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Second Quarter Earnings, In Brief

Executive Summary

Pfizer's smoke and mirrors: With all eyes on Pfizer's impending loss of exclusivity for several major brands - chiefly Lipitor - the pharma giant is sticking to its position that it can withstand the looming losses with a refueled pipeline and by extending its global reach in markets like China, Brazil, Mexico and Russia (a strategy that has not been embraced by investors). During a July 23 second quarter earnings call, CEO Jeff Kindler said the firm is still on track to move 15 to 20 projects into Phase III in 2008/2009 as part of its five-pronged growth strategy, outlined during Pfizer's March analyst day (1"The Pink Sheet," March 10, 2008, p. 3). The firm has had five Phase III starts since then. "In short, we are doing what we said we would do," he stated. "We are all about executing against those strategies," Kindler added. Wall Street isn't all about Pfizer, however, and analysts continue to be somewhat wary of the company's ability to deliver the kind of growth that can offset Lipitor revenue losses

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