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Pfizer Reports Fourth-Quarter And Full-Year 2012 Results; Provides 2013 Financial Guidance

As a result of all these factors, fourth-quarter 2012 reported net income (3) was $6.3 billion, compared with $1.4 billion in the prior-year quarter, and reported diluted EPS (3) was $0.85, compared with $0.19 in fourth-quarter 2011. Full-year 2012 reported net income (3) was $14.6 billion, an increase of 46% compared with $10.0 billion in full-year 2011, and reported diluted EPS (3) was $1.94, an increase of 53% compared with $1.27 in full-year 2011.

Executive Commentary

Ian Read, Chairman and Chief Executive Officer, stated, “In 2012, we generated attractive returns for our shareholders and made meaningful progress in positioning Pfizer for anticipated sustained value creation. Notable achievements during 2012 included approvals of five important new products in key markets, realizing significant value through the sale of our Nutrition (1) business, preparation for our potential initial public offering of up to a 19.8% stake in Zoetis (4) in order to further unlock value, as well as returning almost $15 billion to our shareholders through dividends and share repurchases. In addition, many of our key innovative products reported solid operational growth, and our Emerging Markets business generated strong growth. We continued to make important advances in our mid-to-late stage pipeline, notably in the oncology and vaccines areas, effectively managed our cost structure and progressed key initiatives that I believe will drive future growth. These achievements reflect the continued hard work and commitment of our colleagues in support of Pfizer’s ability to realize long-term success.”

“During 2013, we will continue to foster our two distinct operating models in order to best support our innovative and value-driven businesses and position them to generate peak performance. We also look forward to successful launches for Xeljanz for the treatment of moderate-to-severe rheumatoid arthritis and, together with our partner Bristol-Myers Squibb, Eliquis for the prevention of stroke and systemic embolism in patients with nonvalvular atrial fibrillation. These opportunities represent important new therapies in high-need markets. In addition, our mid-to-late stage pipeline continues to strengthen with key potential opportunities, including palbociclib (PD-332991) for advanced breast cancer, RN316 (PCSK9) for lowering LDL cholesterol, dacomitinib for advanced non-small cell lung cancer, inotuzumab for aggressive non-Hodgkin's lymphoma and acute lymphoblastic leukemia, Xeljanz for psoriasis, and the rLP2086 vaccine for meningococcal B in adolescents and young adults. In addition, I expect that ‘bolt-on’ business development will continue to play an important role in supplementing our internal efforts.”

“In summary, we remain intently focused on continued value creation for our shareholders, driving meaningful innovation and pursuing the most attractive opportunities for deployment of our shareholders’ capital,” concluded Mr. Read.

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