Summary
Pfizer Inc. reported strong performance in its 2002 fiscal year, driven primarily by its Pharmaceutical segment, which accounted for 87% of revenues. The company highlighted significant growth in its top-selling human pharmaceutical products, including Lipitor, Norvasc, Zoloft, Neurontin, Celebrex, Viagra, Zithromax, Zyrtec, Diflucan, and Aricept, which collectively grew at a 15% rate. The company also noted advancements in its product pipeline and regulatory approvals for new uses of existing drugs. Furthermore, Pfizer announced its strategic intent to acquire Pharmacia Corporation for approximately $60 billion, a move expected to further strengthen its market position. The company is actively divesting non-core consumer product lines to focus on its core pharmaceutical business.
Key Highlights
- 1Pharmaceutical segment remains the primary revenue driver, contributing 87% of total revenue in 2002.
- 2Ten major human pharmaceutical products, including Lipitor and Norvasc, generated substantial revenue and experienced a combined growth rate of 15% in 2002.
- 3Significant R&D investment of $5.2 billion in 2002, with over 160 projects in development and hundreds in discovery research.
- 4Announced a proposed acquisition of Pharmacia Corporation for approximately $60 billion, pending regulatory approvals.
- 5Divesting several consumer product lines, including Adams confectionery and Schick-Wilkinson Sword, to streamline business operations.
- 6International operations represent a significant portion of revenue (35.9% in 2002), with key markets in Japan.
- 7The company is actively managing patent expirations and generic competition, with ongoing legal challenges for key products.