asia investor meeting

Asia Investor Meeting

30 November 2007J W Marriott

Valid as of November 30, 2007

IntroductionPfizer Overview

Amal NajSVP, WW Investor Development & Strategy



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Forward-Looking Statement and Non-GAAP Financial Information

Our discussions during this meeting will include forward-looking 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 2006 Annual Report on Form 10-K and in our reports on Form 10-Q and Form 8-K.

Also, the discussions during this meeting 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 October 18, 2007 and Quarterly Report on Form 10-Q dated November 5, 2007.

These reports are available on our website at www.pfizer.com in the "Investors—SEC Filings" section.

Our discussions during this meeting will include forward-looking 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 2006 Annual Report on Form 10-K and in our reports on Form 10-Q and Form 8-K.

Also, the discussions during this meeting 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 October 18, 2007 and Quarterly Report on Form 10-Q dated November 5, 2007.

These reports are available on our website at www.pfizer.com in the "Investors—SEC Filings" section.


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Welcome to Pfizer

We Are the WorldWe Are the World’’s Leading Healthcare Company with:s Leading Healthcare Company with:

A 157-year history originating in Brooklyn, NY

Approximately $48 billion in annual sales in over 150 countries in 2006

About 90,000 colleagues worldwide

Serves over 38 million patients worldwide

The largest privately funded biomedical R&D organization –$7.6 billion in 2006

A 157-year history originating in Brooklyn, NY

Approximately $48 billion in annual sales in over 150 countries in 2006

About 90,000 colleagues worldwide

Serves over 38 million patients worldwide

The largest privately funded biomedical R&D organization –$7.6 billion in 2006


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AriceptCabaserDilantinGeodon/ZeldoxLyricaNeurontinRelpaxXanax/Xanax XRZoloft

AriceptCabaserDilantinGeodon/ZeldoxLyricaNeurontinRelpaxXanax/Xanax XRZoloft

DiflucanSelzentry/CelsentriSulperazonUnasynVfendViraceptZithromax/ZmaxZyvoxZyrtec/Zyrtec D

DiflucanSelzentry/CelsentriSulperazonUnasynVfendViraceptZithromax/ZmaxZyvoxZyrtec/Zyrtec D

GenotropinSomavertGenotropinSomavert

XalatanMacugenXalatanMacugen

EndocrineEndocrine

OncologyOncology

Infectious & Respiratory Disease

Infectious & Respiratory Disease

Cardiovascular/Metabolic

Cardiovascular/Metabolic

OphthalmologyOphthalmology

2007 Key Pharmaceutical Products by Therapeutic Area

Central Nervous System

Central Nervous System

Arthritis & PainArthritis & Pain

UrologyUrology

AromasinCamptosarEllence/PharmorubicinSutent

AromasinCamptosarEllence/PharmorubicinSutent

Accupril/AccureticCaduetCardura/Cardura XL Chantix/ChampixGlucotrol/Glucotrol XLInspraLipitorNorvasc/IstinProcardia/Procardia XLTikosyn

Accupril/AccureticCaduetCardura/Cardura XL Chantix/ChampixGlucotrol/Glucotrol XLInspraLipitorNorvasc/IstinProcardia/Procardia XLTikosyn

Detrol/Detrol LAViagraDetrol/Detrol LAViagra

Celebrex/CelebraCelebrex/CelebraValid as of November 30, 2007

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Recently Launched Products

Launched in the U.S. since 2005 Valid as of November 30, 2007

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Pharmaceutical Portfolio By 2006 Sales

$200M+

$500M+

$1B+

$12B+

$2B+

CARDURACARDURA

Source: Pfizer Inc. 2006 Pfizer Annual Report Valid as of November 30, 2007

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HorsesHorses

CatsDogsCatsDogs

Dairy CattleBeef CattleSwine

Dairy CattleBeef CattleSwine

Pfizer Animal HealthPfizer Animal Health

Not Just Pharmaceuticals…


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Industry and Pfizer Are Facing Many Challenges

Unprecedented Patent Expirations

Generic Competition

Pricing Pressures

Fewer New Drug Approvals by the FDA

Research and Development Productivity

Unprecedented Patent Expirations

Generic Competition

Pricing Pressures

Fewer New Drug Approvals by the FDA

Research and Development Productivity


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Immediate Priorities to Changewith the Industry

Maximize Our Near and Long-Term Revenues

Establish a Lower and More Flexible Cost Base

Create Smaller, More Focused and More Accountable Operating Areas

Engage More Productively with Customers, Patients, Physicians and Other Collaborators

Make Pfizer a Great Place to Work

Maximize Our Near and Long-Term Revenues

Establish a Lower and More Flexible Cost Base

Create Smaller, More Focused and More Accountable Operating Areas

Engage More Productively with Customers, Patients, Physicians and Other Collaborators

Make Pfizer a Great Place to Work


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TSRTSR

Focus on Total Shareholder Return

CostManagement

CostManagement

Revenue Growth Strategy

Revenue Growth Strategy

CultureCulture

Capital Allocation Strategy

Capital Allocation Strategy


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$0.06 $0.06$0.08

$0.09$0.11

$0.13$0.15

$0.17$0.19

$0.24

$0.29

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

(Quarterly Dividend per Share)(Quarterly Dividend per Share)

Dividend Growth

Strong Operating Cash Flow Has Supported Dividend Growth

18% CAGR Over Past Ten Years

40 Consecutive Years of Dividend Increases

21% Increase in 2007 Dividend

Strong Dividend Yield

Strong Operating Cash Flow Has Supported Dividend Growth

18% CAGR Over Past Ten Years

40 Consecutive Years of Dividend Increases

21% Increase in 2007 Dividend

Strong Dividend Yield

Amounts reflect stock splits in 1997 and 1999 Valid as of November 30, 2007

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Financial Highlights ($ Millions, Except Per-Share Amounts)($ Millions, Except Per-Share Amounts)

Results Impacted by Loss of US Exclusivity for Results Impacted by Loss of US Exclusivity for 2 Key Products and Charges Related to Exubera2 Key Products and Charges Related to Exubera

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.

3%1.63 1.68 7%0.54 0.58 Adjusted Diluted EPS1

(2%)11,935 11,711 1%3,922 3,963 Adjusted Income1

(42%)1.35 0.78 (76%)0.46 0.11 Reported Diluted EPS

(45%)9,888 5,420 (77%)3,362 761 Reported Net Income

(1%)$35,768 $35,548 (2%)$12,280 $11,990 Reported Revenues

ChangeChange2006200620072007ChangeChange2006200620072007

Nine Months (YTD)Nine Months (YTD)Third QuarterThird Quarter


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2007 Financial Guidance

3% to 5% Decline From 2006Lipitor RevenuesLipitor Revenues

$12.0 to $13.0 BillionCash Flows from OperationsCash Flows from Operations

22.0%Effective Tax RateEffective Tax Rate44

$2.10 to $2.15Adjusted Diluted EPSAdjusted Diluted EPS11

$1.01 to $1.10Reported Diluted EPSReported Diluted EPS

Approximately $7.5 BillionAdjusted R&D ExpensesAdjusted R&D Expenses11

Decrease of approx. $600 Million versus 2006 on a constant currency basis3 to approx. $15.1 Billion

Adjusted SI&A ExpensesAdjusted SI&A Expenses11

Approximately 15.5%Adjusted Cost of SalesAdjusted Cost of Sales1,1, 22

$47.5 to $48.0 BillionRevenuesRevenues

1 See Slide 13 for definition. 2 As a Percentage of Revenues3 At 2006 Exchange Rates 4 On Adjusted Income1 Valid as of November 30, 2007

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2008 Financial Guidance

1 See Slide 13 for definition. 2 At 2006 Exchange Rates 3 On Adjusted Income1

4 Represents primarily the total of Adjusted Cost of Sales1, Adjusted SI&A expenses1, and Adjusted R&D expenses1

$18.0 to $19.0 BillionCash Flows from OperationsCash Flows from Operations

22.0% to 22.5%Effective Tax RateEffective Tax Rate33

$2.31 to $2.45Adjusted Diluted EPSAdjusted Diluted EPS11

$1.75 to $1.93Reported Diluted EPSReported Diluted EPS

Reduction of at least $1.5 to $2.0 Billion from 2006 on a constant currency basis2

Adjusted Total CostsAdjusted Total Costs44

$46.5 to $48.5 BillionRevenuesRevenues


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Asian Countries Will Dominate theGlobal Economy in the Future

Asia forecast to have 3 of 5 largest global economies by 20171

Asia pharma market to reach ~$200 Billion by 20172

~2.5 Billion lower-middle income patients currently underserved in Asia3

Asia forecast to have 3 of 5 largest global economies by 20171

Asia pharma market to reach ~$200 Billion by 20172

~2.5 Billion lower-middle income patients currently underserved in Asia3

1 Nominal GDP at market exchange rates, Economist Intelligence Unit 2 IMS Prognosis 3 Economist Intelligence Unit; Euromonitor; S&P DRI; U.S. Department of Labor

India12Russia11Brazil10Spain9

Canada8Italy7

France6UK5

China4Germany3

Japan2US1

20062006GDP RankGDP Rank11

BrazilItaly

RussiaFrance

UKIndia

GermanyJapanChina

US20172017


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Pfizer Well Positioned &Investing for Growth in Asia

Strategic Highlights include:● 2005: Opened Shanghai Research Center in China

● 2005–2007: Expanded clinical research activities with nearly 80 global studies ongoing & many more planned in all phases

● 2007: – Announced $300 million investment over next 5 years in South

Korea R&D to develop drugs & medical technology alongside local research centers

– Agreement reached to co-market with Novartis hypertension combination therapy Exforge in South Korea

– Completed construction of first trigeneration power plant in Singapore to provide an environmental-friendly energy source for manufacturing processes

Strategic Highlights include:● 2005: Opened Shanghai Research Center in China

● 2005–2007: Expanded clinical research activities with nearly 80 global studies ongoing & many more planned in all phases

● 2007: – Announced $300 million investment over next 5 years in South

Korea R&D to develop drugs & medical technology alongside local research centers

– Agreement reached to co-market with Novartis hypertension combination therapy Exforge in South Korea

– Completed construction of first trigeneration power plant in Singapore to provide an environmental-friendly energy source for manufacturing processes

Pfizer Ranked #1 in Asia Pharma Market Sales Pfizer Ranked #1 in Asia Pharma Market Sales for the 12 Month Period Ended 6/2007for the 12 Month Period Ended 6/2007(1) (1)

(1) IMS Valid as of November 30, 2007

Martin MackayPresident,

Pfizer Global Research & Development

November 30, 2007

Pfizer Research & Development



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R&D Five Point Plan

Deliver the Phase II and Phase III Portfolio

Prioritize our Portfolio to Deliver the Most Value

Top-Tier Biotherapeutics Company

Raise the Bar on Productivity

Pursue Science Outside Our Walls







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R&D Footprint

CambridgeCambridgeTokyoTokyo

ShanghaiShanghaiNew YorkNew York

SingaporeSingaporeSt. LouisSt. Louis

La JollaLa Jolla

Groton/New LondonGroton/New London

SandwichSandwich

Biotherapeutic & Bioinnovation Center

San Francisco

Biotherapeutic & Bioinnovation Center

San Francisco


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R&D Therapeutic Areas

GERDLiver FibrosisIBD

GERDLiver FibrosisIBD

GastrointestinalIndications

GastrointestinalIndications

Infectious DiseaseInfectious Disease

Bacterial InfectionsFungal InfectionsHCVHIVMalariaSkin & Skin Structure Infections

Bacterial InfectionsFungal InfectionsHCVHIVMalariaSkin & Skin Structure Infections

OncologyOncology

Breast CancerColorectal CancerMelanomaLung CancerPancreatic CancerThyroid NeoplasmOther Cancers

Breast CancerColorectal CancerMelanomaLung CancerPancreatic CancerThyroid NeoplasmOther Cancers

OphthalmologyOphthalmology

Age-Related Macular DegenerationDiabetic Macular EdemaGlaucoma

Age-Related Macular DegenerationDiabetic Macular EdemaGlaucoma

InflammationInflammation

OsteoarthritisRheumatoid ArthritisTransplant Rejection

OsteoarthritisRheumatoid ArthritisTransplant Rejection

Alzheimer’s DiseaseDepressionEpilepsyGeneral Anxiety DisorderInsomniaBipolar Disorder, Manic Depressive IllnessPanic DisorderSchizophreniaSmoking Cessation

Alzheimer’s DiseaseDepressionEpilepsyGeneral Anxiety DisorderInsomniaBipolar Disorder, Manic Depressive IllnessPanic DisorderSchizophreniaSmoking Cessation

NeuroscienceNeuroscience

AsthmaCOPDAsthmaCOPD

Allergy/Respiratory

Allergy/Respiratory

Sexual HealthHot FlashesLower Urinary Track SymptomsIncontinenceOveractive BladderStress IncontinenceMixed Incontinence

Sexual HealthHot FlashesLower Urinary Track SymptomsIncontinenceOveractive BladderStress IncontinenceMixed Incontinence

Genitourinary/ Sexual Health

Genitourinary/ Sexual Health

Cardiovascular/Metabolic DiseaseCardiovascular/

Metabolic Disease

AtherosclerosisThrombosisBone HealingDiabetesHypertensionObesityOsteoporosisShort Stature/Growth

AtherosclerosisThrombosisBone HealingDiabetesHypertensionObesityOsteoporosisShort Stature/Growth

DermatologyDermatology

AlopeciaWrinklesOily skin/AcneSkin Improvement

AlopeciaWrinklesOily skin/AcneSkin Improvement

Acute PainChronic PainFibromyalgiaNeuropathic PainOsteoarthritic Pain

Acute PainChronic PainFibromyalgiaNeuropathic PainOsteoarthritic Pain

PainPain


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Global Reach & Unprecedented Scale

~400 projects in Discovery Research

~200 Development projects

~100 distinct new molecular entities

Breadth and depth of pipeline across several Therapeutic Areas

12,000 R&D colleagues around the world

2006 R&D spend of $7.6B was the largest in the industry

~400 projects in Discovery Research

~200 Development projects

~100 distinct new molecular entities

Breadth and depth of pipeline across several Therapeutic Areas

12,000 R&D colleagues around the world

2006 R&D spend of $7.6B was the largest in the industry


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Expanding the ScopeA Leader in Innovation

*Currently under development

TherapyTherapyDiseaseDiseaseMechanismMechanism

OncologyTyrosine Kinase Inhibition

HIV/AIDSCCR-5 Antagonism

Transplant Rejection, Rheumatoid ArthritisJanus Kinase 3 Inhibition

Smoking CessationNicotine Partial Agonism

Epilepsy, Neuropathic Pain, Anxiety, Sleep Disorders, Fibromyalgia

Alpha 2 Delta Blockade

Erectile Dysfunction,Pulmonary HypertensionPDE-5 Inhibition

Pain & InflammationSelective COX-2 Inhibition

CP-690,550*


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Oncology Leader

Phase 1Phase 1

Phase 3Phase 3

Phase 2Phase 2

PreclinicalPreclinical

MarketMarket

Angiogenesis InhibitorsAngiogenesis InhibitorsSignal Transduction InhibitorsSignal Transduction Inhibitors

Novel Cytotoxic AgentNovel Cytotoxic Agent

Signal Transduction InhibitorsSignal Transduction Inhibitors

Irreversible Pan-HER InhibitorIrreversible Pan-HER Inhibitor

Angiogenesis InhibitorsAngiogenesis Inhibitors

CD40 mAbCD40 mAbChk1 InhibitorChk1 InhibitorC-Met InhibitorC-Met Inhibitor

PARP InhibitorPARP InhibitorMulti-RTK InhibitorMulti-RTK Inhibitor

Anti-IGF-1R mAbAnti-IGF-1R mAb

Anti - CTLA4 mAbAnti - CTLA4 mAb

VEGFR InhibitorVEGFR InhibitorMTK InhibitorMTK Inhibitor

Discovery: >30 Individual Targets Undergoing InvestigationDiscovery: >30 Individual Targets Undergoing Investigation

CDK4 InhibitorCDK4 Inhibitor

TLR-9TLR-9


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SutentSutent

AxitinibAxitinib

CPCP--675206675206

NSCLC, Breast, and ColorectalNSCLC, Breast, and Colorectal

Thyroid and Pancreatic CancerThyroid and Pancreatic Cancer

MelanomaMelanoma

Multiple Tyrosine Kinase InhibitorMultiple Tyrosine Kinase Inhibitor

VEGFR Tyrosine Kinase InhibitorVEGFR Tyrosine Kinase Inhibitor

CTLA4 Receptor AntagonistCTLA4 Receptor Antagonist

Phase 3 ProgramsBuilding Momentum in Oncology

CompoundCompound IndicationsIndications MechanismMechanism


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Examples of Our Rich Portfolio of Phase 2 Candidates

CP-690550

CP-751871

PF-4383119

PF-3187207

PD-200390

CP-690550

CP-751871

PF-4383119

PF-3187207

PD-200390

RA and Transplant

Lung Cancer, Genitourinary, and Breast Cancer

Pain

Glaucoma

Insomnia

RA and Transplant

Lung Cancer, Genitourinary, and Breast Cancer

Pain

Glaucoma

Insomnia

CompoundCompound IndicationsIndications


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Expanding the Scope of R&D

(interferon beta-1a) (dalteparin sodium injection)(pegvisomant for

injection)

MCSF mAbMCSF mAb

MAdCAM mAbMAdCAM mAb

IGF1R mAbIGF1R mAbPEG-hGHPEG-hGH

CD40 mAbCD40 mAb

CTLA4 mAbCTLA4 mAbETC-216ETC-216

St. Louis Biotherapeutics Center of Excellence St. Louis Biotherapeutics Center of Excellence

Staffed with ~250 ExpertsStaffed with ~250 Experts

RN624RN624RN1219RN1219

San Francisco Biotherapeutics & BioInnovation Center of ExcellenSan Francisco Biotherapeutics & BioInnovation Center of Excellence ce

Staffed with >100 ExpertsStaffed with >100 Experts

Increasing Our Focus in BiotherapeuticsIncreasing Our Focus in Biotherapeutics


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Expanding Science Outside Our Walls

Biotherapeutics & Bioinnovation Center

Bristol-Myers Squibb● Apixiban● WW collaboration to research, develop and commercialize

DGAT-1 inhibitors

Scripps Research Institute● Advance scientific knowledge of uncured diseases and novel

ways to treat them

Pfizer External Research Network – The Pfizer Incubator● Gain rapid, broader access to science underlying disease and to

enabling technologies

Foundation for National Institutes of Health● GAIN (Genetic Association Information Network) program

Biotherapeutics & Bioinnovation Center

Bristol-Myers Squibb● Apixiban● WW collaboration to research, develop and commercialize

DGAT-1 inhibitors

Scripps Research Institute● Advance scientific knowledge of uncured diseases and novel

ways to treat them

Pfizer External Research Network – The Pfizer Incubator● Gain rapid, broader access to science underlying disease and to

enabling technologies

Foundation for National Institutes of Health● GAIN (Genetic Association Information Network) program


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China R&D Center (CRDC)

Newest R&D facility

Located in the renowned Zhangjiang High Tech Park, Shanghai, China

Support Pfizer’s growth in China and other Asian countries through close alignment across Research, Development & Commercial

Newest R&D facility

Located in the renowned Zhangjiang High Tech Park, Shanghai, China

Support Pfizer’s growth in China and other Asian countries through close alignment across Research, Development & Commercial


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Clinical Research Unit – Singapore

One of three Pfizer Phase 1 Units

Relocated to state-of-the-art facility in Raffles Hospital – June 2007● 3,000 square meters – largest

clinical research facility● Participates in many global programs● 54 volunteer beds● Staff of 70

Harmonized to Global SOPs/Guidance

Ability to relay real-time data to Pfizer labs around the world

One of three Pfizer Phase 1 Units

Relocated to state-of-the-art facility in Raffles Hospital – June 2007● 3,000 square meters – largest

clinical research facility● Participates in many global programs● 54 volunteer beds● Staff of 70

Harmonized to Global SOPs/Guidance

Ability to relay real-time data to Pfizer labs around the world


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DJ (Development Japan), Tokyo

Full capacity development organization

Co-located with Pfizer Japan Headquarters

385 staff including clinical, development operations, regulatory, CMC

Organized for maximum synergy with global programs to support simultaneous approvals

Full capacity development organization

Co-located with Pfizer Japan Headquarters

385 staff including clinical, development operations, regulatory, CMC

Organized for maximum synergy with global programs to support simultaneous approvals


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Five Point Plan












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