Pfizer

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Pfizer, Inc.
Company typePublic (NYSE: PFE)
IndustryHealth Care
FoundedBrooklyn, New York 1849
HeadquartersNew York, New York
Key people
Henry A. (Hank) McKinnell Jr., CEO
David L. Shedlarz, EVP/CFO num_employees = 122,000 (2004)
ProductsAccupril®
Lipitor®
Viagra®
See complete products listing.
Revenue$52.516 billion USD (2004)
31,372,000,000 United States dollar (2022) Edit this on Wikidata
Total assets154,229,000,000 United States dollar (2020) Edit this on Wikidata
Number of employees
88,300 (2019) Edit this on Wikidata
Websitewww.pfizer.com

Pfizer, Incorporated (NYSE: PFE), is a global pharmaceutical company, with headquarters in New York City. It produces the number-one selling drug Lipitor (atorvastatin, used to lower blood cholesterol); the oral antifungal medication Diflucan (fluconazole), the long-acting antibiotic Zithromax (azithromycin), the well-known erectile dysfunction drug Viagra (sildenafil citrate), and the pain reliever Celebrex (celecoxib)

Pfizer's shares were made a component of the Dow Jones Industrial Average on April 8, 2004.

History

Pfizer is named after German chemist Charles Pfizer (1824-1906) who launched his chemicals business from a building in Williamsburg, Brooklyn in 1849. Here, he produced an antiparasitic called santonin. This was an immediate success, although it was the production of citric acid that really kick-started Pfizer's growth in the 1880s.

By 1910, sales totalled nearly $3 million, and Pfizer became established as an expert in fermentation technology. These skills were applied to the mass production of penicillin during the World War II, in response to an appeal from the US government. The antibiotic was urgently needed to treat injured Allied soldiers, and it soon became known as "the miracle drug". In fact, most of the penicillin that went ashore with the troops on D-Day was made by Pfizer.

By the 1950s, Pfizer was established in Belgium, Brazil, Canada, Cuba, Mexico, Panama, Puerto Rico and the United Kingdom.

In 2000, Pfizer merged with Warner-Lambert in order to acquire full rights to Lipitor (atorvastatin), the blockbuster statin previously jointly marketed by Warner-Lambert and Pfizer. Warner-Lambert was based in Morris Plains, New Jersey where their former headquarters has now become a major base of operations for Pfizer. The Morris Plains facility is mostly used for administrative purposes. Most of Pfizer's research is done in Groton, Connecticut and Sandwich, England.

In 2002, Pfizer merged with competitor Pharmacia to become the largest pharmaceutical company in the world. The merger was again driven in part by the desire to acquire full rights to a blockbuster product, this time Celebrex (celecoxib), the COX-2 selective inhibitor previously jointly marketed by Searle (acquired by Pharmacia) and Pfizer.

Sugen

Sugen was founded in 1991 in Redwood City, California as a partnership between the laboratories of Joseph Schlessinger at New York University Medical School and Axel Ullrich at the Max Planck Institute for Biochemistry (sic), and Steven Evans-Freke as a third co-founder. The focus of the enterprise was to develop drugs targeting intracellular signaling pathways to treat cancer. Pharmacia acquired Sugen in 1999, which merged with the pharmaceutical division of Monsanto in 2000 and was purchased by Pfizer in 2003. In 1999 Pharmacia took two of Sugen's compounds into man in colon cancer clinical trials: SU5416 and SU6668; the trials were discontinued, but both of these compounds were in the series that eventually led to SU11248. Sugen's laboratories were closed as part of the reorganization following Pfizer's purchase of Pharmacia. From the acquisition, the Sugen compounds SU11248 and SU11657 entered Pfizer's pipeline.[1][2]

Corporate governance

Current members of the board of directors of Pfizer are: Michael S. Brown, M. Anthony Burns, Robert Burt, Don Cornwell, William H. Gray, Constance Horner, William Howell, Stanley Ikenberry, George Lorch, Henry McKinnell, Dana Mead, Ruth J. Simmons, and William Steere.

  • Chairman, President, and Chief Executive Officer (CEO): Henry McKinnell
  • Executive Vice President (EVP) and Chief Financial Officer (CFO): David L. Shedlarz
  • Senior Vice President (SVP), Human Resources: John L. Lamattina
  • Director, Global Chemistry IT, Dr. Jeffrey Gaw.information Administrator note

Products

Pfizer manufactures both pharmaceutical medications and over-the-counter consumer products. Pfizer has an annual product advertising budget of $3 billion, which was the fourth-largest in the US as of 2003. Pfizer employs 38,000 sales representatives worldwide[3].

Pharmaceuticals

The following is a list of key prescription pharmaceutical products as found on the Pfizer website, retrieved 2005-03-27. The names shown are all registered trademarks of Pfizer Inc.

Over-the-Counter brands

The following is a partial list of Over-the-Counter brands manufactured by Pfizer:

Animal Health Brands

The following is a partial list of Animal Health brands manufactured by Pfizer:

Legislation and Litigation

Pfizer is party to a number of suits stemming from companies it has acquired or merged with, including asbestos litigation as well as litigation stemming from its medicinal products.

Quigley Co.

Pfizer acquired Quigley in 1968, and the division sold asbestos-containing insulation products until the early 1970s. Asbestos victims and Pfizer have been negotiating a settlement deal which calls for Pfizer to pay $430 million to 80 percent of existing plaintiffs. It will also place an additional $535 million into an asbestos settlement trust that will compensate future plaintiffs as well as the remaining 20 percent of current plaintiffs with claims against Pfizer and Quigley. The compenstion deal is worth $965 million all up.

Of that $535 million, $405 million is in a 40-year note from Pfizer, while $100 million will come from insurance policies.

Bjork-Shiley heart valve

Pfizer purchased Shiley in 1979 at the onset of its Convexo-Concave valve ordeal, involving the Bjork-Shiley heart valve. Approximately 500 people died when defective valves failed and, in 1994, the United States ruled against Pfizer for ~$200 million.

Patients' rights legislation

Pfizer proposed a ban on all lawsuits against manufacturers of body implant parts which was proposed in the United States Congress as part of tort reform legislation.

Research and development

Pfizer's research and development organization is headquartered in New London, CT. The company has R&D labs in the following locations: Groton, Connecticut, Sandwich, England, Nagoya, Japan, Amboise, France, La Jolla, California, Cambridge, Massachusetts, Ann Arbor, Michigan, St. Louis, Missouri.

In 2004, Pfizer invested $7.68 billion in research and development, the largest investment in R&D by private biomedical research organization.

Diversity

Pfizer received a 100% rating on the Corporate Equality Index released by the Human Rights Campaign starting in 2004, the third year of the report.

Was as well named as one of the 'Most Wanted Corporate Humans Rights Violators 2005'.

See also

Notes

  1. ^ Pfizer (2003). Annual Review 2003. Annual Report.
  2. ^ Schlessinger, Joseph (2005). "SU11248: Genesis of a New Cancer Drug". The Scientist 19(7):17-24. (subscription required)
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