Pfizer Inc. (NYSE:PFE) Q4 2014 Earnings Conference Call - Final Transcript

Jan 27, 2015 • 10:00 am ET


Pfizer Inc. (NYSE:PFE) Q4 2014 Earnings Conference Call - Final Transcript


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Good day, everyone, and welcome to Pfizer's Fourth-Quarter 2014 Earnings conference call. Today's call is being recorded. At this time, I would like to turn the call over to Mr. Chuck Triano, Senior Vice President of Investor Relations. Please go ahead, sir.

Chuck Triano

Thank you, operator. Good morning, and thanks for joining us today to review Pfizer's fourth-quarter 2014 performance. Joined today, as usual, by our Chairman and CEO, Ian Read, Frank D'Amelio, our CFO, Mikael Dolsten, President of Worldwide Research and Development. Albert Bourla, President of Vaccines, Oncology, and Consumer, Geno Germano, President of Global Innovative Pharma, John Young, President of Established Pharma, and Doug Lankler, our General Counsel. Slides that will be presented on this call can be viewed on our home page, by clicking on the link for Pfizer Quarterly Corporate Performance Fourth Quarter 2014, which is located in the Investor Presentations section in the lower right-hand corner of this page.

(Forward-Looking Cautionary Statements)

We will now make prepared remarks, and then we will move to a question-and-answer session. With that, I'll now turn the call over to Ian Read. Ian?

Ian Read

Thank you, Chuck, and good morning, everyone. We finished 2014 with another quarter of good performance, and met or exceeded every element of our financial guidance for the year. Frank will take you through the numbers. But before he does, I want to re-emphasize how our four key imperatives have guided the actions we have taken, and the decisions we have made and will continue to guide us going forward.

These imperatives are about the steps we are taking to create a sustainable high-value pipeline, effectively and in a disciplined way deploy our capital in ways to create shareholder value. Create a culture where colleagues take appropriate risks and accept accountability for their actions, and earn the respect of society. My remarks today will primarily focus on two of these imperatives, the evolution of our pipeline and how we are creating shareholder value.

When we started this journey at the start of 2011, we said improving the performance of our innovative core will be a multi-year endeavor. Over this time, we have significantly changed the composition of our pipeline to have a clearer focus on the therapeutic areas that have strong commercial and scientific potential. We have improved progress here (ph) in the pipeline.

Since undertaking this effort, we have received 16 approvals as of the end of last year, 10 of which were new molecular entities. Today, we have a total of 86 programs in clinical development, with 29 programs in late stage development or registration.

We continue to grow in key areas, most notably in some of recently launched new products. Eliquis is winning share amongst cardiologists, and moving towards the leading position in the new to brand share in several markets, including the US and Japan. We grew our Xeljanz market share, so it is now ranked number three in new to brand prescription share with rheumatologists, and we are seeing good uptake of