted R&D expenses. 6
Slide 7: First-Quarter 2008 Certain Significant Items ($ Millions, on a Pre-Tax Basis) First Quarter 2008 Restructuring Charges Implementation Costs Cost-Reduction Initiatives Other Total Certain Significant Items $177 357 $534 7 $541 2007 $795 174 $969 10 $979 Lower Expenses Related to Our Total Cost-Reduction Initiatives, Primarily Our Site and U.S. Sales Force Rationalizations 7
Slide 8: First-Quarter 2008 Quarterly Adjusted Income(1) Components ($ Millions, Except per-Share Amounts) First Quarter 2008 Revenues(1) Cost of Sales(1) SI&A Expenses(1) R&D Expenses(1) Provision for Income Taxes(1) Adjusted Income(1) Adjusted Diluted EPS(1) $11,796 1,800 3,409 1,638 1,150 $4,099 $0.61 2007 $12,431 1,744 3,313 1,628 1,331 $4,804 $0.68 Change (5%) 3% 3% 1% (14%) (15%) (10%) Adjusted Diluted EPS(1) Decline Primarily Related to Norvasc and Zyrtec LOE, Partially Offset by Foreign Exchange and Continued Cost Reductions (1) See Slide 6 for definition. 8
Slide 9: First-Quarter 2008 Quarterly Select Product Highlights ($ Millions) Worldwide 2008 Change In-Line Lipitor Viagra Celebrex Lyrica Xalatan/Xalacom Detrol/Detrol LA Geodon/Zeldox New Products(2) Chantix/Champix Sutent LOE Products(3) Norvasc Zyrtec/Zyrtec D Camptosar Products(1) $3,137 460 611 582 405 313 241 277 190 513 117 192 (7%) 6% 2% 47% 13% 3% 12% 71% 86% (52%) (75%) (16%) U.S. 2008 $1,751 223 464 351 135 222 200 193 66 (5) 117 83 Change (18%) (1%) (2%) 45% 7% 10% 33% 25% (101%) (75%) (36%) International 2008 Change $1,386 237 147 231 270 91 41 84 124 518 – 109 13% 13% 20% 51% 16% 13% 21% 392% 150% (7%) – 10% New and In-Line Products Continue to Perform Well Represents revenues for major pharmaceutical products not included in (2) and (3). Represents revenues for pharmaceutical products launched in the U.S. since 1/1/06. (3) Represents revenues for pharmaceutical products that lost U.S. exclusivity in 2007 and 2008. (1) (2) 9
Slide 10: First-Quarter 2008 2008 Financial Guidance Guidance(3) Revenues Adjusted Total Costs(1) Adjusted Cost of Sales(1) as a Percentage of Revenue Adjusted R&D Expenses(1) Adjusted SI&A Expenses(1) Reported Diluted EPS(5) Adjusted Diluted EPS(1) Effective Tax Rate(4) Cash Flows from Operations $47.0 to $49.0 Billion Decrease of at least $1.5–$2 Billion versus 2006 on a constant currency basis (2) 14.5% to 15.5% $7.3 to $7.6 Billion $14.4 to $14.9 Billion $1.73 to $1.88 $2.35 to $2.45 22.0% to 22.5% $17.0 to $18.0 Billion Reaffirming 2008 Financial Guidance (1) (4) See Slide 6 for definition. (2) At 2006 Exchange Rates. (3) Except as noted, at April 2008 Exchange Rates. On Adjusted Income.(1) (5) Excludes effects of business development transactions not completed as of March 30, 2008. 10
Slide 11: First-Quarter 2008 Key Takeaways Reaffirmed 2008 guidance New products(1) continue to perform well – particularly Chantix and Sutent Steady growth from several in-line products(2) – including Lyrica, Geodon, Viagra and Xalatan As anticipated, year-over-year results were negatively impacted by Norvasc, Zyrtec and, to a much lesser extent, Camptosar Continuing to execute on our plan to reduce costs – Absolute cost reduction of $1.5 to $2.0 billion vs. 2006 – Savings will continue in 2008 (1) See Slide 9 for definition. (2) See Slide 9 for definition. 11
Slide 12: First Quarter 2008 Earnings Teleconference Q&A Session

   
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