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Pfizer Reports Third-Quarter 2013 Results


Attachment:

  Pfizer Reports Third-Quarter 2013 Results

  * Third-Quarter 2013 Reported Revenues^(1) of $12.6 Billion
  * Third-Quarter 2013 Adjusted Diluted EPS^(2) of $0.58 and Reported Diluted
    EPS^(1) of $0.39
  * Repurchased $3.8 Billion and $13.1 Billion of Common Stock in
    Third-Quarter and to Date in 2013, Respectively
  * Narrowed Ranges for Certain 2013 ^ Financial Guidance Components

Business Wire

NEW YORK -- October 29, 2013

Pfizer Inc. (NYSE: PFE) reported financial results for third-quarter 2013. As
a result of the full disposition of Zoetis^(3) on June ^ 24, 2013, the
financial results of the Animal Health business are reported as a discontinued
operation  in the condensed consolidated statements of income for year-to-date
2013, and third-quarter and year-to-date 2012. Results and guidance are
summarized below.

OVERALL                                                
RESULTS
($ in                                                
millions,
except             Third-Quarter                      Year-to-Date

per share          2013       2012       Change       2013       2012       Change
amounts)
Reported           $          $          (2%)         $          $          (7%)
Revenues^(1)       12,643     12,953                  38,026     40,766
Adjusted           3,859      3,754      3%           11,602     12,358     (6%)
Income^(2)
Adjusted
Diluted            0.58       0.50       16%          1.65       1.64       1%
EPS^(2)
Reported Net       2,590      3,208      (19%)        19,435     8,255      *
Income^(1)
Reported
Diluted            0.39       0.43       (9%)         2.77       1.09       *
EPS^(1)
 
* Calculation not meaningful.
 

BUSINESS UNIT^(4) REVENUES
($ in millions)             Third-Quarter                               Year-to-Date

Favorable/(Unfavorable)                           % Change                                    % Change
                            2013       2012                             2013       2012
                                                  Total     Oper.                             Total     Oper.
Specialty Care              $          $          (2%)      (1%)        $          $          (6%)      (4%)
                            3,349      3,406                            9,891      10,483
Primary Care                3,259      3,610      (10%)     (8%)        9,830      11,725     (16%)     (14%)
Emerging Markets            2,431      2,389      2%        5%          7,466      7,308      2%        5%
Established Products        2,296      2,383      (4%)      (1%)        7,033      7,865      (11%)     (8%)
Consumer Healthcare         788        780        1%        1%          2,399      2,276      5%        5%
Oncology                    407        329        24%       26%         1,178      940        25%       28%
Other^(5)                   113        56         *         *           229        169        36%       36%
Total                       $          $          (2%)      --          $          $          (7%)      (5%)
                            12,643     12,953                           38,026     40,766
 
* Calculation not meaningful.
 

SELECTED ADJUSTED COSTS AND EXPENSES^(2)
($ in millions)             Third-Quarter                             Year-to-Date

(Favorable)/Unfavorable                         % Change                                    % Change
                            2013      2012                            2013       2012
                                                Total     Oper.                             Total     Oper.
                                                                                                     
Cost of Sales^(2)           $         $         (2%)      2%          $          $          (3%)      1%
                            2,178     2,213                           6,601      6,806
Percent of Revenues^(2)     17.3%     17.1%     N/A       N/A         17.4%      16.7%      N/A       N/A
SI&A Expenses^(2)           3,351     3,441     (3%)      (1%)        10,079     10,753     (6%)      (5%)
R&D Expenses^(2)            1,625     1,841     (12%)     (12%)       4,764      5,074      (6%)      (6%)
Total                       $         $         (5%)      (3%)        $          $          (5%)      (3%)
                            7,154     7,495                           21,444     22,633
                                                                                                       
Effective Tax Rate^(2)      27.6%     28.0%                           27.4%      28.4%
 
 

2013 FINANCIAL GUIDANCE^(6)
The ranges for certain components of the financial guidance have been narrowed
as set forth below.
                                                    
                                                   $50.8 to $51.8 billion
Adjusted Revenues^(2)                             
                                                   (previously $50.8 to $52.8
                                                   billion)
Adjusted Cost of Sales^(2) as a Percentage         18.0% to 18.5%
of Adjusted Revenues^(2)                          
                                                   (previously 18.0% to 19.0%)
                                                   $14.2 to $14.7 billion
Adjusted SI&A Expenses^(2)                        
                                                   (previously $14.2 to $15.2
                                                   billion)
                                                   $6.3 to $6.6 billion
Adjusted R&D Expenses^(2)                         
                                                   (previously $6.1 to $6.6
                                                   billion)
                                                   Approximately $400 million
Adjusted Other (Income)/Deductions^(2)            
                                                   (previously approximately
                                                   $800 million)
Effective Tax Rate on Adjusted Income^(2)          Approximately 28.0%
                                                   $3.05 to $3.15
Reported Diluted EPS^(1)                          
                                                   (previously $3.07 to $3.22)
                                                   $2.15 to $2.20
Adjusted Diluted EPS^(2)                          
                                                   (previously $2.10 to $2.20)
                                                  

EXECUTIVE COMMENTARY

Ian Read, Chairman and Chief Executive Officer, stated, “Overall, I am very
pleased with our continued and steady progress, on many fronts, to drive
greater value for our shareholders. We continue to generate solid financial
results on an operational basis, despite the impact of product losses of
exclusivity and the ongoing expiration of the Spiriva collaboration in certain
countries as well as the challenging operating environment. Within our
innovative businesses, during third-quarter 2013, revenues from our Oncology
business increased 26% operationally due to the continued strong performance
of new products, primarily Inlyta and Xalkori in several major markets. In
addition, other key patent-protected products performed well operationally,
notably Lyrica, which grew 11%, and Celebrex, which grew 13%. With regard to
recently launched products, Eliquis prescription trends continue to improve,
and we recently began our direct-to-consumer campaign in the U.S.; in
addition, Xeljanz continues to perform in line with our expectations.”

“Over the next several months, we expect to report key clinical data read-outs
that will more clearly characterize the strength of our late-stage pipeline.
These data read-outs will be across a broad range of both additional
indications for currently marketed products and novel compounds, including
Prevnar 13 in adults, Xeljanz (psoriasis), dacomitinib, palbociclib, and the
staphylococcus aureus vaccine, among others. In addition, we have just
initiated a phase 3 program for bococizumab (RN316), our PCSK9 inhibitor for
LDL cholesterol reduction, and are initiating a phase 3 program with our
collaboration partner Merck for ertugliflozin, our SGLT2 inhibitor for the
treatment of type 2 diabetes. We also plan to begin a phase 3 program for our
biosimilar of Herceptin for metastatic breast cancer in the next few months.
In addition, we are planning to continue development of tanezumab for the
treatment of osteoarthritis, chronic low back pain and cancer pain, and have
just entered into a collaboration agreement with Eli Lilly & Company to
jointly develop and globally commercialize tanezumab,” Mr. Read concluded.

Frank D’Amelio, Chief Financial Officer, stated, “For the first nine months of
2013, our financial performance has been in line with our expectations. Given
these results and our continued confidence in the business, we are narrowing
the ranges for certain components of our 2013 financial guidance. Also, with
our continued strong operating cash flow and proceeds generated from the
separations of our Nutrition and Animal Health businesses, we continue to
expect to repurchase in the mid-teens of billions of dollars of our common
stock this year, with $13.1 billion repurchased through October 28.
Additionally, we will pay approximately $6.5 billion in dividends.”

QUARTERLY FINANCIAL HIGHLIGHTS (Third-Quarter 2013 vs. Third-Quarter 2012)

  * Reported revenues^(1) decreased $310 million, or 2%, which reflects an
    operational decline of $38 million, or less than 1%, and the unfavorable
    impact of foreign exchange of $272 million, or 2%. The operational
    decrease was primarily the result of the continued erosion for branded
    Lipitor in the U.S., developed Europe and certain other markets.
    Additionally, revenues were negatively impacted by other product losses of
    exclusivity, the ongoing expiration of the Spiriva collaboration in
    certain countries, decreased government purchases of Prevnar and Enbrel in
    certain emerging markets, and various other events. Revenues were
    positively impacted by the overall growth of Lyrica, Enbrel, Inlyta and
    Xalkori, as well as Celebrex and Xeljanz in the U.S. In addition, reported
    revenues^(1) included $67 million from the transitional manufacturing and
    supply agreements with Zoetis^(3).
  * Business unit revenues were impacted by the following:

       * Specialty Care: Revenues declined 1% operationally, primarily due to
         the shift in the reporting of Geodon and Revatio revenues in the U.S.
         and Xalabrands revenues in developed Europe and Australia to the
         Established Products unit beginning January 1, 2013, which was
         largely offset by the growth of Enbrel, as well as Prevnar and
         Xeljanz in the U.S.
       * Primary Care: Revenues decreased 8% operationally, primarily due to
         the shift in the reporting of Lipitor revenues in developed Europe
         and Australia to the Established Products unit beginning January 1,
         2013, as well as certain other product losses of exclusivity in
         various markets, including Viagra in most major markets in Europe in
         June 2013 and Lyrica in Canada in February 2013, and the termination
         of the co-promotion agreement for Aricept in Japan in December 2012.
         Additionally, in the U.S. and certain European countries, the
         co-promotion collaboration for Spiriva is in its final year, which,
         per the terms of the collaboration agreement, has resulted in a
         decline in Pfizer’s share of Spiriva revenues; and in Australia,
         Canada and certain other European countries, the Spiriva
         collaboration has terminated. These declines were partially offset by
         the strong performance of Celebrex, Chantix, EpiPen, Premarin and
         Pristiq in the U.S. as well as Lyrica.
       * Emerging Markets: Revenues grew 5% operationally, primarily due to
         volume growth in China, most notably Lipitor, which was partially
         offset by the impact of the transfer of certain product rights to the
         Pfizer-Hisun joint venture in first-quarter 2013. Revenues were also
         negatively impacted by decreased government purchases of Prevnar and
         Enbrel, as well as government cost-containment measures, in certain
         other emerging markets. Full-year 2013 operational revenue growth in
         emerging markets is expected to be a mid-single-digit percentage.
       * Established Products: Revenues decreased 1% operationally. This
         performance was driven by the benefit of revenues from products in
         certain markets that were shifted to the Established Products unit
         from other business units beginning January 1, 2013, including
         Lipitor in developed Europe and Australia, as well as the
         contribution from the collaboration with Mylan Inc. to market generic
         drugs in Japan. Revenues were unfavorably impacted by the continued
         erosion of branded Lipitor in the U.S. and Japan.
       * Consumer Healthcare: Revenues increased 1% operationally, primarily
         due to strong international growth for Centrum as a result of several
         recent product launches and increased promotional activities in key
         markets, as well as growth of Emergen-C in the U.S. due to expanded
         distribution and promotional activities. This growth was partially
         offset by declines in sales of respiratory and other products in
         certain international markets due to unfavorable seasonal conditions
         compared with the year-ago quarter.
       * Oncology: Revenues increased 26% operationally, driven by the
         continued solid uptake of new products, most notably Inlyta and
         Xalkori in several major markets. Inlyta’s market share continues to
         increase as patient feedback has been positive both in terms of
         efficacy and tolerability, and as pricing and reimbursement are being
         granted in developed Europe. Xalkori prescriptions and new patient
         starts also continue to increase, driven by initiatives established
         to improve molecular testing and identify the appropriate patients
         for this medicine.

  * Adjusted cost of sales, adjusted SI&A expenses and adjusted R&D
    expenses^(2) in the aggregate decreased $341 million, or 5%, primarily
    reflecting the benefits of cost-reduction and productivity initiatives,
    the non-recurrence of the $250 million payment included in adjusted R&D
    expenses^(2) in the year-ago quarter to obtain the exclusive global
    over-the-counter rights to Nexium, and the favorable impact of foreign
    exchange, partially offset by adjusted SI&A expenses^(2) to support
    several new product launches. The increase in Adjusted cost of sales^(2)
    on an operational basis compared with the same period last year reflects a
    shift in product mix.
  * The effective tax rate on adjusted income^(2) declined 0.4 percentage
    point to 27.6% from 28.0%. This decline was primarily due to the
    jurisdictional mix of earnings and the extension of the U.S. research and
    development tax credit that was signed into law in January 2013, partially
    offset by the non-recurrence of favorable audit settlements with foreign
    jurisdictions for multiple years in the year-ago quarter.
  * The diluted weighted-average shares outstanding declined by approximately
    852 million shares, due to the company’s ongoing share repurchase program
    and the first full-quarter impact of the Zoetis^(3) exchange offer, which
    was completed on June 24, 2013.
  * In addition to the aforementioned factors, third-quarter 2013 reported
    earnings were favorably impacted by lower charges related to legal
    matters, lower acquisition-related costs and lower purchase accounting
    adjustments. Reported earnings were unfavorably impacted by an increased
    effective tax rate, increased asset impairments and other related charges
    as well as the non-recurrence of the income from discontinued operations
    attributable to the company’s Animal Health and Nutrition businesses in
    the year-ago quarter. The effective tax rate on reported income^(1)
    increased in third-quarter 2013 in comparison with the year-ago quarter
    primarily due to the non-recurrence of favorable settlements in the
    year-ago quarter with the U.S. Internal Revenue Service, as well as
    foreign jurisdictions, related to audits for multiple tax years.

RECENT NOTABLE DEVELOPMENTS

Product Developments

  * Prevnar

       * Pfizer announced the completion of pneumonia case accrual in the
         Community-Acquired Pneumonia Immunization Trial in Adults (CAPiTA) 65
         years of age and older, which was designed to evaluate whether
         Prevnar 13 is effective in preventing community-acquired pneumonia
         caused by the 13 pneumococcal serotypes included in the vaccine. The
         top-line results are expected to be reported in early 2014.
       * The European Commission (EC) approved Prevnar 13 for an expanded
         indication to include adults aged 18 to 49 years for active
         immunization for the prevention of invasive disease caused by
         vaccine-type Streptococcus pneumoniae. The EC is the first regulatory
         authority to approve Prevnar 13 to offer protection against invasive
         disease at all stages of life.

  * Xeljanz

       * The phase 3 Xeljanz psoriasis program continues to progress. The
         top-line results were announced from the first two (OPT Compare and
         OPT Retreatment) of five phase 3 clinical trials in adults with
         moderate-to-severe chronic plaque psoriasis. In OPT Compare, Xeljanz
         met the primary endpoint of non-inferiority to high-dose Enbrel at
         the 10 mg twice-daily (BID) dose, but did not at the 5 mg BID dose.
         In OPT Retreatment, Xeljanz met the primary efficacy endpoints at the
         5 and 10 mg BID doses by demonstrating that a greater proportion of
         patients continuing Xeljanz treatment maintained their response
         during the treatment-withdrawal phase compared to patients who
         switched to placebo. Additionally, among patients who lost an
         adequate response, many were able to recapture their response upon
         retreatment with Xeljanz. No new safety signals were observed in
         these two studies.
       * The Committee for Medicinal Products for Human Use (CHMP) of the
         European Medicines Agency (EMA) confirmed its prior negative opinion
         for Xeljanz for the treatment of adult patients with
         moderate-to-severe active RA. The company is currently evaluating the
         feedback from the CHMP, will determine next steps to resubmit a
         Marketing Authorization Application to the EMA and anticipates that
         this will result in a several-year delay.

  * Eliquis -- The U.S. Food and Drug Administration (FDA) accepted for review
    a supplemental new drug application for Eliquis for the prophylaxis of
    deep vein thrombosis, which may lead to pulmonary embolism, in adult
    patients who have undergone hip or knee replacement surgery. The PDUFA
    date for a decision by the FDA is March 15, 2014.
  * Duavee -- The FDA has approved Duavee (0.45 mg/20 mg tablets), a novel
    therapy for women with a uterus, for the treatment of moderate-to-severe
    vasomotor symptoms associated with menopause and the prevention of
    postmenopausal osteoporosis. Duavee is expected to be available in the
    U.S. in first-quarter 2014.

Pipeline Developments

  * Palbociclib -- A phase 3 trial (Study 1023, PALOMA-3) in advanced
    recurrent breast cancer recently began enrolling patients. This is a
    randomized global study that will evaluate palbociclib in combination with
    fulvestrant versus placebo plus fulvestrant in prolonging
    investigator-assessed, progression-free survival in women with hormone
    receptor positive (HR+), human epidermal growth factor receptor 2 negative
    (HER2-) advanced breast cancer whose disease has progressed after prior
    endocrine therapy.
  * Bococizumab (RN316) --  The phase 3 program was initiated for the
    PCSK9 monoclonal antibody to lower LDL cholesterol. This is a global
    program in more than 22,000 patients, which includes multiple
    lipid-lowering studies as well as two cardiovascular outcomes studies.
    This program includes the broadest range of high-risk patients including a
    focus on patients in greatest need of LDL-lowering.
  * Ertugliflozin --  Pfizer in  collaboration with Merck is initiating a
    phase 3 program for the SGLT2 inhibitor for the treatment of type 2
    diabetes.
  * Tanezumab --  Pfizer is planning to continue development of tanezumab for
    the treatment of osteoarthritis, chronic low back pain and cancer pain,
    and has just entered into a collaboration agreement with Eli Lilly &
    Company to jointly develop and globally commericialize tanezumab, which
    provides that Pfizer and Lilly will equally share product development
    expenses as well as potential revenues and certain product-related costs.
    The tanezumab program currently is subject to a partial clinical hold by
    the FDA pending submission of nonclinical data to the FDA. Pfizer
    anticipates submitting that data in the first half of 2014. Under the
    agreement with Lilly, Pfizer is eligible to receive certain payments from
    Lilly upon the achievement of specified clinical, regulatory and
    commercial milestones, including an upfront payment that is contingent
    upon the parties continuing in the collaboration after receipt of the
    FDA’s response to the submission of the nonclinical data. Both Pfizer and
    Lilly have the right to terminate the agreement under certain conditions.

Other Developments

  * Pfizer announced plans to internally separate its commercial operations
    into three businesses, which will be called the Global Innovative
    Pharmaceutical business, the Global Vaccines, Oncology and Consumer
    Healthcare business, and the Global Established Pharmaceutical business.
    Each of the three businesses will include developed markets and emerging
    markets. In most countries, the changes will be implemented in fiscal
    2014. Beginning with first-quarter 2014 financial results, the company
    will provide greater financial transparency for each of these three
    businesses, which will include a 2014 baseline management view of profit
    and loss for each business.

For additional details, see the attached financial schedules, product revenue
tables and disclosure notice.

      “Reported Revenues” is defined as revenues in accordance with U.S.
      generally accepted accounting principles (GAAP). “Reported Net Income”
(1)   is defined as net income attributable to Pfizer Inc. in accordance with
      U.S. GAAP. “Reported Diluted EPS” is defined as reported diluted EPS
      attributable to Pfizer Inc. common shareholders in accordance with U.S.
      GAAP.
       
      “Adjusted Income” and its components and “Adjusted Diluted Earnings Per
      Share (EPS)” are defined as reported U.S. GAAP net income^(1) and its
      components and reported diluted EPS^(1) excluding purchase accounting
      adjustments, acquisition-related costs, discontinued operations and
      certain significant items. Adjusted Revenues, Adjusted Cost of Sales,
      Adjusted Selling, Informational and Administrative (SI&A) expenses,
      Adjusted Research and Development (R&D) expenses and Adjusted Other
      (Income)/Deductions are income statement line items prepared on the same
      basis, and, therefore, components of the overall adjusted income
      measure. As described under Adjusted Income in the Management’s
      Discussion and Analysis of Financial Condition and Results of Operations
(2)   section of Pfizer’s Quarterly Report on Form 10-Q for the fiscal quarter
      ended June 30, 2013, management uses adjusted income, among other
      factors, to set performance goals and to measure the performance of the
      overall company. We believe that investors’ understanding of our
      performance is enhanced by disclosing this measure. See the accompanying
      reconciliations of certain GAAP reported to non-GAAP adjusted
      information for the third quarter and first nine months of 2013 and
      2012, as well as reconciliations of full-year 2013 guidance for adjusted
      income and adjusted diluted EPS to full-year 2013 guidance for reported
      net income^(1) and reported diluted EPS^(1). The adjusted income and its
      components and adjusted diluted EPS measures are not, and should not be
      viewed as, substitutes for U.S. GAAP net income and its components and
      diluted EPS.
       
      On June 24, 2013, Pfizer completed the full disposition of Zoetis, Inc.
      (Zoetis) and, as a result, Pfizer reports the financial results of its
(3)   Animal Health business as a discontinued operation in the condensed
      consolidated statements of income for year-to date 2013, and
      third-quarter and year-to-date 2012.
       
      For a description of the revenues in each business unit, see Note 13 to
(4)   Pfizer’s condensed consolidated financial statements included in
      Pfizer’s Quarterly Report on Form 10-Q for the fiscal quarter ended June
      30, 2013.
       
      Other represents revenues generated from Pfizer CentreSource, Pfizer’s
(5)   contract manufacturing and bulk pharmaceutical chemical sales
      organization, and includes, in 2013, revenues related to our
      transitional manufacturing and supply agreements with Zoetis^(3).
       
(6)   The 2013 financial guidance reflects the following:

  * The financial results of the Animal Health business from January 1, 2013
    to June 24, 2013, as well as the gain on disposal of Zoetis^(3), are
    presented as a discontinued operation. As a result, they have been
    excluded from all components of the financial guidance except Reported Net
    Income^(1) and Reported Diluted EPS^(1). Reported Net Income^(1) and
    Reported Diluted EPS^(1) guidance includes the gain on disposal of
    Zoetis^(3), as well as the financial results of the Animal Health business
    as follows:

       * January 1, 2013 to February 6, 2013: 100% of Zoetis^(3) financial
         results are included
       * February 7, 2013 to June 24, 2013: 80.2% of Zoetis^(3) financial
         results are included; 19.8% of Zoetis^(3) financial results are
         excluded, as this interest in Zoetis^(3) was no longer owned by
         Pfizer
       * June 24, 2013 through December 31, 2013: no actual or projected
         financial results of Zoetis^(3) are included

   In addition, revenues and cost of sales from the transitional manufacturing
and supply agreements with Zoetis^(3) have been excluded from the applicable
Adjusted components of the financial guidance.

  * The weighted-average shares outstanding used in the computation of
    Adjusted^(2) and Reported^(1) Diluted EPS guidance reflects the reduction
    in shares of Pfizer’s outstanding common stock as a result of the
    Zoetis^(3) exchange offer. Since this reduction occurred on June 24, 2013,
    Adjusted^(2) and Reported^(1) Diluted EPS guidance reflects only a
    partial-year benefit.
  * Reported Diluted EPS^(1) guidance includes the income from a litigation
    settlement with Teva Pharmaceutical Industries Ltd. and Sun Pharmaceutical
    Industries Ltd. for patent-infringement damages resulting from their
    “at-risk” launches of generic Protonix in the U.S.
  * Does not assume the completion of any business development
    transactions not completed as of September 29, 2013, including any
    one-time upfront payments associated with such transactions.
  * Excludes the potential effects of the resolution of litigation-related
    matters not substantially resolved as of September 29, 2013.
  * Exchange rates assumed are a blend of the actual exchange rates in effect
    through September 29, 2013 and the mid-October 2013 exchange rates for the
    remainder of the year.
  * Reconciliation of the 2013 Adjusted Income^(2) and Adjusted Diluted
    EPS^(2) guidance to the 2013 Reported Net Income Attributable to Pfizer
    Inc. and Reported Diluted EPS Attributable to Pfizer Inc. common
    shareholders guidance:

            ($ in billions, except per share     
            amounts)
            Income/(Expense)                      Net Income       Diluted EPS
            Adjusted income/diluted EPS^(2)       $14.8 -          $2.15 -
            guidance                              $15.2            $2.20
            Purchase accounting impacts of
            transactions completed as of          (3.3)            (0.49)
            September 29, 2013
            Acquisition-related costs             (0.4 -           (0.06 -
                                                  0.5)             0.07)
            Non-acquisition-related               (0.6 -           (0.09 -
            restructuring costs                   0.8)             0.13)
            Certain other items incurred          0.3              0.04
            through September 29, 2013
            Discontinued ^ operations             10.7             1.55
            Reported net income attributable      $21.2 -          $3.05 -
            to Pfizer Inc./diluted EPS^(1)        $21.9            $3.15
            guidance
                                                                    

PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME^(1)
(UNAUDITED)
(millions, except per common share data)
                                                                                            
                               Third-Quarter             % Incr.   Nine Months               % Incr.
                                                         /                                   /
                               2013         2012         (Decr.)   2013         2012         (Decr.)
Revenues                       $ 12,643     $ 12,953     (2)       $ 38,026     $ 40,766     (7)
Costs and expenses:
Cost of sales^(2)                2,287        2,309      (1)         6,792        7,068      (4)
Selling, informational and       3,395        3,491      (3)         10,203       10,834     (6)
administrative expenses^(2)
Research and development         1,627        1,887      (14)        4,867        5,461      (11)
expenses^(2)
Amortization of intangible       1,117        1,211      (8)         3,476        3,889      (11)
assets^(3)
Restructuring charges and
certain acquisition-related      233          312        (25)        547          1,085      (50)
costs
Other                            411          937        (56)        (514   )     3,264      *
(income)/deductions––net^(4)
Income from continuing
operations before provision
for taxes on income              3,573        2,806      27          12,655       9,165      38
Provision/(benefit) for          985          (183   )   *           3,876        1,622      *
taxes on income^(5)
Income from continuing           2,588        2,989      (13)        8,779        7,543      16
operations
Discontinued operations––net     11           225        (95)        10,719       734        *
of tax
Net income before allocation     2,599        3,214      (19)        19,498       8,277      *
to noncontrolling interests
Less: Net income
attributable to                  9            6          50          63           22         *
noncontrolling interests
Net income attributable to     $ 2,590      $ 3,208      (19)      $ 19,435     $ 8,255      *
Pfizer Inc.
Earnings per common
share––basic:
Income from continuing
operations attributable to
Pfizer Inc. common             $ 0.39       $ 0.40       (3)       $ 1.26       $ 1.00       26
shareholders
Discontinued operations––net     -            0.03       *           1.54         0.10       *
of tax
Net income attributable to
Pfizer Inc. common             $ 0.39       $ 0.43       (9)       $ 2.80       $ 1.10       *
shareholders
Earnings per common
share––diluted:
Income from continuing
operations attributable to
Pfizer Inc. common             $ 0.39       $ 0.40       (3)       $ 1.25       $ 1.00       25
shareholders
Discontinued operations––net     -            0.03       *           1.52         0.10       *
of tax
Net income attributable to
Pfizer Inc. common             $ 0.39       $ 0.43       (9)       $ 2.77       $ 1.09       *
shareholders
Weighted-average shares used
to calculate earnings per
common share:
Basic                            6,581        7,436                  6,938        7,483   
Diluted                          6,656        7,508                  7,016        7,550   
                                                                                              
* Calculation not
meaningful.
                                                                                              
See next page for notes (1) through (5).
                                                                                              
EPS amounts may not add due to rounding.
 

PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
     
      The financial statements present the three and nine months ended
(1)   September 29, 2013 and September 30, 2012. Subsidiaries operating
      outside the United States are included for the three and nine months
      ended August 25, 2013 and August 26, 2012.
       
      On June 24, 2013, we completed the full disposition of our Animal Health
      business (Zoetis) and recognized a gain of approximately $10.5 billion
      (pre-tax) related to this disposal in Discontinued operations––net of
      tax for the nine months ended September 29, 2013. The operating results
      of this business are reported as Discontinued operations––net of tax for
      the nine months ended September 29, 2013 and three and nine months ended
      September 30, 2012.
       
      On November 30, 2012, we completed the sale of our Nutrition business.
      The operating results of this business are reported as Discontinued
      operations––net of tax for the three and nine months ended September 30,
      2012.
       
      The financial results for the three and nine months ended September 29,
      2013 are not necessarily indicative of the results which could
      ultimately be achieved for the full year.
       
(2)   Exclusive of amortization of intangible assets, except as discussed in
      footnote (3) below.
       
      Amortization expense related to finite-lived acquired intangible assets
      that contribute to our ability to sell, manufacture, research, market
      and distribute products, compounds and intellectual property is included
(3)   in Amortization of intangible assets as these intangible assets benefit
      multiple business functions. Amortization expense related to intangible
      assets that are associated with a single function is included in Cost of
      sales, Selling, informational and administrative expenses or Research
      and development expenses, as appropriate.
       
(4)   Other (income)/deductions––net include the following:

                                     Third-Quarter                     Nine Months
        (millions of dollars)            2013             2012             2013             2012    
        Interest income^(a)          $   (94   )      $   (109  )      $  (291    )     $  (275   )
        Interest expense^(a)             340              381             1,067            1,149   
        Net interest expense             246              272             776              874
        Royalty-related income           (122  )          (149  )         (305    )        (343   )
        Patent litigation
        settlement                       9                -               (1,342  )        -
        (income)/expense^(b)
        Other legal matters,             1                727             (94     )        2,014
        net^(c)
        Gain associated with the
        transfer of certain
        product rights to
        an equity-method                 -                -               (459    )        -
        investment^(d)
        Net gain on asset                (46   )          (21   )         (100    )        (45    )
        disposals
        Certain asset
        impairments and related          443              14              968              524
        charges^(e)
        Costs associated with            -                32              18               93
        the Zoetis IPO^(f)
        Other, net                       (120  )          62              24               147     
        Other                        $   411          $   937          $  (514    )     $  3,264   
        (income)/deductions––net

            Interest income decreased in the third quarter of 2013 as
            portfolio maturities were invested at lower rates; however, during
            the first nine months of 2013, interest income increased due to
      (a)   higher cash and investment balances. Interest expense decreased in
            the third quarter and first nine months of 2013 due to lower
            outstanding debt, refinancings and lower rates, and the benefit of
            the conversion of some fixed-rate liabilities to floating-rate
            liabilities.
             
            Reflects income from a litigation settlement with Teva
      (b)   Pharmaceutical Industries Ltd. and Sun Pharmaceutical Industries
            Ltd. for patent-infringement damages resulting from their
            "at-risk" launches of generic Protonix in the United States.
             
            In the first nine months of 2013, primarily includes an $80
            million insurance recovery related to a certain litigation matter.
            In the third quarter of 2012, primarily includes a $491 million
            charge related to the resolution of an investigation by the U.S.
      (c)   Department of Justice into Wyeth's historical promotional
            practices in connection with Rapamune. In the first nine months of
            2012, primarily includes the aforementioned $491 million charge
            related to Rapamune, a $450 million settlement of a lawsuit by
            Brigham Young University related to Celebrex, and charges for
            hormone-replacement therapy litigation.
             
            In the first nine months of 2013, represents the gain associated
      (d)   with the transfer of certain product rights to Pfizer's 49%-owned
            equity-method investment in China.
             
            In the third quarter of 2013, primarily includes a loss on an
            option to acquire the remaining interest in a 40%-owned generics
            company in Brazil (approximately $220 million), as well as an
            impairment charge related to an in-process research and
            development (IPR&D) compound. In the first nine months of 2013,
      (e)   also includes impairment charges related to developed technology
            (for use in the development of bone and cartilage) acquired in
            connection with our acquisition of Wyeth and two additional IPR&D
            compounds. In the first nine months of 2012, primarily includes
            impairment charges related to certain intangible assets acquired
            in connection with our acquisitions of Wyeth and King
            Pharmaceuticals Inc. (King), including IPR&D intangible assets.
             
            Costs incurred in connection with the initial public offering
      (f)   (IPO) of an approximate 19.8% ownership interest in Zoetis.
            Includes expenditures for banking, legal, accounting and similar
            services.
             
      The Provision/(benefit) for taxes on income for the third quarter and
      first nine months of 2012 was favorably impacted by a $1.1 billion
(5)   settlement (representing tax and interest) with the U.S. Internal
      Revenue Service (IRS) related to audits for multiple tax years, as well
      as the resolution of foreign audits pertaining to multiple tax years.
       

PFIZER INC. AND SUBSIDIARY COMPANIES
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
CERTAIN LINE ITEMS
(UNAUDITED)
(millions of dollars, except per common share data)
                                                                                                             
                             Quarter Ended September 29, 2013
                                              Purchase        Acquisition-                      Certain
                             GAAP             Accounting      Related          Discontinued     Significant     Non-GAAP
                             Reported^(1)     Adjustments     Costs^(2)        Operations       Items^(3)       Adjusted^(4)
Revenues                   $ 12,643         $ -             $ -              $ -              $ (67     )     $ 12,576
Cost of sales^(5)            2,287            (4       )      (18     )        -                (87     )       2,178
Selling, informational
and administrative           3,395            (1       )      -                -                (43     )       3,351
expenses^(5)
Research and development     1,627            (1       )      -                -                (1      )       1,625
expenses^(5)
Amortization of              1,117            (1,075   )      -                -                -               42
intangible assets^(6)
Restructuring charges
and certain                  233              -               (43     )        -                (190    )       -
acquisition-related
costs
Other                        411              121             -                -                (490    )       42
(income)/deductions––net
Income from continuing
operations before            3,573            960             61               -                744             5,338
provision for taxes on
income
Provision/(benefit) for      985              309             7                -                172             1,473
taxes on income
Income from continuing       2,588            651             54               -                572             3,865
operations
Discontinued                 11               -               -                (11       )      -               -
operations––net of tax
Net income attributable
to noncontrolling            9                -               -                (3        )      -               6
interests
Net income attributable      2,590            651             54               (8        )      572             3,859
to Pfizer Inc.
Earnings per common
share attributable to        0.39             0.10            0.01             -                0.09            0.58
Pfizer Inc.––diluted
                                                                                                                          
                                                                                                                          
                             Nine Months Ended September 29, 2013
                                              Purchase        Acquisition-                      Certain
                             GAAP             Accounting      Related          Discontinued     Significant     Non-GAAP
                             Reported^(1)     Adjustments     Costs^(2)        Operations       Items^(3)       Adjusted^(4)
Revenues                   $ 38,026         $ -             $ -              $ -              $ (67     )     $ 37,959
Cost of sales^(5)            6,792            16              (101    )        -                (106    )       6,601
Selling, informational
and administrative           10,203           5               (8      )        -                (121    )       10,079
expenses^(5)
Research and development     4,867            1               -                -                (104    )       4,764
expenses^(5)
Amortization of              3,476            (3,352   )      -                -                -               124
intangible assets^(6)
Restructuring charges
and certain                  547              -               (155    )        -                (392    )       -
acquisition-related
costs
Other                        (514     )       43              -                -                836             365
(income)/deductions––net
Income from continuing
operations before            12,655           3,287           264              -                (180    )       16,026
provision for taxes on
income
Provision/(benefit) for      3,876            941             (42     )        -                (376    )       4,399
taxes on income
Income from continuing       8,779            2,346           306              -                196             11,627
operations
Discontinued                 10,719           -               -                (10,719   )      -               -
operations––net of tax
Net income attributable
to noncontrolling            63               -               -                (38       )      -               25
interests
Net income attributable      19,435           2,346           306              (10,681   )      196             11,602
to Pfizer Inc.
Earnings per common
share attributable to        2.77             0.33            0.04             (1.52     )      0.03            1.65
Pfizer Inc.––diluted
                                                                                                                          
See end of tables for notes (1) through (6).
                                                                                                                          
Certain amounts may reflect rounding adjustments.
EPS amounts may not add due to rounding.
 

PFIZER INC. AND SUBSIDIARY COMPANIES
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
CERTAIN LINE ITEMS
(UNAUDITED)
(millions of dollars, except per common share data)
                                                                                                             
                             Quarter Ended September 30, 2012
                                              Purchase        Acquisition-                      Certain
                             GAAP             Accounting      Related          Discontinued     Significant     Non-GAAP
                             Reported^(1)     Adjustments     Costs^(2)        Operations       Items^(3)       Adjusted^(4)
Revenues                   $ 12,953         $ -             $ -              $ -              $ -             $ 12,953
Cost of sales^(5)            2,309            3               (75     )        -                (24      )      2,213
Selling, informational
and administrative           3,491            (2       )      (2      )        -                (46      )      3,441
expenses^(5)
Research and development     1,887            1               -                -                (47      )      1,841
expenses^(5)
Amortization of              1,211            (1,173   )      -                -                -               38
intangible assets^(6)
Restructuring charges
and certain                  312              -               (160    )        -                (152     )      -
acquisition-related
costs
Other                        937              44              -                -                (783     )      198
(income)/deductions––net
Income from continuing
operations before            2,806            1,127           237              -                1,052           5,222
provision for taxes on
income
Provision/(benefit) for      (183     )       324             43               -                1,278           1,462
taxes on income
Income from continuing       2,989            803             194              -                (226     )      3,760
operations
Discontinued                 225              -               -                (225     )       -               -
operations––net of tax
Net income attributable
to noncontrolling            6                -               -                -                -               6
interests
Net income attributable      3,208            803             194              (225     )       (226     )      3,754
to Pfizer Inc.
Earnings per common
share attributable to        0.43             0.11            0.03             (0.03    )       (0.03    )      0.50
Pfizer Inc.––diluted
                                                                                                                          
                                                                                                                          
                             Nine Months Ended September 30, 2012
                                              Purchase        Acquisition-                      Certain
                             GAAP             Accounting      Related          Discontinued     Significant     Non-GAAP
                             Reported^(1)     Adjustments     Costs^(2)        Operations       Items^(3)       Adjusted^(4)
Revenues                   $ 40,766         $ -             $ -              $ -              $ -             $ 40,766
Cost of sales^(5)            7,068            (6       )      (205    )        -                (51      )      6,806
Selling, informational
and administrative           10,834           3               (7      )        -                (77      )      10,753
expenses^(5)
Research and development     5,461            4               (5      )        -                (386     )      5,074
expenses^(5)
Amortization of              3,889            (3,726   )      -                -                -               163
intangible assets^(6)
Restructuring charges
and certain                  1,085            -               (421    )        -                (664     )      -
acquisition-related
costs
Other                        3,264            12              -                -                (2,606   )      670
(income)/deductions––net
Income from continuing
operations before            9,165            3,713           638              -                3,784           17,300
provision for taxes on
income
Provision/(benefit) for      1,622            1,014           156              -                2,128           4,920
taxes on income
Income from continuing       7,543            2,699           482              -                1,656           12,380
operations
Discontinued                 734              -               -                (734     )       -               -
operations––net of tax
Net income attributable
to noncontrolling            22               -               -                -                -               22
interests
Net income attributable      8,255            2,699           482              (734     )       1,656           12,358
to Pfizer Inc.
Earnings per common
share attributable to        1.09             0.36            0.06             (0.10    )       0.22            1.64
Pfizer Inc.––diluted
                                                                                                                          
See end of tables for notes (1) through (6).
                                                                                                                          
Certain amounts may reflect rounding adjustments.
                                                                                                                          
EPS amounts may not add due to rounding.
 

PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
CERTAIN LINE ITEMS
(UNAUDITED)
     
      The financial statements present the three and nine months ended
(1)   September 29, 2013 and September 30, 2012. Subsidiaries operating
      outside the United States are included for the three and nine months
      ended August 25, 2013 and August 26, 2012.
       
      On June 24, 2013, we completed the full disposition of our Animal Health
      business (Zoetis) and recognized a gain of approximately $10.5 billion
      (pre-tax) related to this disposal in Discontinued operations––net of
      tax for the nine months ended September 29, 2013. The operating results
      of this business are reported as Discontinued operations––net of tax for
      the nine months ended September 29, 2013 and three and nine months ended
      September 30, 2012.
       
      On November 30, 2012, we completed the sale of our Nutrition business.
      The operating results of this business are reported as Discontinued
      operations––net of tax for the three and nine months ended September 30,
      2012.
       
(2)   Acquisition-related costs include the following:

                                Third-Quarter                     Nine Months
        (millions of                2013             2012             2013             2012    
        dollars)
                                                                                    
        Integration             $   38           $   79           $   107          $   279
        costs^(a)
        Restructuring               5                81               48               142
        charges^(a)
        Additional
        depreciation––asset         18               77               109              217    
        restructuring^(b)
        Total
        acquisition-related         61               237              264              638
        costs––pre-tax
        Income taxes^(c)            (7   )           (43   )          42               (156  )
        Total
        acquisition-related     $   54           $   194          $   306          $   482    
        costs––net of tax
                                                                                              

            Integration costs represent external, incremental costs directly
            related to integrating acquired businesses, and primarily include
            expenditures for consulting and the integration of systems and
      (a)   processes. Restructuring charges include employee termination
            costs, asset impairments and other exit costs associated with
            business combinations. All of these costs and charges are included
            in Restructuring charges and certain acquisition-related costs.
             
            Represents the impact of changes in the estimated useful lives of
            assets involved in restructuring actions related to acquisitions.
            Included in Cost of sales for the three months ended September 29,
            2013. Included in Cost of sales ($101 million) and Selling,
            informational and administrative expenses ($8 million) for the
      (b)   nine months ended September 29, 2013. Included in Cost of sales
            ($75 million) and Selling, informational and administrative
            expenses ($2 million) for the three months ended September 30,
            2012. Included in Cost of sales ($205 million), Selling,
            informational and administrative expenses ($7 million) and
            Research and development expenses ($5 million) for the nine months
            ended September 30, 2012.
             
            Included in Provision/(benefit) for taxes on income. Income taxes
            includes the tax effect of the associated pre-tax amounts,
            calculated by determining the jurisdictional location of the
      (c)   pre-tax amounts and applying that jurisdiction’s applicable tax
            rate. The first nine months of 2013 also includes the unfavorable
            impact of the remeasurement of certain deferred tax liabilities
            resulting from plant network restructuring activities.
             
(3)   Certain significant items include the following:

                               Third-Quarter                 Nine Months
        (millions of               2013           2012           2013           2012    
        dollars)
                                                                             
        Restructuring          $   190        $  152         $  392         $  664
        charges^(a)
        Implementation costs
        and additional             72            111            270            485
        depreciation––asset
        restructuring^(b)
        Patent litigation
        settlement                 9             -              (1,342  )      -
        (income)/expense^(c)
        Other legal matters,       1             723            (99     )      1,981
        net^(d)
        Gain associated with
        the transfer of
        certain product            -             -              (459    )      -
        rights to an
        equity-method
        investment^(e)
        Certain asset
        impairments and            440           17             929            506
        related charges^(f)
        Costs associated
        with the Zoetis            -             32             18             93
        IPO^(g)
        Income associated
        with the
        transitional               (10   )       -              (10     )      -
        manufacturing and
        supply agreements
        with Zoetis^(h)
        Other^(i)                  42            17             121            55       
        Total certain
        significant                744           1,052          (180    )      3,784
        items––pre-tax
        Income taxes^(j)           (172  )       (1,278  )      376            (2,128  )
        Total certain
        significant            $   572        $  (226    )   $  196         $  1,656    
        items––net of tax
                                                                                        

            Primarily related to our cost-reduction and productivity
      (a)   initiatives. Included in Restructuring charges and certain
            acquisition-related costs.
             
            Primarily related to our cost-reduction and productivity
            initiatives. Included in Cost of sales ($41 million), Selling,
            informational and administrative expenses ($30 million) and
            Research and development expenses ($1 million) for the three
            months ended September 29, 2013. Included in Cost of sales ($60
            million), Selling, informational and administrative expenses ($106
            million) and Research and development expenses ($104 million) for
      (b)   the nine months ended September 29, 2013. Included in Cost of
            sales ($18 million), Selling, informational and administrative
            expenses ($46 million) and Research and development expenses ($47
            million) for the three months ended September 30, 2012. Included
            in Cost of sales ($22 million), Selling, informational and
            administrative expenses ($77 million) and Research and development
            expenses ($386 million) for the nine months ended September 30,
            2012.
             
            Included in Other (income)/deductions––net. In the first nine
            months of 2013, reflects income from a litigation settlement with
      (c)   Teva Pharmaceutical Industries Ltd. and Sun Pharmaceutical
            Industries Ltd. for patent-infringement damages resulting from
            their "at-risk" launches of generic Protonix in the United States.
             
            Included in Other (income)/deductions––net. In the first nine
            months of 2013, primarily includes an $80 million insurance
            recovery related to a certain litigation matter. In the third
            quarter of 2012, primarily includes a $491 million charge related
            to the resolution of an investigation by the U.S. Department of
      (d)   Justice into Wyeth's historical promotional practices in
            connection with Rapamune. In the first nine months of 2012,
            primarily includes the aforementioned $491 million charge related
            to Rapamune, a $450 million settlement of a lawsuit by Brigham
            Young University related to Celebrex, and charges for
            hormone-replacement therapy litigation.
             
            Included in Other (income)/deductions––net. In the first nine
      (e)   months of 2013, represents the gain associated with the transfer
            of certain product rights to Pfizer's 49%-owned equity-method
            investment in China.
             
            Primarily included in Other (income)/deductions––net. In the third
            quarter of 2013, primarily includes a loss on an option to acquire
            the remaining interest in a 40%-owned generics company in Brazil
            (approximately $220 million), as well as an impairment charge
            related to an IPR&D compound. In the first nine months of 2013,
      (f)   also includes impairment charges related to developed technology
            (for use in the development of bone and cartilage) acquired in
            connection with our acquisition of Wyeth and two additional IPR&D
            compounds. In the first nine months of 2012, primarily includes
            impairment charges related to certain intangible asset acquired in
            connection with our acquisitions of Wyeth and King, including
            IPR&D intangible assets.
             
            Included in Other (income)/deductions––net. Costs incurred in
      (g)   connection with the initial public offering of an approximate
            19.8% ownership interest in Zoetis. Includes expenditures for
            banking, legal, accounting and similar services.
             
      (h)   Included in Revenues ($67 million) and in Cost of sales ($57
            million) for the three and nine months ended September 29, 2013.
             
      (i)   Primarily included in Other (income)/deductions––net.
             
            Included in Provision/(benefit) for taxes on income. Income taxes
            includes the tax effect of the associated pre-tax amounts,
            calculated by determining the jurisdictional location of the
            pre-tax amounts and applying that jurisdiction’s applicable tax
            rate. The first nine months of 2013 were unfavorably impacted by
            the tax liability associated with the patent litigation settlement
            income, by the non-deductibility of goodwill derecognized and the
            jurisdictional mix of the other intangible assets divested as part
      (j)   of the transfer of certain product rights to Pfizer's 49%-owned
            equity-method investment in China, as well as the
            non-deductibility of the loss on an option to acquire the
            remaining interest in a 40%-owned generics company in Brazil since
            we expect to retain the investment indefinitely. In the third
            quarter and first nine months of 2012, includes a settlement with
            the U.S. IRS related to audits for multiple tax years that
            favorably impacted GAAP Reported net income by $1.1 billion,
            representing tax and interest.
             
      Non-GAAP Adjusted income and its components and Non-GAAP Adjusted
      diluted EPS are not, and should not be viewed as, substitutes for U.S.
      GAAP net income and its components and diluted EPS. Despite the
      importance of these measures to management in goal setting and
      performance measurement, Non-GAAP Adjusted income and its components and
      Non-GAAP Adjusted diluted EPS are Non-GAAP financial measures that have
(4)   no standardized meaning prescribed by U.S. GAAP and, therefore, have
      limits in their usefulness to investors. Because of the non-standardized
      definitions, Non-GAAP Adjusted income and its components and Non-GAAP
      Adjusted diluted EPS (unlike U.S. GAAP net income and its components and
      diluted EPS) may not be comparable to the calculation of similar
      measures of other companies. Non-GAAP Adjusted income and its components
      and Non-GAAP Adjusted diluted EPS are presented solely to permit
      investors to more fully understand how management assesses performance.
             
(5)   Exclusive of amortization of intangible assets, except as discussed in
      footnote (6) below.
             
      Amortization expense related to finite-lived acquired intangible assets
      that contribute to our ability to sell, manufacture, research, market
      and distribute products, compounds and intellectual property is included
(6)   in Amortization of intangible assets as these intangible assets benefit
      multiple business functions. Amortization expense related to intangible
      assets that are associated with a single function is included in Cost of
      sales, Selling, informational and administrative expenses or Research
      and development expenses, as appropriate.
       

PFIZER INC.
REVENUES
THIRD QUARTER 2013 and 2012
(UNAUDITED)
(millions of dollars)
                                                                                              
                    WORLDWIDE                                   UNITED STATES                  TOTAL INTERNATIONAL^(a)
                                                                                                                              
                    2013       2012       % Change              2013      2012      %          2013      2012      % Change
                                                                                    Change
                                           Total     Oper.                          Total                           Total     Oper. 
TOTAL REVENUES      $ 12,643   $ 12,953   (2   %)   -           $ 5,186   $ 5,174   -          $ 7,457   $ 7,779   (4   %)   (1   %)
REVENUES FROM
                    $ 11,742   $ 12,117   (3   %)   (1   %)     $ 4,747   $ 4,769   -          $ 6,995   $ 7,348   (5   %)   (1   %)
BIOPHARMACEUTICAL
PRODUCTS:
Lyrica                1,135      1,036    10   %    11   %        509       430     18  %        626       606     3    %    6    %
Prevnar family        959        949      1    %    3    %        469       440     7   %        490       509     (4   %)   (1   %)
Enbrel (Outside
the U.S. and          932        893      4    %    6    %        -         -       -            932       893     4    %    6    %
Canada)
Celebrex              752        676      11   %    13   %        508       438     16  %        244       238     3    %    8    %
Lipitor               533        749      (29  %)   (27  %)       78        192     (59 %)       455       557     (18  %)   (16  %)
Viagra                460        517      (11  %)   (11  %)       294       287     2   %        166       230     (28  %)   (27  %)
Zyvox                 319        328      (3   %)   (1   %)       165       158     4   %        154       170     (9   %)   (6   %)
Norvasc               303        319      (5   %)   2    %        11        13      (15 %)       292       306     (5   %)   3    %
Sutent                278        294      (5   %)   (5   %)       85        82      4   %        193       212     (9   %)   (8   %)
Premarin family       276        262      5    %    6    %        254       237     7   %        22        25      (12  %)   6    %
BeneFIX               213        201      6    %    7    %        101       96      5   %        112       105     7    %    8    %
Genotropin            183        212      (14  %)   (9   %)       45        59      (24 %)       138       153     (10  %)   (3   %)
Vfend                 193        187      3    %    5    %        18        21      (14 %)       175       166     5    %    8    %
Pristiq               173        152      14   %    15   %        134       120     12  %        39        32      22   %    25   %
Chantix/Champix       154        146      5    %    9    %        82        62      32  %        72        84      (14  %)   (9   %)
Detrol/Detrol LA      131        176      (26  %)   (24  %)       89        112     (21 %)       42        64      (34  %)   (30  %)
Xalatan/Xalacom       140        181      (23  %)   (17  %)       8         9       (11 %)       132       172     (23  %)   (17  %)
ReFacto AF/Xyntha     148        150      (1   %)   (3   %)       29        28      4   %        119       122     (2   %)   (4   %)
Medrol                107        113      (5   %)   (4   %)       31        24      29  %        76        89      (15  %)   (13  %)
Zoloft                116        129      (10  %)   (2   %)       14        17      (18 %)       102       112     (9   %)   1    %
Effexor               96         107      (10  %)   (11  %)       36        37      (3  %)       60        70      (14  %)   (15  %)
Zosyn/Tazocin         104        109      (5   %)   (3   %)       47        39      21  %        57        70      (19  %)   (17  %)
Zithromax/Zmax        84         89       (6   %)   1    %        3         3       -            81        86      (6   %)   -
Tygacil               92         82       12   %    12   %        38        37      3   %        54        45      20   %    20   %
Relpax                83         92       (10  %)   (9   %)       49        56      (13 %)       34        36      (6   %)   (1   %)
Fragmin               83         91       (9   %)   (10  %)       2         11      (82 %)       81        80      1    %    (1   %)
Rapamune              91         92       (1   %)   -             55        49      12  %        36        43      (16  %)   (15  %)
EpiPen                85         67       27   %    28   %        67        52      29  %        18        15      20   %    28   %
Revatio               75         135      (44  %)   (44  %)       18        78      (77 %)       57        57      -         2    %
Sulperazon            78         62       26   %    26   %        -         -       -            78        62      26   %    26   %
Cardura               70         79       (11  %)   (5   %)       1         2       (50 %)       69        77      (10  %)   (5   %)
Inlyta                83         29       186  %    *             42        28      50  %        41        1       *         *
Xanax XR              69         66       5    %    5    %        13        13      -            56        53      6    %    5    %
Xalkori               73         38       92   %    92   %        35        24      46  %        38        14      171  %    164  %
Toviaz                57         52       10   %    10   %        31        29      7   %        26        23      13   %    17   %
Aricept^(b)           52         71       (27  %)   (25  %)       -         -       -            52        71      (27  %)   (25  %)
Caduet                52         68       (24  %)   (14  %)       5         13      (62 %)       47        55      (15  %)   (6   %)
Inspra                53         51       4    %    5    %        1         1       -            52        50      4    %    4    %
Diflucan              59         61       (3   %)   (1   %)       1         1       -            58        60      (3   %)   (2   %)
Somavert              56         49       14   %    11   %        13        12      8   %        43        37      16   %    11   %
Neurontin             50         52       (4   %)   (2   %)       12        12      -            38        40      (5   %)   (2   %)
Dalacin/Cleocin       50         74       (32  %)   (30  %)       15        40      (63 %)       35        34      3    %    9    %
Xeljanz               35         -        *         *             34        -       *            1         -       *         *
Alliance              684        879      (22  %)   (22  %)       605       687     (12 %)       79        192     (59  %)   (57  %)
revenues^(c)
All other
biopharmaceutical     1,923      1,952    (1   %)   3    %        700       720     (3  %)       1,223     1,232   (1   %)   7    %
products^(d)
All other
established           1,455      1,352    8    %    11   %        514       398     29  %        941       954     (1   %)   4    %
products^(d)
REVENUES FROM
OTHER PRODUCTS:
CONSUMER            $ 788      $ 780      1    %    1    %      $ 396     $ 388     2   %      $ 392     $ 392     -         -
HEALTHCARE
OTHER^(e)           $ 113      $ 56       *         *           $ 43      $ 17      *          $ 70      $ 39      79   %    80   %

* Calculation not meaningful.
     
(a)   Total International represents Developed Europe region + Developed Rest
      of World region + Emerging Markets region.
      Details for these regions are located on the following page.
(b)   Represents direct sales under license agreement with Eisai Co., Ltd.
(c)   Includes Enbrel (in the U.S. and Canada), Spiriva, Rebif, Aricept and
      Eliquis.
(d)   All other established products is a subset of All other
      biopharmaceutical products.
      Other represents revenues generated from Pfizer CentreSource, our
(e)   contract manufacturing and bulk pharmaceutical chemical sales
      organization, and includes, in 2013, the revenues related to our
      transitional manufacturing and supply agreements with Zoetis.
       
Certain amounts and percentages may reflect rounding adjustments.
 

<td class="bw*Story too large*
PFIZER INC.
INTERNATIONAL REVENUES BY GEOGRAPHIC REGION
THIRD QUARTER 2013 and 2012
(UNAUDITED)
(millions of dollars)
                                                                                                       
                    DEVELOPED EUROPE^(a)                      DEVELOPED REST OF WORLD^(b)               EMERGING MARKETS^(c)
                                                                                                                                       
                    2013      2012      % Change              2013      2012      % Change              2013      2012      % Change
                                         Total     Oper.                           Total     Oper.                           Total     Oper. 
TOTAL
INTERNATIONAL       $ 2,785   $ 2,804   (1   %)   (5   %)     $ 1,992   $ 2,386   (17  %)   (3   %)     $ 2,680   $ 2,589   4    %    6    %
REVENUES
REVENUES FROM

BIOPHARMACEUTICAL   $ 2,663   $ 2,672   -         (5   %)     $ 1,901   $ 2,287   (17  %)   (3   %)     $ 2,431   $ 2,389   2    %    5    %
PRODUCTS -

INTERNATIONAL:
Lyrica                361       324     11   %    7    %        152       185     (18  %)   (1   %)       113       97      16   %    18   %
Prevnar family        164       161     2    %    (3   %)       116       133     (13  %)   1    %        210       215     (2   %)   -
Enbrel (Outside       600       555     8    %    3    %        127       148     (14  %)   2    %        205       190     8    %    15   %
Canada)
Celebrex              36        37      (3   %)   (9   %)       115       119     (3   %)   9    %        93        82      13   %    15   %
Lipitor               71        130     (45  %)   (48  %)       122       207     (41  %)   (32  %)       262       220     19   %    19   %
Viagra                54        92      (41  %)   (43  %)       36        48      (25  %)   (18  %)       76        90      (16  %)   (16  %)
Zyvox                 81        73      11   %    6    %        35        37      (5   %)   8    %        38        60      (37  %)   (29  %)
Norvasc               25        27      (7   %)   (15  %)       115       150     (23  %)   (7   %)       152       129     18   %    17   %
Sutent                96        103     (7   %)   (12  %)       35        44      (20  %)   (11  %)       62        65      (5   %)   (1   %)
Premarin family       3         2       50   %    (8   %)       8         11      (27  %)   (12  %)       11        12      (8   %)   -
BeneFIX               67        63      6    %    3    %        33        33      -         11   %        12        9       33   %    29   %
Genotropin            65        71      (8   %)   (13  %)       47        56      (16  %)   5    %        26        26      -         8    %
Vfend                 74        68      9    %    3    %        38        42      (10  %)   9    %        63        56      13   %    13   %
Pristiq               -         -       -         -             25        22      14   %    16   %        14        10      40   %    43   %
Chantix/Champix       26        27      (4   %)   (4   %)       35        44      (20  %)   (15  %)       11        13      (15  %)   4    %
Detrol/Detrol LA      11        29      (62  %)   (61  %)       19        24      (21  %)   (11  %)       12        11      9    %    5    %
Xalatan/Xalacom       40        57      (30  %)   (34  %)       56        73      (23  %)   (8   %)       36        42      (14  %)   (11  %)
ReFacto AF/Xyntha     96        93      3    %    (1   %)       16        18      (11  %)   (3   %)       7         11      (36  %)   (29  %)
Medrol                22        21      5    %    -             9         12      (25  %)   (8   %)       45        56      (20  %)   (19  %)
Zoloft                15        13      15   %    14   %        53        67      (21  %)   (4   %)       34        32      6    %    6    %
Effexor               22        26      (15  %)   (20  %)       16        18      (11  %)   (17  %)       22        26      (15  %)   (7   %)
Zosyn/Tazocin         8         10      (20  %)   (25  %)       4         3       33   %    6    %        45        57      (21  %)   (16  %)
Zithromax/Zmax        12        11      9    %    4    %        25        35      (29  %)   (15  %)       44        40      10   %    14   %
Tygacil               19        17      12   %    5    %        1         2       (50  %)   (2   %)       34        26      31   %    31   %
Relpax                17        17      -         (3   %)       13        15      (13  %)   (3   %)       4         4       -         10   %
Fragmin               45        45      -         (2   %)       22        18      22   %    13   %        14        17      (18  %)   (16  %)
Rapamune              13        13      -         (13  %)       4         5       (20  %)   (8   %)       19        25      (24  %)   (18  %)
EpiPen                -         -       -         -             18        15      20   %    28   %        -         -       -         -
Revatio               37        34      9    %    5    %        12        13      (8   %)   10   %        8         10      (20  %)   (18  %)
Sulperazon            -         -       -         -             7         9       (22  %)   (4   %)       71        53      34   %    31   %
Cardura               20        22      (9   %)   (10  %)       23        31      (26  %)   (9   %)       26        24      8    %    4    %
Inlyta                20        1       *         *             19        -       *         *             2         -       *         *
Xanax XR              23        22      5    %    (1   %)       9         10      (10  %)   6    %        24        21      14   %    19   %
Xalkori               18        5       *         *             13        8       63   %    83   %        7         1       *         *
Toviaz                21        17      24   %    15   %        3         3       -         51   %        2         3       (33  %)   3    %
Aricept^(d)           9         18      (50  %)   (51  %)       36        44      (18  %)   (15  %)       7         9       (22  %)   (23  %)
Caduet                2         3       (33  %)   (9   %)       35        37      (5   %)   6    %        10        15      (33  %)   (33  %)
Inspra                34        31      10   %    2    %        14        15      (7   %)   11   %        4         4       -         (2   %)
Diflucan              13        14      (7   %)   (12  %)       8         10      (20  %)   (5   %)       37        36      3    %

[TRUNCATED]
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