In the third quarter 2008 earnings teleconference, Pfizer reported increased revenues and earnings compared to the previous year. Adjusted revenues increased 2% to $12.2 billion while adjusted income and EPS grew 5% and 7% respectively. Key products such as Lyrica, Celebrex and Viagra performed well. Pfizer also exceeded its cost reduction target, achieving $1.7 billion in savings through the third quarter with a goal of $2 billion for 2008 versus 2006. Pfizer narrowed its full-year revenue and EPS guidance ranges.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
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when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
3. Forward-Looking Statements and
Non-GAAP Financial Information
Our discussions during this conference call 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
2007 Annual Report on Form 10-K and in our reports on Form
10-Q and Form 8-K.
Also, the discussions during this conference call will include
certain financial measures that were not prepared in accordance
with U.S. generally accepted accounting principles. Reconciliations
of those non-U.S. GAAP financial measures to the most directly
comparable U.S. GAAP financial measures can be found in Pfizer’s
Current Report on Form 8-K dated October 21, 2008.
These reports are available on our website at www.pfizer.com in
the quot;Investors—SEC Filingsquot; section.
3
4. Third Quarter 2008
Earnings Teleconference
Opening Remarks
Jeff Kindler
Chairman & Chief Executive Officer
5. Third Quarter 2008
Earnings Teleconference
Financial Review
Frank D’Amelio
Senior Vice President &
Chief Financial Officer
6. Third-Quarter 2008
Income Statement Highlights
($ Millions, Except Per-Share Amounts)
Third Quarter Year To Date
2008 2007 Change 2008 2007 Change
Reported Revenues $11,973 $11,990 -- $35,950 $35,548 1%
Reported Net Income 2,278 761 199% 7,838 5,420 45%
Reported Diluted EPS 0.34 0.11 209% 1.16 0.78 49%
Adjusted Revenues(1) 12,159 11,950 2% 36,030 35,414 2%
Adjusted Income(1) 4,180 3,963 5% 11,977 11,711 2%
Adjusted Diluted EPS(1) 0.62 0.58 7% 1.77 1.68 5%
Adjusted Revenues(1), Income(1) and Diluted EPS(1) Increased
On Both a Quarterly and Year to Date Basis
(1) Adjusted Income and its components and Adjusted Diluted EPS are defined as Reported Net Income and its components and
Reported Diluted EPS, excluding Purchase Accounting Adjustments, Acquisition-Related Costs, Discontinued Operations and
Certain Significant Items.
6
7. Third-Quarter 2008
Certain Significant Items
($ Millions, on a Pre-Tax Basis)
Third Quarter Year to Date
2008 2007 2008 2007
Restructuring Charges $338 $437 $1,077 $2,267
Implementation Costs 378 373 1,140 864
Total Cost-Reduction Initiatives 716 810 2,217 3,131
Exubera-Related Charges -- 2,804 -- 2,804
Litigation-Related Matters 936 35 936 61
Returns Liabilities Adjustment 217 -- 217 --
Other 162 10 246 19
Total Certain Significant Items $2,031 $3,659 $3,616 $6,015
Charges Related to Cost-Reduction Initiatives Declined;
Litigation-Related Matters and Returns Adjustment
Reduced Reported Diluted EPS
7
8. Third-Quarter 2008
Quarterly
Adjusted Income(1) Components
($ Millions, Except Per-Share Amounts)
Third Quarter
2008 2007 Change
Revenues(1) $12,159 $11,950 2%
Cost of Sales(1) 1,760 1,810 (3%)
SI&A Expenses(1) 3,429 3,638 (6%)
R&D Expenses(1) 1,769 1,730 2%
Provision for Income Taxes(1) 1,199 1,099 9%
Adjusted Income(1) $4,180 $3,963 5%
Adjusted Diluted EPS(1) $0.62 $0.58 7%
Adjusted Diluted EPS(1) Growth Primarily Related to Higher
Revenues and Lower Total Costs;
EPS Growth Outpacing Revenue Growth - Positive Leverage
(1) See Slide 6 for definition.
8
9. Third-Quarter 2008
Year-to-Date
Adjusted Income(1) Components
($ Millions, Except Per-Share Amounts)
Year to Date
2008 2007 Change
Revenues(1) $36,030 $35,414 2%
Cost of Sales(1) 5,596 5,427 3%
SI&A Expenses(1) 10,534 10,688 (1%)
R&D Expenses(1) 5,276 5,384 (2%)
Provision for Income Taxes(1) 3,274 3,271 --
Adjusted Income(1) $11,977 $11,711 2%
Adjusted Diluted EPS(1) $1.77 $1.68 5%
Adjusted Revenues(1), Income(1) and Diluted EPS(1)
Increased Year Over Year
(1) See Slide 6 for definition.
9
10. Third-Quarter 2008
Factors Impacting
Adjusted Income(1) Components
Compared with the Year-Ago Quarter
($ Millions, Except Per-Share Amounts)
Third Quarter
Adjusted(1) Operational Result(2) Fx Impact
Revenues(1) $12,159 ($412) (3%) $621 5%
Cost of Sales(1) 1,760 (128) (7%) 79 4%
SI&A Expenses(1) 3,429 (359) (10%) 151 4%
R&D Expenses(1) 1,769 28 2% 12 0%
Total 6,958 (459) (6%) 242 3%
Cost-Reduction Initiatives Generating Operational Savings;
Foreign Exchange Increased Adjusted Diluted EPS(1) by $0.05
(1) See Slide 6 for definition. (2) Operational results are defined as the change quarter over quarter in Adjusted Income and its
Components(1) less Fx impact.
10
11. Third-Quarter 2008
Cumulative Progress on
Cost-Reduction Target
Cost Reduction Achieved initial cost-reduction
Period (2006 Currency Rates) guidance in Q3
FY2007 $600 million Now expect to realize total adjusted
cost(1) reduction of at least $2.0
billion on a constant currency basis(2)
Q108 170 million
for 2008 vs. 2006
– Cost reductions were achieved more
Q208 465 million
quickly than anticipated
– Continue to look for additional
Q308 485 million opportunities to reduce cost base
Reduction even after inflation
Total $1.7 billion
and reinvestment in the business
Cumulative Absolute Cost Reduction of $1.7 Billion
(1) Adjusted Total Costs represents the total of Adjusted Cost of Sales(3), Adjusted SI&A(3) and Adjusted R&D(3).
(2) At 2006 exchange rates. (3) See slide 6 for definition.
11
12. Third-Quarter 2008
Quarterly Select Product Highlights
($ Millions)
Worldwide U.S. International
2008 Change 2008 Change 2008 Change
In-Line Products(1)
Lipitor $3,142 (1%) $1,569 (13%) $1,573 16%
Lyrica 675 45% 379 40% 296 51%
Celebrex 625 8% 450 4% 175 21%
Viagra 509 13% 236 13% 273 13%
Xalatan/Xalacom 450 12% 138 5% 312 15%
Detrol/Detrol LA 298 1% 198 (2%) 100 9%
Zyvox 281 21% 161 12% 120 35%
Geodon/Zeldox 258 13% 210 13% 48 13%
New Products(2)
Sutent 226 49% 62 4% 164 79%
Chantix/Champix 182 (24%) 96 (49%) 86 60%
LOE Products(3)
Norvasc 562 (12%) 22 (53%) 540 (9%)
Camptosar 122 (50%) (3) * 125 17%
Zyrtec/Zyrtec D 0 * 0 * – –
Key Products Continue to Perform Well;
Label Changes Continue to Impact Chantix U.S. Results
(1) Represents revenues for major pharmaceutical products not included in (2) and (3).
(2) Represents revenues for pharmaceutical products launched since 2006.
(3) Represents revenues for pharmaceutical products that lost U.S. exclusivity in 2007 and 2008.
* Calculation not meaningful. 12
13. Third-Quarter 2008
2008 Financial Guidance
Guidance(4)
$48.0 to $49.0 Billion
Revenues
(Previously $47.0 to $49.0 Billion)
Decrease of at least $2 Billion versus 2006 on a constant
currency basis (3)
(1)
Adjusted Total Costs
(Previously a decrease of at least $1.5 to $2 Billion versus
2006 on a constant currency basis (3))
Adjusted Cost of Sales(2) as a
15.0% to 15.5%
Percentage of Revenues
$14.4 to $14.7 Billion
Adjusted SI&A Expenses(2)
(Previously $14.4 to 14.9 Billion)
Adjusted R&D Expenses(2) $7.3 to $7.6 Billion
$1.61 to $1.71
Reported Diluted EPS(6)
(Previously $1.73 to $1.88)
$2.36 to $2.41
Adjusted Diluted EPS(2)
(Previously $2.35-$2.45)
Effective Tax Rate(5) 21.5% to 22.0%
Cash Flows from Operations $17.0 to $18.0 Billion
Narrowed Range for 2008 Revenue and
Adjusted Diluted EPS(2) Guidance
(1) See Slide 11 for definition. (2) See Slide 6 for definition. (3) At 2006 exchange rates. (4) Except as noted, at October 2008
exchange rates. (5) On Adjusted Income(2). (6) Excludes potential effects of business development transactions not completed
as of September 28, 2008 and of litigation-related matters not substantially resolved as of September 28, 2008.
13
14. Third-Quarter 2008
Key Takeaways
Increased lower end of 2008 revenue and adjusted diluted
EPS(1) guidance ranges
Steady growth from several key products – including Lyrica,
Celebrex, Viagra, Sutent, Xalatan, Zyvox and Geodon
Continuing to execute on our plan to reduce adjusted total
costs(2)
– Achieved $1.7 billion in adjusted total cost(2) reductions
– Now expect to realize an adjusted total cost(2) reduction of at
least $2.0 billion on a constant currency basis(2) for 2008 vs.
2006
Solid Second Quarter Results;
Substantial Progress with Cost-Reduction Initiatives;
Adjusted EPS(1) Growth Outpacing Revenue Growth
(1) See Slide 6 for definition. (2) See Slide 11 for definition.
14