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“A LEADER IN     We are becoming the Pfizer we are meant to be –     one that can offer healthy solutions at every stage  ...
SHIGATSE                        LHASA                                 LHAZE                                               ...
JErry Lasky          Managing Director          225 E, Grand Ave Chicago, IL 60611          T: 312 512 1313 / F: 312 512 1...
– OctopussySUMMER 2010 DEC 17- FEB 28 Tickets can be purchased online                           ...
Concept and Packaging              method T
Spring 2010                                                                  UK £7 / $15 AUD                              ...
Book CoverCharlie & The Chocolate Factory
thank you.e. tesstaylor@hotmail.comp. 0409 584 908
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  1. 1. “A LEADER IN We are becoming the Pfizer we are meant to be – one that can offer healthy solutions at every stage of life.In Pfizer’s ongoing transformation, we are challenging the conventional thinking that says a company can’t be large and global, as well as focused NEARLY ALL and entrepreneurial. We’re making fast progress in reshaping how we work, what we offer and how we can succeed in these uncertain times. KEY ACHIEVEMENTS DIMENSIONS 145 OF HUMAN MILLION DOSES OF $5.3BILLION IN SALES FROM MEDICINES AND ANIMAL MEDICINES” ZITHROMAX DONATED TO FIGHT BLINDING TRACHOMA IN ANIMAL HEALTH PRODUCT SALES $8.5 BILLION #1 IN CASH DIVIDENDS PAID CONTENTS PAGE $7.9 1 Chairman’s Report to Shareholders 4 Financial Highlights 8 Pfizer-Wyeth NUMBER 1 11 18 20 Key Medicines and Their Performance Teamwork & Collaboration Strategy CHAIRMAN’S REPORT IN PRESCRIPTION 22 Primary Care TO SHAREHOLDERS BILLION INVESTED IN R&D PHARMACEUTICAL SALES 24 24 Oncology Specialty Care To Our Owners: Pfizer continued its transformation IN 2008 TO 2009 25 Established Products in 2008 and, early in 2009, announced a major 25 Emerging Markets move to accelerate that process—an agreement to PFIZER $47 MILLION IN PUBLIC HEALTH GRANTS AWARDED 26 30 34 Research & Development Partnerships, Alliances & Acquisitions New Opportunities acquire Wyeth, America’s fifth-largest pharmaceutical company. The combined organization will be the world’s premier biopharmaceutical company: diverse, AND WYETH AGREE IN 46 COUNTRIES FROM 38 Employees flexible, a leader in nearly all dimensions of human and01 TO JOIN TOGETHER 2007 TO 2011 40 45 Board of Directors Corporate & Shareholder Information animal medicines and vaccines, and well positioned in both developed and emerging markets. Jeff Kindler Chairman of the Board and Chief Executive Officer 02 Preparing Pfizer to take this transformational step COMMITMENTS MADE – COMMITMENTS KEPT ACCELERATING INNOVATION BECOMING MORE ENTREPRENEURIAL – AND ACCOUNTABLE began with our efforts late in 2006 and in 2007 Our drive for change, however, starts with one of the oldest paths to trust and accomplishment—keeping our In this review last year, we reported on our drive to In late 2006, when I became CEO, I said that one of Pfizer’s biggest immediate challenges was to simplify to reduce the number of layers in the company, commitments. In these annual letters to you, I’ve repeated what I believe—that all Pfizer leaders, starting with open a second front in the search for new cures and an organization that had grown too complex and cumbersome. One colleague, in an e-mail to me, put it best: streamline decision-making and expand our discovery me, must be accountable for meeting the commitments we’ve made to find new sources of revenue, become vaccines. We organized the Biotherapeutics and “Get the bureaucracy out of our way. Give us the tools to do our work and the authority to make decisions. efforts. Our transformation continued in 2008 with a faster and more efficient, and build a strong pipeline of new compounds and product extensions. Action by Bioinnovation Center, which is both independent Then hold us accountable for the decisions we make.” Making Pfizer work better meant changing both the new strategic framework called “Our Path Forward” action, quarter by quarter, we are establishing Pfizer as a company that keeps promises. At the beginning of of, and interdependent with, Pfizer Global culture and the structure of our organization. In 2008 we took a dramatic step to reshape Pfizer into a more and later that year with the reorganization of the 2008, we made or reaffirmed four major commitments to you, our investors. These were: Research & Development. Just over a year into that flexible, entrepreneurial and, yes, accountable organization. We completely reorganized our global market- company into smaller, more agile business units. transformation, we are excited about the progress leading Pharmaceutical segment into customer focused business units devoted to Primary Care, Specialty Every step of the way, Pfizer colleagues have worked • To hold revenues steady, despite the deteriorating economic environment and made by both research groups, their ability to Care, Oncology, Emerging Markets and Established Products. to increase the ability of the company to deal with a the losses-of-exclusivity we faced in 2007 and 2008. collaborate as alliances are formed with other research very fast-changing business environment. We’ve titled organizations, and their potential to “supercharge” this report “Doing Things Differently” because that’s • To complete the program to achieve an absolute reduction in our adjusted total costs of our pipeline with medicines and vaccines that PFIZER AND WYETH “GET THE BUREAUCRACY exactly the approach we’re taking—challenging the at least $1.5 billion–$2 billion, on a constant currency basis, as compared with 2006. status quo of our industry and breaking away from address some of the world’s most pressing medical OUT OF OUR WAY. GIVE US • To achieve adjusted diluted earnings per share performance of at least $2.35 per share. needs.In 2008 we completed a plan that largely Pfizer’s path forward now includes an agreement to old practices that are no longer relevant in a new environment. A streamlined, more flexible, strategically • To improve R&D productivity, as measured by medicines moving into late-stage development. brings all of the discovery scientists working on a acquire Wyeth. Once this acquisition is complete, THE TOOLS TO DO OUR grounded Pfizer is now ready to create one of the Here’s how we did in meeting each of these commitments. specific therapeutic area under one roof. This sounds counterintuitive in the age of the Internet, but we Pfizer will be uniquely positioned to promote health WORK AND THE AUTHORITY most dynamic and diversified companies in the and wellness at all stages of life, and respond more global health care industry. believe that personal interaction is what energizes effectively to unmet medical needs. We will also be TO MAKE DECISIONS. THEN IMPROVING R&D PRODUCTIVITY REDUCING OUR ADJUSTED scientific inquiry. We’ve focused our discovery efforts one of the most diversified companies in the global HOLD US ACCOUNTABLE TOTAL COSTS more intently on areas where the world desperately health care industry, overcoming reliance on any We are on track to achieve the R&D objectives we needs new treatments – Alzheimer’s disease, cancer, single product. The new company will offer people FOR OUR DECISIONS.” shared with you in March 2008. These are: We completed the cost-reduction program we infections and inflammation, to name some of the a range of treatments for every stage of life – from announced in 2006 by exceeding our cost-reduction prominent therapeutic areas where we are making vitamins for prenatal care to baby formula to vaccines • 15 to 20 Phase III starts in 2008 – 2009. target. By the end of 2008, we decreased our good progress. We also created a Target Generation to readily available consumer products to therapies • 24 to 28 new molecular entities or new indications adjusted total costs by $2.8 billion, when compared Unit that will use advances in human genetics and for pain, cancer and Alzheimer’s disease. We will lead in the Phase III pipeline by the end of 2009. with 2006 costs, on a constant currency basis. We systems biology to overcome one of the biggest in nearly every dimension of biopharmaceuticals and remain absolutely committed to streamlining our hurdles in biopharmaceutical research – the attrition in almost all of the world’s major markets. Pfizer’s • 15 to 20 regulatory submissions from 2010 to 2012 of compounds at each stage of the clinical process. acquisition of Wyeth will be a transformational step business further and creating a cost structure that gives us the most flexibility during these Investing in truly cutting-edge science, in 2008 we enabled by a willingness to do things differently. We Our Phase III pipeline is the largest in our history and uncertain times. launched Pfizer Regenerative Medicines to build on look to the future with optimism and relish the work includes 12 programs focused on the high-priority the growing understanding of how stem cells work. we have yet to do to make Pfizer the world’s premier disease areas of diabetes, oncology, inflammation/ Pfizer is the first biopharmaceutical company to have biopharmaceutical company. immunology, Alzheimer’s disease, psychosis and a unit dedicated to stem cell therapeutics, one of the pain. You can learn much more about Pfizer’s ACHIEVING OUR ADJUSTED DILUTED most exciting disciplines in bioscience. current pipeline of new compounds and indications Thank you for your continued confidence in our EARNINGS PER SHARE TARGET people, our products and our plans for the future. by visiting know it’s difficult to talk about keeping our commitments in operating We were at the high end of our 2008 guidance range, performance when Pfizer’s share price hit a 10-year delivering $2.42 in adjusted diluted earnings per Sincerely, low in the first quarter of 2009. The fact that nearly all share, an improvement of 11 percent over 2007. public companies faced a crushing loss of investor confidence is of little comfort to the millions of people who hold Pfizer shares. No one in Pfizer is satisfied HOLDING REVENUES STEADY Jeff Kindler with the company’s share price. We recognize that to Chairman of the Board and Chief Executive Officer build shareholder value, we have to continue to keep Our 2008 full-year revenues were $48.3 billion, July 1, 2009 our commitments year after year. Operational success will, over time, drive up the value of the company. compared with $48.4 billion in 2007. This was in line with the guidance we gave early in 2008. We achieved this goal despite the loss of exclusivity of three large-selling medicines, Norvasc, Zyrtec/ZyrtecD and Camptosar, which accounted for $2.9 billion in 2008 revenue and $5.5 billion in revenue in 2007. We also achieved this goal despite shrinking economies in nearly all of our major markets.07 08 Annual Report Pfizer
  2. 2. SHIGATSE LHASA LHAZE GYANTSE MACHU PICCHU CUZCO SHEGAR LIMAZHANGMA PUNO CARANAVI MT EVEREST KATHMANDU You have to face it sooner or later‚ well You are reading this magazine aren’t You? that means something to both You and us‚You have to face it sooner or later‚ well You are reading this You can’t denY that irresistable craving for grand adventure!magazine aren’t You? that means something to both You and us‚You can’t denY that irresistable craving for grand adventure! world expeditions classic adventures:andes & altiplanto treK Trekking in the Andes is an exhilarating experience, after savoring the historical andworld expeditions classic adventures:the high road to lhasa cultural highlights of Cusco and the Sacred Valley of the Incas, whilst taking ourThis is our classic journey - a rugged crossing of the Tibetan Plateau linking the fabled time acclimatising, we commence our trek. For seven days we explore the Andeancity of Lhasa with Kathmandu. In the company of our Tibetan speaking guides we wilderness following trails to the soaring heights of the Cordillera Vilcabamba andinclude the cultural highlights of Lhasa including the Potala Palace, the Jokhang temple, establishing camp beneath the awesome flanks of 6220m Salcantay. This stunningthe Norbulingka plus the Drepung and Sera monasteries, with visits to Gyantse (the trail is less trodden than the busier Inca Trail and is highly regarded by past trekkers.Kumbum chorten) and Shigatse (the Tashilhunpo). A distinct highlight of the journey is The final day we join the legendary Inca Trail for the dramatic post card view of Machuour diversion to the famous Rongphu Valley to see Mount Everest’s north face from Picchu from the Sun Gate. Travelling across the Altiplano via Lake Titicaca we continuethe famous historic 1922 Base Camp - an experience shared by only a handful of into Bolivia and begin our four day trek in the spectacular Condoriri region beforetravellers each year on this remarkable journey through a once forbidden land. continuing onto the Spanish capital of La Paz to capture the cultural pulse of Bolivia.asK an expert asK an expertPhone us on 0800 7200 2365 Phone us on 0800 7200 2365Hours of operation: Hours of operation:Monday to Friday 9am-5.30pm Monday to Friday Magazine Advertisement World Expeditions
  3. 3. JErry Lasky Managing Director 225 E, Grand Ave Chicago, IL 60611 T: 312 512 1313 / F: 312 512 1314 E: W: www.urbandevelopments.com225 E, Grand Ave Chicago, IL 60611 / T: 312 512 1313F: 312 512 1314 / W: Branding and Stationery Urban Developments
  4. 4. – OctopussySUMMER 2010 DEC 17- FEB 28 Tickets can be purchased online Press Advertisement Moonlight Cinemas
  5. 5. Concept and Packaging method T
  6. 6. Spring 2010 UK £7 / $15 AUD 20 20 Cement Town / Report by Hans Loos 24 One on one with / Ben Kelly 32 A Big Breath / Florence and the Machine 38 Closet tales / Insider secrets on the box 40 Tracksuits of St Mary’s / Scorned & adored 42 The Enigma / Photographer Will Eggleston 46 AIR / Jean-Benoit Dunckel talks albums 56 Rolling Flash / The four letter stone 112 Bluey / by Kristina Soljo 60 Sound as ever / Two trashbags take stock 118 Henry Moore / by Harold David 66 Mattijs / Dutch designer Mattijs van Bergen 128 Exit / by Derek Henderson 70 Martin Grant / The house that Martin built 136 White Light / by David Manelberg 74 Can we weather the storm? / by Kion 152 Night Wanderer / by Pierre Toussaint 80 Deluge / Mia Latima creates havoc at Rics 162 Drawn / by Bec Parsons 82 Lux / Photography by Christina Seely 170 Son Media / by Derek Henderson 88 Irene Grishin Selzer / Concrete Lover 182 Section 6 / by Christopher Ferguson 96 Then / by Christopher Ferguson 193 Personals / Stories from our fave peeps 46Can we weather A Big Breath Essay: Cement Townthe storm? Florence and The man who built Report byDavid Johnston the Machine his own house Hans Loos 04 05 Magazine Layout Form
  7. 7. Book CoverCharlie & The Chocolate Factory
  8. 8. thank you.e. tesstaylor@hotmail.comp. 0409 584 908