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Pfizer Incorporated (NYSE: PFE) is a major pharmaceutical company, which ranks number two in sales. The company is based 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 anti inflammatory Celebrex (celecoxib) (also known as Celebra in some countries outside USA and Canada, mainly in South America).
Pfizer's shares were made a component of the Dow Jones Industrial Average on April 8, 2004.
With 2005 actual spending of $7.4 billion in research & development (R&D), Pfizer boasts the industry's largest pharmaceutical R&D organization: Pfizer Global Research and Development.
Additional recommended knowledge
Pfizer is named after German-American cousins Charles Pfizer and Charles Erhardt who launched their chemicals business Charles Pfizer and Company from a building at the intersection of Harrison Avenue and Barlett Street in Williamsburg, Brooklyn in 1849. There, they 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. Pfizer continued to buy property to expand its lab and factory on the block bounded by Bartlett Street; Harrison Avenue; Gerry Street; and Flushing Avenue. That facility is still utilized for backshop purposes. Pfizer established its original administrative headquarters at 81 Maiden Lane in Manhattan.
By 1910, sales totaled nearly $3 million, and Pfizer became established as an expert in fermentation technology. These skills were applied to the mass production of penicillin during World War II, in response to an appeal from the U.S. 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 Iran, Belgium, Brazil, Canada, Cuba, Mexico, Panama, Puerto Rico and the United Kingdom.
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, Jeff Kindler (chairman), George Lorch, Dana Mead, Ruth J. Simmons, and William Steere.
Pfizer is organized into four divisions: Human Health ($44.28B in 2005 sales), Consumer Healthcare ($3.87B in 2005 sales), Animal Health ($2.2B in 2005 sales), and Corporate Groups (which includes legal, finance, and HR). On June 26, 2006, Pfizer announced that it would sell its Consumer Healthcare unit (famous for well-known brands like Listerine, Nicorette, Visine, Sudafed and Neosporin) to Johnson & Johnson for $16.6B.
Merger and acquisition activity
Pfizer was relatively conservative with regard to mega-mergers through stock-for-stock transactions through most of its history until 2000. In that year, William Steere retired from the company and was succeeded by Henry McKinnell. As can be noted with any stock analysis tool, Pfizer's per share price (adjusted for splits) went from about $50 to $30 from 1999 to 2006 during McKinnell's tenure. With roughly 7 billion shares outstanding, this reflects a loss in value of $140 billion under McKinnell's leadership pursuing a strategy of growth via stock for stock acquisition. Many industry analysts, however, criticize McKinnell for diluting shareholder value with these expensive stock-for-stock acquisitions that obviously paid a premium for the underlying value of the acquired company. Furthermore, internal contributions to the pipeline did not replace declining value nor did these M&A activities. McKinnell received record compensation which he staunchly defended against critics.
Warner-Lambert / Parke-Davis / Agouron
In 2000, Pfizer merged with Warner-Lambert and acquired 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 the company's former headquarters became a major base of operations for Pfizer. The facility, and Pfizer's consumer healthcare department, was sold to Johnson and Johnson in 2006 for $16.6 billion dollars.
Parke-Davis was acquired by Warner-Lambert in 1970, which in turn was bought by Pfizer in 2000. The headquarters of Parke-Davis was sold several years ago. The Parke-Davis research facilities in Ann Arbor, Michigan is planned to close in 2008.
Agouron Pharmaceuticals was acquired by Warner Lambert in 1999 and is now a subsidiary of Pfizer. Nelfinavir (Viracept®), an antiretroviral drug used in the treatment of the human immunodeficiency virus (HIV), was developed by Agouron Pharmaceuticals as part of a joint venture with Japan Tobacco Inc.
Pharmacia / Upjohn / Searle
Searle was founded in Omaha, Nebraska, in 1888. The founder was Gideon Daniel Searle. In 1908, the company was incorporated in Chicago. In 1941, the company established headquarters in Skokie, Illinois. It was acquired by the Monsanto company, headquartered in St. Louis, in 1985.
The Upjohn Company was a pharmaceutical manufacturing firm founded in 1886 in Kalamazoo, Michigan by Dr. William E. Upjohn, an 1875 graduate of the University of Michigan medical school. The company was originally formed to make friable pills, which were specifically designed to be easily digested.
In 1995, Upjohn merged with Pharmacia AB, to form Pharmacia & Upjohn. Pharmacia was created in April 2000 through the merger of Pharmacia & Upjohn with the Monsanto Company and its G.D. Searle unit. The merged company was based in Peapack, New Jersey. The agricultural division was spun off from Pharmacia, as Monsanto, in preparation for the close of the acquisition by Pfizer.
In 2002, Pfizer bought Pharmacia, a competitor, 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, customarily written with capital letters, 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 of Biochemistry, with Steven Evans-Freke as a third co-founder. The name, SUGEN, comes from combining the first "S" in Schlessinger followed by the "U" in Ullrich with "GEN", which is a commonly used suffix for biotech companies (short for "GENetics"). The focus of the enterprise was to develop drugs targeting intracellular signaling pathways to treat cancer. Specifically, the company sought to discover competitive ATP small-molecule kinase inhibitors which would block common cancer pathways. 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 (Semaxanib) 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 in 2003 as part of the reorganization following Pfizer's purchase of Pharmacia. From the acquisition, SUGEN compounds SU11248 and SU14813 entered Pfizer's pipeline. SU11248 was approved by the FDA for treatment of GIST and RCC cancers, in January of 2006, and is now marketed as Sutent (sunitinib).
Pfizer manufactures pharmaceutical medications. Pfizer has an annual product marketing budget of $3 billion, which was the fourth-largest in the U.S. as of 2003. Pfizer employs 38,000 sales representatives worldwide.
In 2004 Pfizer’s Zoloft sales totaled $3.15 billion, contributing to 6.5% of Pfizer’s total revenue for 2004 and making it one of 19 drugs that generated more than $2 billion in revenues in the United States. In 2005, Zoloft sales totaled $3.5 billion, helping to make Pfizer one of the biggest drug makers in the world with approximately $51.3 billion in revenue for 2005. In 2005 Pfizer Inc. spent $7.4 billion on research and development, making Pfizer Global Research and Development the largest pharmaceutical research and development organization.
On September 24, 2007, Pfizer Inc. announced that the European Commission approved Celsentri (generic name, maraviroc and as Selzentry in the United States). Industry experts did forecast annual Celsentri sales of $500 million by 2011.
Development of Torcetrapib
Development of torcetrapib, a drug that increases production of HDL, or "good cholesterol", which reduces LDL thought to be correlated to heart disease, was cancelled on Saturday, December 2nd, 2006. The reason being that during a clinical trial test that involved 15,000 patients, more patients than expected died as a result of taking the medicine. A 60% increase in deaths was observed among patients taking torcetrapib and Lipitor versus taking Lipitor alone; there was no suggestion that the results called into question the safety of Lipitor. Pfizer has lost nearly $1 billion in investments on the failed drug, and December has seen the stocks and market value of the company plummet.
The following is a list of key prescription pharmaceutical products. The names shown are all registered trademarks of Pfizer Inc.
Animal health brands
The following is a partial list of Animal Health brands manufactured by Pfizer:
Over the Counter Product lines
The following is a partial list of Product lines previously manufactured by Pfizer but which were recently transferred to Johnson and Johnson in the sale of their Consumer Health division:
Legislation and litigation
Pfizer's interest in obtaining property in New London, Connecticut for expanded facilities led to the Kelo v. New London case before the U.S. Supreme Court.
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 compensation 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.
Tort Reform Legislation Contributions
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.
Off-label promotional practices
Access to pharmaceutical industry documents has revealed marketing strategies used to promote Neurontin® for off-label use. In 1993, the US Food and Drug Administration (FDA) approved gabapentin (Neurontin®, Pfizer) only for treatment of seizures. Warner-Lambert, which merged with Pfizer in 2000, used activities not usually associated with sales promotion, including continuing medical education and research, sponsored articles about the drug for the medical literature, and alleged suppression of unfavorable study results, to promote gabapentin. Within 5 years the drug was being widely used for the off-label treatment of pain and psychiatric conditions. In 2004, Warner-Lambert admitted to charges that it violated FDA regulations by promoting the drug for pain, psychiatric conditions, migraine, and other unapproved uses, and paid $430 million to resolve criminal and civil health care liability charges.
In March 2006 Pfizer sued the Philippines government as well as two government health officials personally, to prevent Philippines drug regulators from allowing the importation of less expensive versions of a Pfizer heart disease drug.
In 1996 a meningitis epidemic hit Nigeria. According to Value of Black Bodies (http://blackwomb.blogspot.com/2007/06/value-of-black-bodies.html), Pfizer agreed to help Nigeria treat the epidemic using drugs known to treat meningitis such as: vancomycin, meropenem, chloramphenicol, and ceftriaxone. Pfizer decided to run an experimental test study on their new drug, Trovan. According to The American, Trovan was an oral formulation expected to cure meningitis in five days. Two hundred children were selected at random. One hundred of those children were given Trovan and the other one hundred were given the agreed upon drugs. Eleven of the children died from the Trovan group and the other eighty nine children suffered either/or muteness, deafness, blindness, and/or other physical impairments. Pfizer claims to have gotten oral approval from the parents. According to The West Africa Review, the Nigerian government calls this exploitation of ignorance since the translators never told the parents the negative sides of Trovan or that Trovan was for the first time being tested. Juan Walterspiel, a disease specialist for Pfizer wrote a public statement claiming that Trovan was not tested for its sensitivity before the first child was tested. The kids were put in a live or die situation. Walterspiel was soon fired afterwards. In 2005, Nigeria brought Pfizer to trial in New York, but the judged dismissed the case stating that it should be heard in Nigeria (All Africa Global Media). In June 2007, the federal government of Nigeria and the state government of Kano (where the Trovan test was done) individually sued Pfizer for the 1996 experimental drug test (All Africa Global Media). The federal government is suing for $7 billion dollars in damages. Kano State government is suing for $2.75 billion damages. The Nigerian Federal Government case was postponed to November 6 because the doctors involved in the study failed to appear for the trial. The Kano State government’s trial was set in Kano (the city) for July but was pushed back to October and again pushed back to December 5 so Pfizer’s lawyers could “undertake their duties”.
Research and development
Pfizer's human research and development organization is headquartered in New London, CT while their animal health research and development organization is headquartered in Kalamazoo, Michigan. The company has R&D labs in the following locations: Groton, Connecticut; Sandwich, England; Nagoya, Japan; Amboise, France; La Jolla, California; Cambridge, Massachusetts; Kalamazoo, 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.
In 2007, Pfizer announced plans to close or sell on the Loughbeg API facility, located at Loughbeg, Ringaskiddy Co.Cork Ireland by mid to end of 2008
In 2007, Pfizer announced plans to completely close the Ann Arbor, Nagoya and Amboise Research facilities by the end of 2008, eliminating 2,160 jobs and idling the $300-million dollar Michigan facility, which had seen millions of dollars of expansion in recent years.
On June 18th, 2007 Pfizer announced it will move the Sandwich, England Animal Health Research (VMRD) division to Kalamazoo, Michigan.
Employment & 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. In 2007, Pfizer's Canadian division was named one of Canada's Top 100 Employers, as published in Maclean's magazine, the only research-based pharmaceutical company to receive this honor.
Pfizer has been involved in controversies over the medicine Diflucan (generic name fluconazole). In 1998, a campaign by Thai public health groups led to the elimination of the Pfizer monopoly on selling fluconazole in Thailand, and the price of the antifungal drug decreased from 200 baht to 6.5 baht in nine months, vastly expanding access to the medicine for AIDS patients. Faced with pressure for compulsory licenses to the Pfizer patent on this drug, Pfizer later established a program for limited access to the medicine in Africa.
"In the United States, 46 percent of all new HIV/AIDS cases occur in the South. From 2003–2006 the Pfizer Foundation has funded 23 innovative HIV/AIDS prevention programs and strengthened the capacity of community-based organizations to reach and serve their communities." Since 2003, Pfizer has committed a $3 Million grant toward supporting the Southern HIV/AIDS Prevention Initiative.
However, there are criticisms of the way Pfizer is testing its AIDS drug. "The European AIDS Treatment Group (EATG), collection of activists from 31 European Countries, said the design of the trial for Pfizer's CCR5 inhibitor Maraviroc (previously known as UK-427,857) is putting people with HIV infection at unnecessary risk of developing AIDS."
On June 20 2007 Maraviroc received an approvable letter from the FDA advisory board. The letter was a product of expedited review of the novel HIV compound.
In 2001, Pfizer asked the U.S. government to pressure the Brazilian government against issuing compulsory licenses for the patents on the AIDS drug nelfinavir.
AIDS Drugs Manufactured by Pfizer
Notes and references
|This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Pfizer". A list of authors is available in Wikipedia.|