Did Pfizer Doctor Its Numbers?

William C. Steere Jr. is in a strange bind. As chief executive of Pfizer Inc., one of the nation's healthiest drug companies, he should want to flaunt his company's double-digit earnings prospects. And yet, as chairman of the drug industry's main Washington lobbying group, the Pharmaceutical Manufacturers Assn. (PMA), Steere has to convince skeptical legislators that drugmaker profits already are under pressure. President Clinton's health-care reform, he argues, could endanger the industry's future.

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