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Pfizer Inc. (Pfizer) is a research-based, global pharmaceutical company. The Company discovers, develops, manufactures and markets prescription medicines for humans and animals. It operates in two business segments: Pharmaceutical and Animal Health. Pfizer also operates several other businesses, including the manufacture of gelatin capsules, contract manufacturing and bulk pharmaceutical chemicals. In June 2008, Pfizer completed the acquisition of all remaining outstanding shares of common stock of Encysive Pharmaceuticals, Inc. through a merger of Pfizer's wholly owned subsidiary, Explorer Acquisition Corp., with and into Encysive. In July 2009, Pfizer bought back a 29.52% stake in its Indian arm, Pfizer Limited, increasing its stake to 70.75%.In October 2009, Pfizer Inc. acquired Wyeth. In December 2009, Durata Therapeutics, Inc. acquired Vicuron Pharmaceuticals from Pfizer.

History
Pfizer was founded in 1849 as Charles Pfizer and Company, a chemicals business. Over the last century, it has aligned itself with the developing trends to become a research-based pharmaceutical company. Notably, Pfizer produced most of the penicillin used during World War II. Pfizer is now the world's largest pharmaceutical company, with over $48 billion in revenue in 2007.

In 2006, Pfizer sold its Consumer Healthcare unit to Johnson & Johnson for $16.6 billion. The sale of the Consumer Healthcare unit, which included many over-the-counter brands such as Listerine, Nicorette, Visine, Sudafed, and Neosporin, indicates Pfizer's renewed focus on pharmaceuticals.

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Business Update

In the second quarter of 2009, sales fell by 9% from a year before to $10.98 billion. Net income fell 19% from $2.78 billion to $2.26 billion.The company cited adverse foreign exchange rate movements as the main driver of the weaker numbers Sales from established products like Lipitor and Zyrtec continued to weaken, the former due to patent loss and the latter due to intense competition.

For Q3 of 2009, Pfizer reported sales of $11.6 billion, a decrease of 3% from the same quarter of the previous year. Pfizer reported decreases in revenue from all of its major segments except for specialty care products, which grew 3% and includes the products Rebif and Revatio. Notable drivers of the decreased revenues include decreased Lipitor sales, loss of European exclusivity for the cancer drug, Camptosar, and continued decreased sales among drugs that are currently facing generic competition. Despite, the decrease in sales, Pfizer reported a 26% increase in net income to $2.89 billion, which the company attained through major cost-reduction initiatives. Pfizer raised its earnings outlook to $2.00-$2.05 from $1.30-$1.45 earnings per share, largely due to its acquisition of Wyeth, which it formally completed on October 15, 2009.

On November 5, 2008, Pfizer announced it had abandoned research on "changing regulatory perspectives" on prescription diet drugs. The news came after competitor Sanofi-Aventis announced they would be abandoning research of a drug of the same class, Acomplia, due to increased regulatory concerns over major psychological side effects.

On January 16, 2009, the FDA announced that it rejected Pfizer's osteoporosis drug Fabyln. While the drug appeared to be effective, regulators were concerned of increased risks of cancer.