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Coordinates: 41°20′04″N 72°04′05″W / 41.3343429°N 72.06795°W / 41.3343429; -72.06795

Pfizer
Pfizer
Inc.

Entrance to Pfizer
Pfizer
headquarters

Type

Public

Traded as

NYSE: PFE DJIA Component S&P 100 Component S&P 500 Component

Industry Pharmaceutical

Founded 1849; 169 years ago (1849)

Founders Charles Pfizer Charles F. Erhart

Headquarters New York City, New York, U.S.

Area served

Worldwide

Key people

Ian Read (Chairman & CEO)

Products See list

Revenue US$52.546 billion (2017)[1]

Operating income

US$13.620 billion (2017)[1]

Net income

US$21.308 billion (2017)[1]

Total assets US$171.797 billion (2017)[2]

Total equity US$71.308 billion (2017)[2]

Number of employees

96,500 (2016)[3]

Subsidiaries Agouron Pharmaceuticals G.D. Searle Greenstone Hospira InnoPharma Parke-Davis

Website www.pfizer.com

Pfizer
Pfizer
Inc. /ˈfaɪzər/ is an American pharmaceutical corporation headquartered in New York City,[4] with its research headquarters in Groton, Connecticut. Pfizer
Pfizer
is one of the world's largest pharmaceutical companies.[5] It is listed on the New York Stock Exchange, and its shares have been a component of the Dow Jones Industrial Average
Dow Jones Industrial Average
since 2004.[6] The company develops and produces medicines and vaccines for a wide range of medical disciplines, including immunology, oncology, cardiology, diabetology/endocrinology, and neurology. Its products include the blockbuster drug Lipitor
Lipitor
(atorvastatin), used to lower LDL blood cholesterol; Lyrica
Lyrica
(pregabalin) for neuropathic pain/fibromyalgia; Diflucan
Diflucan
(fluconazole), an oral antifungal medication; Zithromax
Zithromax
(azithromycin), an antibiotic; Viagra (sildenafil) for erectile dysfunction; and Celebrex/Celebra (celecoxib), an anti-inflammatory drug. In 2016, Pfizer
Pfizer
Inc. was expected to merge with Allergan
Allergan
plc, in a deal that would have been worth $160 billion, to create the Ireland-based " Pfizer
Pfizer
plc".[7] The merger was called off in April 2016 because of new rules from the United States Treasury
United States Treasury
against inversions, a method of avoiding taxes by merging with a foreign company.[8] The company has made the second-largest pharmaceutical settlement with the U.S. Department of Justice.

Contents

1 History

1.1 19th century 1.2 20th century 1.3 2000–2010

1.3.1 Warner–Lambert acquisition 1.3.2 Pharmacia acquisition 1.3.3 Wyeth
Wyeth
acquisition 1.3.4 King Pharmaceuticals
King Pharmaceuticals
acquisition

1.4 2011–present

1.4.1 Zoetis 1.4.2 Attempted AstraZeneca
AstraZeneca
acquisition 1.4.3 Hospira 1.4.4 Attempted Allergan
Allergan
acquisition 1.4.5 Pfizer
Pfizer
Consumer Healthcare

1.5 Acquisition history

2 Operations

2.1 Partnerships 2.2 Research and development 2.3 Management

3 Products

3.1 Pharmaceutical products

4 Promotional practices 5 Litigation

5.1 Quigley Co. 5.2 Bjork–Shiley heart valve 5.3 Abdullahi v. Pfizer, Inc. 5.4 GMO virus 5.5 Blue Cross Blue Shield 5.6 Brigham Young University 5.7 Litigation in which Pfizer
Pfizer
was not a party

6 Environmental record 7 Political lobbying 8 Employment and diversity 9 Involvement in developing world health issues 10 See also 11 References 12 External links

History[edit] Pfizer
Pfizer
was founded in 1849 by cousins Charles Pfizer and Charles F. Erhart in New York City
New York City
as a manufacturer of fine chemicals. Its discovery of Terramycin (oxytetracycline) in 1950 put it on a path towards becoming a research-based pharmaceutical company. It has made numerous acquisitions, including Warner–Lambert in 2000, Pharmacia in 2003, and Wyeth
Wyeth
in 2009 (the largest of the three at $68 billion).[9][10] 19th century[edit]

Charles Pfizer

Pfizer
Pfizer
is named after German-American
German-American
Charles Pfizer who co-founded the company with his cousin Charles F. Erhart. Originally from Ludwigsburg, Germany, they launched a chemicals business, Charles Pfizer
Pfizer
and Company, from a building at the intersection of Harrison Avenue and Bartlett Street[11] 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
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. Pfizer's original administrative headquarters was at 81 Maiden Lane in Manhattan.[11] 20th century[edit] By 1906, sales totaled $3.4 million.[12] World War I caused a shortage of calcium citrate that Pfizer
Pfizer
imported from Italy
Italy
for the manufacture of citric acid, and the company began a search for an alternative supply. Pfizer
Pfizer
chemists learned of a fungus that ferments sugar to citric acid and were able to commercialize production of citric acid from this source in 1919. As a result, Pfizer
Pfizer
developed expertise in fermentation technology. These skills were applied to the mass production of the antibiotic penicillin during World War II
World War II
in response to the need of the U.S. government to treat injured Allied soldiers; most of the penicillin that went ashore with the troops on D-Day
D-Day
was made by Pfizer.[13] In the 1940s, penicillin became very inexpensive. As a result, Pfizer searched for new antibiotics with greater profit potential. Pfizer's discovery and commercialization of Terramycin (oxytetracycline) in 1950 changed the company from a manufacturer of fine chemicals to a research-based pharmaceutical company. To augment its research in fermentation technology, Pfizer
Pfizer
developed a drug discovery program focusing on in vitro synthesis. Pfizer
Pfizer
also established an animal health division in 1959 with an 700-acre (2.8 km2) farm and research facility in Terre Haute, Indiana. By the 1950s, Pfizer
Pfizer
had established offices in Belgium, Brazil, Canada, Cuba, Mexico, Panama, Puerto Rico, and the United Kingdom. In 1960, the company moved its medical research laboratory operations out of New York City
New York City
to a new facility in Groton, Connecticut. In 1980 Pfizer
Pfizer
launched Feldene (piroxicam), a prescription anti-inflammatory medication that became Pfizer's first product to reach one billion United States dollars in total sales.[14] During the 1980s and 1990s, Pfizer
Pfizer
Corporation growth was sustained by the discovery and marketing of Zoloft, Lipitor, Norvasc, Zithromax, Aricept, Diflucan, and Viagra.[15] 2000–2010[edit] In this decade, Pfizer
Pfizer
grew by mergers, including those with Warner–Lambert (2000), Pharmacia (2003), and Wyeth
Wyeth
(2009). In 2003, the company acquired Esperion Therapeutics for $1.3 billion (later selling the unit in 2008), protecting Lipitor
Lipitor
from ETC-216.[16] In 2004, Pfizer
Pfizer
announced it would acquire Meridica for $125 million.[16] In 2005, the company made a number of acquisitions: Vicuron Pharmaceuticals
Vicuron Pharmaceuticals
for $1.9 billion, Idun for just less than $300 million and finally Angiosyn for $527 million.[16] On June 26, 2006, Pfizer
Pfizer
announced it would sell its Consumer Healthcare unit (manufacturer of Listerine, Nicorette, Visine, Sudafed and Neosporin) to Johnson & Johnson for $16.6 billion.[17][18][19] 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 in December 2006. During a Phase III clinical trial involving 15,000 patients, more deaths occurred in the group that took the medicine than expected, and a sixty percent increase in mortality was seen among patients taking the combination of torcetrapib and Lipitor
Lipitor
versus Lipitor
Lipitor
alone. Lipitor
Lipitor
alone was not implicated in the results, but Pfizer
Pfizer
lost nearly $1 billion developing the failed drug and the market value of the company plummeted afterwards.[20][21][22] The company also announced it would acquire Powermed and Rivax.[16][when?] In September 2009, Pfizer
Pfizer
pleaded guilty to the illegal marketing of the arthritis drug Bextra
Bextra
for uses unapproved by the U.S. Food and Drug Administration (FDA), and agreed to a $2.3 billion settlement, the largest health care fraud settlement at that time.[23] A July 2010 article in BusinessWeek reported that Pfizer
Pfizer
was seeing more success in its battle against makers of counterfeit prescription drugs by pursuing civil lawsuits rather than criminal prosecution. Pfizer
Pfizer
has hired customs and narcotics experts from all over the globe to track down fakes and assemble evidence that can be used to pursue civil suits for trademark infringement. Since 2007, Pfizer
Pfizer
has spent $3.3 million on investigations and legal fees and recovered about $5.1 million, with another $5 million tied up in ongoing cases.[24] On May 6, 2013, Pfizer
Pfizer
told The Associated Press
Associated Press
it would begin selling Viagra
Viagra
directly to patients via its website.[25] Warner–Lambert acquisition[edit] Pfizer
Pfizer
acquired Warner–Lambert in 2000 for $111.8 billion,[26] at the time, created the second largest pharmaceutical company in the world.[27] Warner–Lambert was founded as a Philadelphia drug store in 1856 by William R. Warner. Inventing a tablet-coating process gained Warner a place in the Smithsonian Institution. Parke–Davis was founded in Detroit in 1866 by Hervey Parke and George Davis. Warner–Lambert took over Parke–Davis in 1976, and acquired Wilkinson Sword
Wilkinson Sword
in 1993 and Agouron Pharmaceuticals in 1999. Pharmacia acquisition[edit] In 2002, Pfizer
Pfizer
merged with Pharmacia. The merger was again driven in part by the desire to acquire full rights to a product, this time Celebrex (celecoxib), the COX-2 selective inhibitor previously jointly marketed by Searle (acquired by Pharmacia) and Pfizer. In the ensuing years, Pfizer
Pfizer
carried out a massive restructuring that resulted in numerous site closures and the loss of jobs including Terre Haute, Indiana; Holland, Michigan; Groton, Connecticut; Brooklyn, New York; Sandwich, UK; and Puerto Rico. Pharmacia had been formed by a series of mergers and acquisitions from its predecessors, including Searle, Upjohn
Upjohn
and SUGEN. Searle was founded in Omaha, Nebraska, in April 1888. The founder was Gideon Daniel Searle. In 1908, the company was incorporated in Chicago, Illinois. In 1941, the company established headquarters in Skokie, Illinois. It was acquired by the Monsanto
Monsanto
Company, headquartered in St. Louis, Missouri, in 1985. The Upjohn
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
University of Michigan
medical school. The company was originally formed to make friable pills, which were specifically designed to be easily digested. Greenstone was founded in 1993 by Upjohn
Upjohn
as a generics division.[28] In 1995, Upjohn
Upjohn
merged with Pharmacia, to form Pharmacia & Upjohn. Pharmacia was created in April 2000 through the merger of Pharmacia & Upjohn
Upjohn
with the Monsanto Company
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.[29] SUGEN, a company focused on protein kinase inhibitors, was founded in 1991 in Redwood City, California, and acquired by Pharmacia in 1999. The company pioneered the use of ATP-mimetic small molecules to block signal transduction. After the Pfizer
Pfizer
merger, the SUGEN site was shut down in 2003, with the loss of over 300 jobs, and several programs were transferred to Pfizer. These included sunitinib (Sutent), which was approved for human use by the FDA in January 2006, passed $1 billion in annual revenues for Pfizer
Pfizer
in 2010.[30] A related compound, SU11654 (Toceranib), was also approved for canine tumors, and the ALK inhibitor Crizotinib
Crizotinib
also grew out of a SUGEN program.[31] In 2003, the new Pfizer
Pfizer
made Greenstone (originally established as a division of Upjohn) its generic division, and its focus turned to selling authorized generics of Pfizer's products.[28][32] In 2008, Pfizer
Pfizer
announced 275 job cuts at the Kalamazoo manufacturing facility. Kalamazoo was previously the world headquarters for the Upjohn
Upjohn
Company.[33] Wyeth
Wyeth
acquisition[edit] On January 26, 2009, after more than a year of talks between the two companies, Pfizer
Pfizer
agreed to buy pharmaceuticals rival Wyeth
Wyeth
for a combined US$68 billion in cash, shares and loans, including some US$22.5 billion lent by five major Wall Street
Wall Street
banks. The deal cemented Pfizer's position as the largest pharmaceutical company in the world, with the merged company generating over US$20 billion in cash each year, and was the largest corporate merger since AT&T and BellSouth's US$70 billion deal in March 2006.[34] The combined company was expected to save US$4 billion annually through streamlining; however, as part of the deal, both companies must repatriate billions of dollars in revenue from foreign sources to the United States, which will result in higher tax costs. The acquisition was completed on October 15, 2009, making Wyeth
Wyeth
a wholly owned subsidiary of Pfizer.[10] The merger was broadly criticized. Harvard Business School's Gary Pisano told The Wall Street
Wall Street
Journal, "the record of big mergers and acquisitions in Big Pharma has just not been good. There's just been an enormous amount of shareholder wealth destroyed."[35] Analysts said at the time, "The Warner–Lambert and Pharmacia mergers do not appear to have achieved gains for shareholders, so it is unclear who benefits from the Wyeth– Pfizer
Pfizer
merger to many critics."[36] King Pharmaceuticals
King Pharmaceuticals
acquisition[edit] In October 2010, Pfizer
Pfizer
agreed to buy King Pharmaceuticals
King Pharmaceuticals
for $3.6 billion in cash or $14.25 per share: an approximately 40% premium over King's closing share price October 11, 2010.[37] 2011–present[edit] In February 2011, it was announced that Pfizer
Pfizer
was to close its UK research and development facility (formerly also a manufacturing plant) in Sandwich, Kent, which at the time employed 2,400 people.[38] However, as of 2014, Pfizer
Pfizer
has a reduced presence at the site;[39] it also has a UK research unit in Cambridge.[40] On September 4, 2012, the FDA approved a Pfizer
Pfizer
pill for a rare type of leukemia. The medicine, called Bosulif, treats chronic myelogenous leukemia (CML), a blood and bone marrow disease that usually affects older adults.[41] In July 2014, the company announced it would acquire Innopharma for $225 million, plus up to $135 million in milestone payments, in a deal that expanded Pfizer's range of generic and injectable drugs.[42] On January 5, 2015, the company announced it would acquire a controlling interest in Redvax for an undisclosed sum. This deal expanded the company's vaccine portfolio targeting human cytomegalovirus.[43] In March 2015, the company announced it would restart its collaboration with Eli Lilly surrounding the phase III trial of Tanezumab. Pfizer
Pfizer
is expected to receive an upfront sum of $200 million.[44] In June 2015, the company acquired two meningitis drugs from GlaxoSmithKline—Nimenrix and Mencevax—for around $130 million, expanding the company's meningococcal disease portfolio of drugs.[45] In May 2016, the company announced it would acquire Anacor Pharmaceuticals for $5.2 billion, expanding the companies portfolio in both inflammation and immunology drugs areas.[46] On their final trading day, Anacor shares traded for $99.20 each, giving Anacor a market capitalisation of $4.5 billion. In August, the company made a $40 million bid for the assets of the now bankrupt BIND Therapeutics through the U.S. Bankruptcy Court.[47] The same month, the company announced it would acquire Bamboo Therapeutics for $645 million, expanding the company's gene therapy offerings.[48] Later, in August, the company announced the acquisition of cancer drug-maker - Medivation
Medivation
- for $14 billion.[49][50] On Medivation's final day of trading, its shares were valued at $81.44 each, giving an effective market capitalisation of $13.52 billion. Two days later, Pfizer announced it would acquire AstraZenecas small-molecule antibiotics business for $1.575 billion[51] merging it into its Essential Medicines business[52] In the same month the company licensed the anti- CTLA4
CTLA4
monoclonal antibody, ONC-392, from OncoImmune.[53] Zoetis[edit] Main article: Zoetis Plans to spin out Zoetis, the Agriculture Division of Pfizer
Pfizer
and later Pfizer
Pfizer
Animal Health, were announced in 2012. Pfizer
Pfizer
filed for registration of a Class A stock with the U.S. Securities and Exchange Commission on August 13, 2012.[54] Zoetis's IPO on February 1, 2013, sold 86.1 million shares for US$2.2 billion.[55] Pfizer retained 414 million Class B shares, giving it an 83% controlling stake in the firm.[56] The offering's lead underwriters were JPMorgan Chase, Bank of America, Merrill Lynch, and Morgan Stanley.[55] Most of the money raised through the IPO was used to pay off existing Pfizer debt.[57] Attempted AstraZeneca
AstraZeneca
acquisition[edit] In April 2014, it was reported that Pfizer
Pfizer
had reignited a $100 billion takeover bid for the UK-based AstraZeneca,[58][59] sparking political controversy in the UK,[60] as well as in the US.[61] On May 19, 2014, a "final offer" of £55 a share was rejected by the AstraZeneca
AstraZeneca
board, which said the bid was too low and imposed too many risks. If successful, the takeover—the biggest in British history—would have made Pfizer
Pfizer
the world's largest drug company.[62] Hopes for a renewed bid later in the year were dashed when Pfizer signed a major cancer drug deal with Merck KGaA, selling its sharing rights to develop an experimental immunotherapy drug for a fee of $850 million.[63] Hospira[edit] In February 2015, Pfizer
Pfizer
and Hospira
Hospira
agreed that Pfizer
Pfizer
would acquire Hospira
Hospira
for $15.2 billion,[64] a deal in which Hospira shareholders would receive $90 in cash for each share they owned.[65][66] News of the deal sent Hospira
Hospira
share prices up from $63.43 to $87.43 on a volume of 60.7 million shares.[67] Including debt, the deal is valued at around $17 billion.[64] Hospira
Hospira
is the largest producer of generic injectable pharmaceuticals in the world.[68] On the final day of trading, Hospira
Hospira
shares traded for $89.96 each, giving a market capitalisation of $15.56 billion. Attempted Allergan
Allergan
acquisition[edit] Main article: Allergan, Plc On November 23, 2015, Pfizer
Pfizer
and Allergan, Plc
Allergan, Plc
announced their intention to merge for an approximate sum of $160 billion, making it the largest pharmaceutical deal ever, and the third largest corporate merger in history. As part of the deal, the Pfizer
Pfizer
CEO, Ian Read, was to remain as CEO and chairman of the new company, to be called " Pfizer
Pfizer
plc", with Allergan's CEO, Brent Saunders, becoming president and chief operating officer. As part of the deal, Allergan shareholders would receive 11.3 shares of the company, with Pfizer shareholders receiving one. The terms proposed that the merged company would maintain Allergan's Irish domicile, resulting in the new company being subject to corporation tax at the Irish rate of 12.5%--considerably lower than the 35% rate that Pfizer
Pfizer
paid at the time.[69] The deal was to constitute a reverse merger, whereby Allergan
Allergan
acquired Pfizer, with the new company then changing its name to "Pfizer, plc".[70][71][72] The deal was expected to be completed in the second half of 2016, subject to certain conditions: US and EU approval, approval from both sets of shareholders, and the completion of Allergan's divestiture of its generics division to Teva Pharmaceuticals (expected in the first quarter of 2016).[70] On April 6, 2016, Pfizer
Pfizer
and Allergan
Allergan
announced they would be calling off the merger after the Obama administration introduced new laws intended to limit corporate tax inversions (the extent to which companies could move their headquarters overseas in order to reduce the amount of taxes they pay).[73] Pfizer
Pfizer
Consumer Healthcare[edit] In October 2017, reports emerged that Pfizer
Pfizer
were undertaking a strategic review of their Consumer Healthcare division, with possible results ranging from a partial or complete spin-off or a direct sale[74] with the divestment expected to raise in the region of $15 billion for one of the largest Over-the-Counter businesses in the world.[75] Reckitt Benckiser
Reckitt Benckiser
expressed interest in bidding for the division earlier in October[76] with Sanofi, Johnson & Johnson, Procter & Gamble[77] and GlaxoSmithKline
GlaxoSmithKline
also being linked with bids for the business.[78] On March 22, Reckitt Benckiser
Reckitt Benckiser
pulled out of the deal, a day later GlaxoSmithKline
GlaxoSmithKline
also pulled out. [79] Acquisition history[edit] A full list of Pfizers subsidiary holdings can be found here

Illustration of the company's mergers, acquisitions, spin-offs and historical predecessors

Pfizer

Pfizer (Founded 1849 as Charles Pfizer & Company)

Warner–Lambert

Warner–Lambert (Merged 1955)

William R. Warner (Founded 1856)

Lambert Pharmacal Company

Parke-Davis (Founded 1860, Acq 1976)

Wilkinson Sword (Acq 1993, Divested 2003)

Agouron (Acq 1999)

Pharmacia (Acq 2002)

Pharmacia & Upjohn (Merged 2000)

Pharmacia AB (Merged 1995)

Farmitalia Carlo Erba

Kabi Pharmacia

Pharmacia Aktiebolaget

The Upjohn
Upjohn
Company (Merged 1995)

Monsanto (Merged 2000)

Searle (Merged 2000)

Monsanto
Monsanto
Company (Spun off 2002)

Esperion Therapeutics (Acq 2003, Sold 2008)

Meridica (Acq 2004)

Vicuron Pharmaceuticals (Acq 2005)

Idun (Acq 2005)

Angiosyn (Acq 2005)

Powermed (Acq 2006)

Rinat (Acq 2006)

Coley Pharmaceutical Group[80] (Acq 2007)

CovX[81] (Acq 2007)

Encysive Pharmaceuticals Inc[82] (Acq 2008)

Wyeth (Acq 2009)

American Home Products

Wyeth (Acq 1931)

Chef Boyardee

S.M.A. Corporation

Ayerst Laboratories (Acq 1943)

Fort Dodge Serum Company (Acq 1945)

Bristol-Myers (Animal Health div)

Parke-Davis (Animal Health div)

A.H. Robins

Sherwood Medical (Acq 1982)

American Cyanamid (Acq 1994)

Lederle Laboratories

Solvay (Acq 1995, Animal Health div)

Genetics Institute, Inc. (Acq 1992)

King Pharmaceuticals (Acq 2010)

Monarch Pharmaceuticals, Inc.

King Pharmaceuticals
King Pharmaceuticals
Research and Development, Inc.

Meridian Medical Technologies, Inc.

Parkedale Pharmaceuticals, Inc.

King Pharmaceuticals
King Pharmaceuticals
Canada Inc.

Monarch Pharmaceuticals Ireland Limited

Synbiotics Corporation[83] (Acq 2011)

Icagen[84] (Acq 2011)

Ferrosan[85] (Consumer Health Business, Acq 2011)

Excaliard Pharmaceuticals[86] (Acq 2011)

Alacer Corp[87] (Acq 2012)

NextWave Pharmaceuticals, Inc[88] (Acq 2012)

Zoetis (Spun off 2013)

Innopharma (Acq 2014)

Redvax GmbH (Acq 2015)

Hospira (Acq 2015)

Hospira (Spun off from Abbott Laboratories, 2004)

Mayne Pharma Ltd (Acq 2007)

Pliva-Croatia

Orchid Chemicals & Pharmaceuticals Ltd. (Acq 2009, Generics & Injectables div)

Javelin Pharmaceuticals, Inc. (Acq 2010)

TheraDoc (Acq 2010)

Anacor Pharmaceuticals (Acq 2016)

Bamboo Therapeutics (Acq 2016)

Medivation (Acq 2016)

AstraZeneca (Small molecule antibiotic div, Acq 2016)

Operations[edit]

The headquarters of Pfizer
Pfizer
Japan in Tokyo

Pfizer
Pfizer
is organised into nine principal operating divisions: Primary Care, Specialty Care, Oncology, Emerging Markets, Established Products, Consumer Healthcare, Nutrition, Animal Health, and Capsugel.[89] Partnerships[edit] In May 2015, Pfizer
Pfizer
and a Bar-Ilan University
Bar-Ilan University
laboratory announced a partnership based on the development of medical DNA nanotechnology.[90] Research and development[edit] Pfizer's research and development activities are organised into two principal groups: the PharmaTherapeutics Research & Development Group, which focuses on the discovery of small molecules and related modalities; and the BioTherapeutics Research & Development Group, which focuses on large-molecule research, including vaccines.[89] In 2007, Pfizer
Pfizer
invested $8.1 billion in research and development, the largest R&D investment in the pharmaceutical industry.[91] Pfizer
Pfizer
has R&D facilities in the following locations:

Pearl River, New York Groton, Connecticut La Jolla, California
La Jolla, California
(around 1,000 staff, focused on cancer drugs);[92] South San Francisco, California Cambridge, Massachusetts St. Louis, Missouri Sandwich, United Kingdom Cambridge, United Kingdom.

In 2007, Pfizer
Pfizer
announced plans to close or sell the Loughbeg API facility, located at Loughbeg, Ringaskiddy, Cork, Ireland by mid to end of 2008. In 2007, Pfizer
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 Michigan facility, which in recent years had seen expansion worth millions of dollars.[93] On June 18, 2007, Pfizer
Pfizer
announced it would move the Animal Health Research (VMRD) division based in Sandwich, England, to Kalamazoo, Michigan.[94] On February 1, 2011, Pfizer
Pfizer
announced the closure of the Research and Development centre in Sandwich, with the loss of 2,400 jobs.[95] Pfizer
Pfizer
subsequently announced it would be maintaining a significant presence at Sandwich, with around 650 staff continuing to be based at the site.[96] On September 1, 2011, Pfizer
Pfizer
announced it had agreed to a 10-year lease of more than 180,000 square feet of research space from MIT
MIT
in a building to be constructed just north of the MIT
MIT
campus in Cambridge, Massachusetts. The space will house Pfizer's Cardiovascular, Metabolic and Endocrine Disease Research Unit and its Neuroscience Research Unit; Pfizer
Pfizer
anticipated moving into the space once it was completed in late 2013.[97] As of 2013, products in Pfizer's development pipeline included dimebon and tanezumab. In 2018, Pfizer
Pfizer
announced that it would end its work on research into treatments for Alzheimer's disease
Alzheimer's disease
and Parkinsonism (a symptom of Parkinson's disease
Parkinson's disease
and other conditions). The company stated that approximately 300 researchers would lose their jobs as a result.[98] Management[edit] The current Chief Executive Officer (CEO) and Chairman of the Board is Ian Read.[99] Products[edit] Pharmaceutical products[edit]

United States incidence of invasive pneumococcal disease before and after introduction of the 7-valent and 13-valent pneumococcal vaccines.[100]

Key current and historical Pfizer
Pfizer
products include:

Atorvastatin
Atorvastatin
(trade name Lipitor), a statin for the treatment of hypercholesterolemia. Lipitor
Lipitor
was developed by Pfizer
Pfizer
legacy company Warner-Lambert and first marketed in 1996.[101] Although atorvastatin was the fifth drug in the class of statins to be developed, clinical trials showed that atorvastatin caused a more dramatic reduction in LDL-C than the other statin drugs. From 1996 to 2012 under the trade name Lipitor, atorvastatin became the world's best-selling drug of all time, with more than $125 billion in sales over approximately 14.5 years.[102] Lipitor
Lipitor
alone "provided up to a quarter of Pfizer
Pfizer
Inc.'s annual revenue for years."[102] Prevnar
Prevnar
(13-valent conjugate pneumococcal vaccine) is a vaccine for the prevention of invasive pneumococcal infections. The introduction of the original, 7-valent version of the vaccine in 1999 led to a 75% reduction in the incidence of invasive pneumococcal infections among children under age 5 in the United States. An improved version of the vaccine, providing coverage of 13 bacterial variants, was introduced in early 2010. As of 2012 the rate of invasive infections among children under age 5 has been reduced by an additional 50%.[100] Norvasc
Norvasc
(amlodipine), an antihypertensive drug of the dihydropyridine calcium channel blocker class. Amlodipine is on the World Health Organization's List of Essential Medicines, a list of the most important medication needed in a basic health system.[103] Diflucan
Diflucan
(fluconazole), the first orally available treatment for severe fungal infections. Fluconazole
Fluconazole
is recommended as a first-line treatment in invasive candidiasis[104] and is widely used in the prophylaxis of severe fungal infections in premature infants.[105] Fluconazole
Fluconazole
is on the World Health Organization's List of Essential Medicines.[103] Zithromax
Zithromax
(azithromycin), a macrolide antibiotic that is recommended by the Infectious Disease Society of America as a first line treatment for certain cases of community-acquired pneumonia.[106] Flagyl
Flagyl
(metronidazole) is a nitroimidazole antibiotic medication used particularly for anaerobic bacteria and protozoa. It is antibacterial against anaerobic organisms, an amoebicide, and an antiprotozoal.[107] It is the drug of choice for first episodes of mild-to-moderate Clostridium difficile infection.[108] It is on the World Health Organization's List of Essential Medicines.[103]

Bottles of the antidepressant Zoloft

Zoloft
Zoloft
(sertraline), is an antidepressant of the selective serotonin reuptake inhibitor (SSRI) class. It was introduced to the market by Pfizer
Pfizer
in 1991. Sertraline is primarily prescribed for major depressive disorder in adult outpatients as well as obsessive–compulsive, panic, and social anxiety disorders in both adults and children. In 2011, it was the second-most prescribed antidepressant on the U.S. retail market, with 37 million prescriptions.[109] Lyrica
Lyrica
(pregabalin) for neuropathic pain. Sales of Lyrica
Lyrica
were $4.6 billion in 2013; the US patent on Lyrica
Lyrica
was challenged by generic manufacturers and was upheld in 2014, giving Pfizer
Pfizer
exclusivity for Lyrica
Lyrica
in the US until 2018.[110]

Xanax (alprazolam) 2 mg tri-score tablets

In addition to marketing branded pharmaceuticals, Pfizer
Pfizer
is involved in the manufacture and sale of generics. In the US it does this through its Greenstone subsidiary, which it acquired as part of the acquisition of Pharmacia.[111] Pfizer
Pfizer
also has a licensing deal in place with Aurobindo, which grants the former access to a variety of oral solid generic products.[112]

ChapStick

Promotional practices[edit] See also: List of largest pharmaceutical settlements and Franklin v. Parke-Davis Access to Wyeth
Wyeth
internal documents has revealed marketing strategies used to promote Neurontin
Neurontin
for off-label use.[113] In 1993, the U.S. Food and Drug Administration
Food and Drug Administration
(FDA) approved gabapentin (Neurontin, Pfizer) only for treatment of seizures. Warner–Lambert, which merged with Pfizer
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. 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.[114][115] A recent Cochrane review concluded that gabapentin is ineffective in migraine prophylaxis.[116] The American Academy of Neurology rates it as having unproven efficacy, while the Canadian Headache Society and the European Federation of Neurological Societies rate its use as being supported by moderate and low-quality evidence, respectively.[117] In September 2009, Pfizer
Pfizer
agreed to pay $2.3 billion to settle civil and criminal allegations that it had illegally marketed four drugs—Bextra, Geodon, Zyvox, and Lyrica—for non-approved uses; it was Pfizer's fourth such settlement in a decade.[118][119][120] The payment included $1.3 billion in criminal penalties for felony violations of the Food, Drug and Cosmetic Act, and $1 billion to settle allegations it had illegally promoted the drugs for uses that were not approved by the U.S. Food and Drug Administration
Food and Drug Administration
(FDA) and caused false claims to be submitted to Federal and State programs. The criminal fine was the largest ever assessed in the United States up to that time.[121] Pfizer
Pfizer
has entered an extensive corporate integrity agreement (CIA) with the Office of Inspector General and will be required to make substantial structural reforms within the company, and maintain the Pfizer
Pfizer
website (www.pfizer.com/pmc) to track the company's post marketing commitments. Pfizer
Pfizer
had to also put a searchable database of all payments to physicians the company had made on the Pfizer
Pfizer
website by March 31, 2010.[122] Peter Rost was vice president in charge of the endocrinology division at Pharmacia before and during its acquisition by Pfizer. During that time he raised concerns internally about kickbacks and off-label marketing of Genotropin, Pharmacia's human growth hormone drug. Pfizer reported the Pharmacia marketing practices to the FDA and Department of Justice; Rost was unaware of this and filed an FCA lawsuit against Pfizer. Pfizer
Pfizer
kept him on, but isolated him until the FCA suit was unsealed in 2005. The Justice Department declined to intervene, and Pfizer
Pfizer
fired him, and he filed a wrongful termination suit against Pfizer.[123] Pfizer
Pfizer
won a summary dismissal of the case, with the court ruling that the evidence showed Pfizer
Pfizer
had decided to fire Rost prior to learning of his whistleblower activities.[124] A "whistleblower suit" was filed in 2005 against Wyeth, which was acquired by Pfizer
Pfizer
in 2009, alleging that the company illegally marketed their drug Rapamune. Wyeth
Wyeth
is targeted in the suit for off-label marketing, targeting specific doctors and medical facilities to increase sales of Rapamune, trying to get current transplant patients to change from their current transplant drugs to Rapamune
Rapamune
and for specifically targeting African-Americans. According to the whistleblowers, Wyeth
Wyeth
also provided doctors and hospitals with kickbacks to prescribe the drug in the form of grants, donations and other money.[125][126] In 2013, the company pleaded guilty to criminal mis-branding violations under the Food, Drug and Cosmetic Act. By August 2014 it had paid $491 million in civil and criminal penalties.[127] According to Harper's Magazine
Harper's Magazine
publisher John MacArthur, Pfizer withdrew "between $400,000 and a million dollars" worth of ads from their magazine following an unflattering article on depression medication.[128] Litigation[edit] Pfizer
Pfizer
is party to a number of lawsuits stemming from its pharmaceutical products as well as the practices of various companies it has merged with or acquired.[118][119][120] Quigley Co.[edit] Pfizer
Pfizer
acquired Quigley in 1968, and the division sold asbestos-containing insulation products until the early 1970s.[129] Asbestos
Asbestos
victims and Pfizer
Pfizer
have been negotiating a settlement deal that calls for Pfizer
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
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[edit] Pfizer
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
Pfizer
for ~$200 million.[130][131] Abdullahi v. Pfizer, Inc.[edit] Main article: Abdullahi v. Pfizer, Inc. In 1996, an outbreak of measles, cholera, and bacterial meningitis occurred in Nigeria. Pfizer
Pfizer
representatives traveled to Kano, Nigeria to administer an experimental antibiotic, trovafloxacin, to approximately 200 children. Local Kano officials report that more than 50 children died in the experiment, while many others developed mental and physical deformities.[132] The nature and frequency of both fatalities and other adverse outcomes were similar to those historically found among pediatric patients treated for meningitis in sub-Saharan Africa.[133] In 2001, families of the children, as well as the governments of Kano and Nigeria, filed lawsuits regarding the treatment.[134] According to the news program Democracy Now!, "[r]esearchers did not obtain signed consent forms, and medical personnel said Pfizer
Pfizer
did not tell parents their children were getting the experimental drug."[135] The lawsuits also accuse Pfizer
Pfizer
of using the outbreak to perform unapproved human testing, as well as allegedly under-dosing a control group being treated with traditional antibiotics in order to skew the results of the trial in favor of Trovan. While the specific facts of the case remain in dispute, both Nigerian medical personnel and at least one Pfizer
Pfizer
physician have stated that the trial was conducted without regulatory approval.[136][137] In 2007, Pfizer
Pfizer
published a Statement of Defense letter.[138] The letter states that the drug's oral form was safer and easier to administer, that Trovan had been used safely in over 5000 Americans prior to the Nigerian trial, that mortality in the patients treated by Pfizer
Pfizer
was lower than that observed historically in African meningitis epidemics, and that no unusual side effects, unrelated to meningitis, were observed after 4 weeks. In June 2010, the US Supreme Court rejected Pfizer's appeal against a ruling allowing lawsuits by the Nigerian families to proceed.[139] In December 2010, WikiLeaks
WikiLeaks
released US diplomatic cables, which indicate that Pfizer
Pfizer
had hired investigators to find evidence of corruption against Nigerian attorney general Aondoakaa to persuade him to drop legal action.[140] Washington Post
Washington Post
reporter Joe Stephens, who helped break the story in 2000, called these actions "dangerously close to blackmail."[135] In response, the company has released a press statement describing the allegations as "preposterous" and stating that they acted in good faith.[141] Aondoakka, who had allegedly demanded bribes from Pfizer
Pfizer
in return for a settlement of the case,[142] was declared unfit for office and had his U.S. visa revoked in association with corruption charges in 2010.[143][144] GMO virus[edit] A scientist claims she was infected by a genetically modified virus while working for Pfizer. In her federal lawsuit she says she has been intermittently paralyzed by the Pfizer-designed virus. "McClain, of Deep River, suspects she was inadvertently exposed, through work by a former Pfizer
Pfizer
colleague in 2002 or 2003, to an engineered form of the lentivirus, a virus similar to the one that can lead to acquired immune deficiency syndrome, also known as AIDS."[145] The court found that McClain failed to demonstrate that her illness was caused by exposure to the lentivirus,[146] but also that Pfizer
Pfizer
violated whistleblower laws.[147] Blue Cross Blue Shield[edit] Health insurance company Blue Cross Blue Shield
Blue Cross Blue Shield
(BCBS) filed a lawsuit against Pfizer
Pfizer
for reportedly illegally marketing their drugs Bextra, Geodon
Geodon
and Lyrica. BCBS is reporting that Pfizer
Pfizer
used "kickbacks" and wrongly persuaded doctors to prescribe the drugs.[148][149] FiercePharma reported that "According to the suit, the drugmaker not only handed out those "misleading" materials on off-label uses, but sent doctors on Caribbean junkets and paid them $2,000 honoraria in return for their listening to lectures about Bextra. More than 5,000 healthcare professionals were entertained at meetings in Bahamas, Virgin Islands, and across the U.S., the suit alleges."[150][151] The case was settled in 2014 for $325M.[152] Brigham Young University[edit] Controversy arose over the drug "Celebrex". Brigham Young University (BYU) said that a professor of chemistry, Dr. Daniel L. Simmons, discovered an enzyme in the 1990s that would later lead towards the development of Celebrex. BYU was originally seeking 15% royalty on sales, which would equate to $9.7 billion. The court filings show that a research agreement was made with Monsanto, whose pharmaceutical business was later acquired by Pfizer, to develop a better aspirin. The enzyme that Dr. Simmons claims to have discovered would induce pain and inflammation while causing gastrointestinal problems, which Celebrex is used to reduce those issues. A battle ensued, lasting over six years, because BYU claimed that Pfizer
Pfizer
did not give him credit or compensation while Pfizer
Pfizer
claims it had met all obligations regarding the Monsanto
Monsanto
agreement. This culminated in a $450 million amicable settlement without going to trial. Pfizer
Pfizer
said it would take a $450 million charge against first quarter earnings to settle.[153] Litigation in which Pfizer
Pfizer
was not a party[edit] Pfizer
Pfizer
was discussed as part of the Kelo v. New London
Kelo v. New London
case that was decided by U.S. Supreme Court
U.S. Supreme Court
in 2005. In February 1998 Pfzer announced it would build a research facility in New London, Connecticut, and local planners, hoping to promote economic development and build on the influx of jobs the planned facility would bring to the town, created a plan that included seizing property to redevelop it under eminent domain, and local residents sued to stop the seizure. The case went to the Supreme Court, and with regard to Pfizer, the court cited a prior decision that said: "The record clearly demonstrates that the development plan was not intended to serve the interests of Pfizer, Inc., or any other private entity, but rather, to revitalize the local economy by creating temporary and permanent jobs, generating a significant increase in tax revenue, encouraging spin-off economic activities and maximizing public access to the waterfront”.[154] The Supreme Court allowed the eminent domain to proceed.[154] Pfizer
Pfizer
opened the facility in 2001 but abandoned it in 2009, angering residents of the town.[155] Environmental record[edit] Between 2002 and 2008, Pfizer
Pfizer
reduced its greenhouse emissions by 20%,[156] and committed to reducing emissions by an additional 20% by 2012. In 2012 the company was named to the Carbon Disclosure Project's Carbon Leadership Index in recognition of its efforts to reduced greenhouse gas emissions.[157] Pfizer
Pfizer
has inherited Wyeth's liabilities in the American Cyanamid
American Cyanamid
site in Bridgewater, New Jersey. This site is highly toxic and an EPA declared Superfund site. Pfizer
Pfizer
has since attempted to remediate this land in order to clean and develop it for future profits and potential public uses.[158] The Sierra Club and the Edison Wetlands Association have come out in opposition to the cleanup plan, arguing that the area is subject to flooding, which could cause pollutants to leach. The EPA considers the plan the most reasonable from considerations of safety and cost-effectiveness, arguing that an alternative plan involving trucking contaminated soil off site could expose cleanup workers. The EPA's position is backed by the environmental watchdog group CRISIS.[159] In June 2002, a chemical explosion at the Groton plant injured seven people and caused the evacuation of over 100 homes in the surrounding area.[160] Political lobbying[edit] Pfizer
Pfizer
is a leading member of the U.S. Global Leadership Coalition, a Washington D.C.-based coalition of over 400 major companies and NGOs that advocates for a larger International Affairs Budget, which funds American diplomatic, humanitarian, and development efforts abroad.[161] Pfizer
Pfizer
is one of the single largest lobbying interests in United States politics. For example, in the first 9 months of 2009 Pfizer spent over $16.3 million on lobbying US congressional lawmakers, making them the sixth largest lobbying interest in the US (following Pharmaceutical Research and Manufacturers of America (PhRMA), which ranked fourth but also represents many of their interests). A spokeswoman for Pfizer
Pfizer
said the company “wanted to make sure our voice is heard in this conversation” in regards to the company's expenditure of $25 million in 2010 to lobby health care reform.[162] According to U.S. State Department cables released by the whistleblower site WikiLeaks, Pfizer
Pfizer
"lobbied against New Zealand getting a free trade agreement with the United States because it objected to New Zealand’s restrictive drug buying rules and tried to get rid of New Zealand’s former health minister, Helen Clark, in 1990.[163] Employment and diversity[edit] Since 2004, Pfizer
Pfizer
has received a 100% rating every year on the Corporate Equality Index, released by the Human Rights Campaign Foundation. In 2012, Pfizer's Canadian division, which then employed 2,890 people, was named one of Montreal's Top 15 Employers, the only research-based pharmaceutical company to receive this honor.[164] Involvement in developing world health issues[edit] Pfizer
Pfizer
makes the anti-fungal drug fluconazole available free of charge to governmental and non-governmental organizations (NGOs) in developing countries with a greater than 1% prevalence of HIV/AIDS.[165][166][167] The company has also pledged to provide up to 740 million doses of its anti-pneumococcal vaccine at discounted rates to infants and young children in 41 developing countries in association with the GAVI Alliance.[168] In 2012, Pfizer
Pfizer
and the Gates Foundation announced a joint effort to provide affordable access to Pfizer's long-lasting injectable contraceptive, medroxyprogesterone acetate, to three million women in developing countries.[169] See also[edit]

New York City
New York City
portal Companies portal

Biotech and pharmaceutical companies in the New York metropolitan area List of pharmaceutical companies Companies of the United States with untaxed profits

References[edit]

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External links[edit]

Official website

Business data for Pfizer: Google Finance Yahoo! Finance Reuters SEC filings

v t e

Components of the Dow Jones Industrial Average

3M American Express Apple Boeing Caterpillar Chevron Cisco Systems Coca-Cola Disney DowDuPont ExxonMobil General Electric Goldman Sachs The Home Depot Intel IBM Johnson & Johnson JPMorgan Chase McDonald's Merck & Co. Microsoft Nike Pfizer Procter & Gamble Travelers UnitedHealth Group United Technologies Verizon Communications Visa Walmart

v t e

Pharmaceutical companies of the United States

Current

Abbott Laboratories Acorda Therapeutics Aderis Pharmaceuticals Advaxis Alcon Alexion Pharmaceuticals Alkermes Allergan Alnylam Amgen Avax Technologies Baxter International BioCryst Pharmaceuticals Biogen Bioverativ Biovest Biovista Bristol-Myers
Bristol-Myers
Squibb Century Pharmaceuticals Ceragenix Pharmaceuticals Combe Incorporated CytoSport CytRx Danco Laboratories Eli Lilly and Company Endo Pharmaceuticals

Par Pharmaceutical

Galena Biopharma Genentech Gilead Sciences Ionis Pharmaceuticals Institute for OneWorld Health Intercept Pharmaceuticals Johnson & Johnson

Ethicon Janssen Biotech McNeil Consumer Healthcare Ortho-McNeil Pharmaceutical

Kinetic Concepts Mallinckrodt McKesson Corporation Melinta Therapeutics (formerly Rib-X Pharmaceuticals) Melior Discovery Mentholatum Merck & Co. Myriad Genetics Northwest Biotherapeutics Norwich Pharma Services NovaBay Pharmaceuticals Ovation Pharmaceuticals Perrigo Pfizer

Hospira Searle

Pharmaceutical Product Development Prasco Laboratories Procter & Gamble Proteon Therapeutics Purdue Pharma Quark Pharmaceuticals Regeneron Repros Therapeutics RespireRx Sarepta Therapeutics Savage Laboratories Sheffield Pharmaceuticals Spectrum Pharmaceuticals Tec Laboratories Titan Pharmaceuticals Trevena Inc Upsher-Smith Laboratories Ventria Bioscience Vertex Pharmaceuticals West Pharmaceutical Services

Former

Alza Amylin Pharmaceuticals ARIAD Pharmaceuticals Biolex Bradley Pharmaceuticals CancerVax Cephalon CoTherix Covance Covidien Cubist Pharmaceuticals Cutter Laboratories DNAPrint Genomics Epix Pharmaceuticals Forest Laboratories Genta ImClone Systems ISTA Pharmaceuticals King Pharmaceuticals KV Pharmaceutical Leiner Health Products Martek Biosciences Corporation S. E. Massengill Company Miles Laboratories Naurex Nereus Pharmaceuticals Nuvelo Organon International Ortho Pharmaceutical OSI Pharmaceuticals Parke-Davis Qualitest Schering-Plough Smith, Kline & French Sterling Drug Tanox TAP Pharmaceutical Products Trubion Upjohn Verus Pharmaceuticals Vion Pharmaceuticals, Inc. ViroPharma Wyeth Zonite Products Corporation

List of pharma

.