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Case 12: Pfizer
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CASE 12
ROBINS
School Business
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Pfizer
Vince 2020
January 2017
reforms was significant increases in the time and cost
for drug manufacturers to bring new drugs to market.
“When Ian Read, an accountant and company lifer, took In 2006, a study estimated the cost of bringing a new
over as Pfizer's chief executive in December 2010, the drug drug to market was between $802 million and $2 billion,
firm was facing the impending patent expiration of Lipitor, depending on the type of drug being developed and the
the best-selling drug ever made, and the utter failure of one number of drugs being developed simultaneously. The
of the most lavishly funded research laboratories on the study found that approximately 60% of the total cost of
planet to develop much of anything. The stock was suffering, drugs was related to pre-market clinical trials required
and Read's predecessor-Jeffrey Kindler, a bearlike lawyer by the FDA. As inflation, increased regulation, and other
hired from McDonald's-had just spent $68 billion to buy factors have affected the pharmaceutical industry, a 2012
rival drug maker Wyeth in a Hail Mary strategy shift. Now study indicated that the cost per drug for the largest
Read had to make it work."
manufacturers has increased to over $5.5 billion. For
Pfizer, the total Research & Development (R&D) cost
Company and Industry
for each drug that received FDA approval was $7.7 billion
Background
between 1997 and 2011. The steep rise in development
costs has forced many large drug manufacturers-
Pfizer was established in 1849 in Brooklyn, New York, by including Pfizer—to cut R&D budgets in an attempt to
cousins Charles Pfizer and Charles Erhart with a loan of control rising costs.
$2,500 from Pfizer's father.? Today, 167 years later, Pfizer The reduction in R&D funding in reaction to expand-
Inc. has international revenues of $49 billion, which ing costs has led to stifled innovation and revealed a cri-
makes it the second-largest pharmaceutical manufac- sis looming ahead for many large drug manufacturers
turer in the world. Despite Pfizer's success, the company in the industry. Not only have many drug companies'
has faced many challenges over the last few decades. The blockbuster drugs gone off patent in recent years, but the
pharmaceutical industry is heavily influenced by legal, reductions in R&D spending have resulted in drug pipe-
political and technological forces, and all indications are lines that have failed to produce anything of significant
that the industry will continue to experience dramatic value. The number of new drugs approved by the FDA
changes.
per billion dollars of R&D expenditures has halved every
Since the passing of the Food and Drug Act in 1906, nine years since 1950." The rapid increase in the cost of
the Food and Drug Administration (FDA) has had reg- drug development and the reduction in the approval fre-
ulatory authority over drugs in the United States. The quency of blockbuster-level drugs has led many industry
scope of its initial authority was limited and in 1938 experts to largely consider the current, fully integrated
President Roosevelt signed the Food, Drug and Cosmetic business model of large pharmaceutical companies to be
Act (FD&C) into law, which significantly expanded fed- unsustainable.
eral oversight of drug manufacturing and marketing.*
In addition to granting the FDA authority to mandate
Business and Strategies
pre-market review of drugs, the FD&C also allowed the
FDA to regulate drug labeling and advertising. Then, in Like most large pharmaceutical manufacturers, Pfizer
1992, Congress passed the Prescription Drug User Fee pursues a “blockbuster” business model that is heavily
Act, which enables the FDA to collect fees from drug reliant on its R&D pipeline to consistently develop and
manufacturers to aid in funding the pre-market review launch high volume drugs—drugs with expected annual
process for new drug approvals. The effect of these revenues of $1 billion or greater. In 2012, Pfizer began
Written by Jeffrey S. Harrison, Ryan McGowan, Kevin O'Neill, Lauren Shotwell, and Joshua Torres at the Robins School of Business, University of
Richmond. Copyright © Jeffrey S. Harrison. This case was written for the purpose of classroom discussion. It is not to be duplicated or cited in any form
without the copyright holder's express permission. For permission to reproduce or cite this case, contact Jeff Harrison at RCNcases@richmond.edu. In your
message, state your name, affiliation and the intended use of the case. Permission for classroom use will be granted free of charge. Other cases are available
at: http://robins.richmond.edu/centers/case-network.html
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Part 4: Case Studies
Exhibit 1 Pfizer Business Segment Comparisons
PDF
Business Segment Financials
Innovative vs Established Segments
Vince 2020
2015
2014
2013
Innovative
Established
Innovative
Established
Innovative
Established
Revenues
$26,758
$21,587
$24,005
$25,149
$23,602
$27,619
4,732
3,650
4,486
3,848
4,570
3,675
13.60%
20.80%
16.00%
18.20%
15.60%
17.10%
6,807
3,572
6,162
3,903
5,520
4,714
3,030
758
2,549
657
2,154
737
Cost of Sales
% of revenue
Selling, informational, and
administrative expenses
R&D Expenses
Amortization of intangible assets
Restructuring charges and certain
acquisition-related costs
Other (income)/deductions-net
Income from continuing
operations before provision
for taxes on income
94
36
69
85
58
100
6
(1.087)
(150)
(576)
(1.096)
$12,472
(265)
$16,199
(216)
$17,552
$14,264
$12,885
$12,765
Screen Shot
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Source: 2015 Pfizer Annual Report.
Global Vaccines, Oncology, and Consumer Healthcare
Business. This segment consists of three businesses with
the following key elements: (1) poised for high, organic
growth; (2) distinct specialization and operating models
in science, talent, and market approach; and (3) struc-
tured to ideally position Pfizer to be a market leader
on a global basis." Consumer products include Advil",
Centrum®, Robitussin", Nexium®, and ChapStick®.
restructuring its operations into a new commercial oper-
ating model. Pfizer divested its infant nutrition business
for $11.9 billion and spun-off its animal health unit, Zoetis.
Additionally, Pfizer restructured its operations into two
primary business segments: Innovative Products and
Established Products. Pfizer's Innovative Products busi-
ness is further divided into the Global Innovative Pharma
(GIP) and Global Vaccines, Oncology, and Consumer
Healthcare (VOC) businesses. '4 Ian Read commented
regarding the restructuring: "This represents the next
steps in Pfizer's journey to further revitalize our innova-
tive core. Our new commercial model will provide each
business with an enhanced ability to respond to market
dynamics, greater visibility and focus, and distinctive
capabilities." Exhibit 1 contains some useful financial
comparisons between Pfizer's Innovative Products and
its Established Products.
Established Products Business
Global Established Pharma (GEP) Business. This area con-
sists of three primary product segments: (1) Peri-LOE
products which are losing or approaching a losing
position in market exclusivity; (2) legacy established
products in developed markets that have lost market
exclusivity and those with growth opportunities; and
(3) emerging market products with growth opportunities
such as organic initiatives, partnerships, product enhance-
ments, sterile injectables, and biosimilars. Examples of
established products include Celebrex®, EpiPenº, Zoloft",
and Lypitor®.
Innovative Products Business
Global Innovative Pharma (GIP) Business. This busi-
ness focuses on developing, registering and commer-
cializing novel, value-creating medicines that improve
patients' lives. Therapeutic areas include inflamma-
tion, cardiovascular/metabolic, neuroscience and
pain, rare diseases and women's/men's health, and
include leading brands, such as Xeljanzº, Eliquisº,
and Lyrica”. GIP has a robust pipeline of medicines in
inflammation, cardiovascular/metabolic disease, pain,
and rare diseases. 16
Pricing Strategy
Pfizer's and other large drug companies' revenue growth
has been largely dependent on raising the price of older
drugs, particularly those nearing patent expirations.
Approximately 34% of Pfizer's revenue growth over the
past three years has come from increasing prices on
existing drugs. Over this period, Pfizer has increased
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the price of Viagra by 57%, of Lyrica by 51%, and of
Premarin by 41%. A 2013 study by the AARP found that
the price of Lipitor rose by 9.3% in the year preceding
patent expiration, and by 17.5% in 2011, the year of expi-
ration.20 Pfizer is not alone in these practices. AbbVie
and Bristol-Myers Squibb have both been reported as
generating a very significant amount of their revenue
growth from price increases. Drug pricing scandals and
increased media and societal attention on drug pricing
in general makes Pfizer's reliance on pricing strategy
to drive top-line revenue growth unsustainable. This is
evident in the drug industry's flat net pricing in 2015.21
Growth Strategy
Pfizer has become one of the largest pharmaceutical com-
panies in the world primarily as a result of aggressive
mergers and acquisitions (M&A). Pfizer's acquisitions
have been focused on two main strategies: expanding
its capabilities and acquiring brands with strong rev-
enues. Many of Pfizer's acquisitions have provided
new capabilities for the organization, such as biolog-
ics with the acquisition of Warner-Lambert in 2000
and biosimilar drugs with the acquisition of Hospira
in 2015. Additionally, Pfizer acquired the rights to
the best-selling drug Lipitor in its 2000 acquisition of
Warner-Lambert and the rights to Celebrex and Bextra
in its 2003 acquisition of Pharmacia Corporation. From
Pfizer's press releases and company history, a brief time-
line of Pfizer's major acquisitions (and divestitures) is
outlined below22:
2000: Pfizer acquires Warner-Lambert for $90 bil-
lion for their biologics and consumer prod-
ucts portfolio, along with the rights to Lipitor.
2003: Pfizer acquires Pharmacia Corporation for
$60 billion and acquires the rights to Celebrex,
Bextra, Detrol, and Xalatan.
2005: Pfizer acquires Vicuron Pharmaceuticals for
$1.9 billion for their antibiotic research and
development
2006: Pfizer sells its consumer products division to
Johnson & Johnson for $16.6 billion.
2007: Pfizer acquires Coley Pharmaceutical for $164
million for their portfolio of biotechnology,
cancer, and vaccine drugs.
2009: Pfizer acquires Wyeth for $68 billion for their
portfolio of biotech drugs.
2010: Pfizer acquires King Pharmaceuticals for
$3.6 billion and acquires the rights to EpiPen.
2015: Pfizer Acquires Hospira for $16 billion for
their biosimilar and injectable drugs portfolio,
as well as infusion technologies.23
2016: Pfizer acquires Anacor Pharmaceuticals for
$5.1 billion for their topical anti-inflammatory
drugs and acquires the rights to Crisaborole.24
2016: Pfizer acquires Medivation for $14 billion for
its prostate cancer drug Xtandi.25
Pfizer has attempted unsuccessfully to acquire a
foreign drug company and relocate its headquarters
overseas. CEO Ian Read has said numerous times that
the company faces a competitive disadvantage with
foreign rivals that have significantly lower tax bills.26
These sorts of deals are called corporate inversions,
transactions undergone by a U.S. company that moves
its tax residence to a foreign country in order to reduce
U.S. taxes. 27 In 2014, Pfizer attempted a merger with
rival AstraZeneca, which faced fierce opposition from
lawmakers on either side. In the end, Pfizer walked
away from the $118 billion deal after rejection by
AstraZeneca's board.28
In 2016 Pfizer entered into an agreement to merge
with Allergan. The $160 billion deal would have created
the largest pharmaceutical company in the world and
would have allowed Pfizer to relocate its headquarters
to Allergan's home country of Ireland in order to take
advantage of their lower corporate tax rate.” However,
on April 4, 2016, the U.S. Department of Treasury took
measures to limit corporate inversions.30 Previously, a
company realized tax benefits for inversions only when
the foreign company would contribute 20% or greater
of the combined company's assets. The new ruling dis-
regards the last three years of U.S. acquisitions by the
foreign entity when determining the foreign company's
relative size under the combined entity. The new rule
was the predominant factor that caused Pfizer to pay
$150 million to walk away the Allergan deal.3Pfizer
would not have realized the full tax benefit of the inver-
sion because Allergan's relative size would have fallen
below the 20% threshold under the new tax rules.
Innovation Strategy
Pfizer has a long history of investing in R&D for the
development of blockbuster drugs. However, many
industry experts believe the age of blockbuster drugs
has come to an end and that new blockbusters will be
rare. 32 They argue that the opportunities for revolution-
ary drugs have been mostly exploited, with very few
areas of medicine in which breakthrough drugs can
have a huge impact. In light of industry trends, Pfizer
has shifted its strategy of maintaining an industry-
leading drug pipeline from in-house development to
being more reliant on strategic partnerships and mergers
and acquisitions.
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To support its interest in strategic partnerships, in and Analytics, and within that role she was part of the
2004 Pfizer founded Pfizer Venture Investments (PVI). task force that “redesigned Pfizer's R&D organization to
Its goal is to identify and invest in strategic areas and strengthen its pipeline and improve efficiency?"36
businesses at the leading edge of healthcare science and
technologies. PVI started with a $50 million annual Executive VP Chief Development Officer, Rod
budget and was Pfizer's way of staying ahead of industry Mackenzie, PhD. Rod Mackenzie received his PhD
trends and investing in companies which are developing from Imperial College, London, after getting his chem-
compounds and technologies that will enhance Pfizer's istry degree from the University of Glasgow. As the co-
drug pipeline and help drive the future of the pharma- inventor of Darifenacin, which was sold in 2003 due
ceutical industry.33 In January 2016, Pfizer announced to regulatory issues, MacKenzie held various positions
that it would be expanding its investment strategy to within Pfizer before assuming his current position.37
include investments in early-stage scientific innova- His role oversees “the development and advancement
tions in immuno-oncology, gene therapy, and other of Pfizer's pipeline of medicines in several therapeutic
cutting-edge fields. Pfizer invested nearly $46 million areas.” He serves on the Portfolio Strategy and Investment
in four companies in these fields: BioAtla, NextCure Committee and sits on the Board of Directors for Viiv
Inc., Cortexyme Inc., and 4D Molecular Therapists, Inc. Healthcare.38
Pfizer's strategic partnership with these and other firms
provides a world-class resource in start-up organizations Executive VP Business Operations and CFO,
to accelerate the pace of scientific innovation and to help Frank D'Amelio. Frank D'Amelio joined the company
develop their pipeline of drugs. 34
in September 2007 and oversees finance, business devel-
opment, and business operations. He has been ranked
Inside Pfizer
as a top CFO for various years by Institutional Investor
magazine. He has led the organization in many mergers,
Management Team
spin-offs, and sales, such as: Pfizer and Wyeth merger,
CEO, lan C. Read. Ian C. Read was elected CEO of sale of their nutrition business, and the spin-off of Zoetis.
Pfizer in December of 2010 and Chairman of the Board
His experience comes from his many leadership roles at
in 2011, taking over from Jeffrey Kindler. Read has spent
Alcatel-Lucent, including Senior Executive Vice President
his entire career at Pfizer, starting as an operational audi-
of Integration and Chief Administrative Officer, and his
tor. Read's B.S. in chemical engineering and accounting
experience as COO of Lucent Technologies. Frank earned
experience set the groundwork for a successful career
his MBA in Finance from St. John's University and his
in pharmaceuticals. Some of his previous roles included
bachelor's degree in Accounting from St. Peter's College.
CFO of Pfizer Mexico, Country Manager of Pfizer Brazil,
Representing Pfizer, he currently serves on the Board of
President of Pfizer's International Pharmaceuticals Group,
Directors for many organizations. They include, Humana,
Executive Vice President of Europe, and Corporate Vice
Inc., Zoetis, Inc., the Independent College Fund of New
President. Read also serves on the boards of Pharmaceutical
Jersey, and the Gillen-Brewer School. 39
Research Manufacturers of America (PhRMA), which
represents the leading innovative biopharmaceutical Major Shareholders
research companies. 35
Pfizer is a publicly traded company with approximately
6.2 billion shares outstanding at December 31, 2015.40
Executive VP Strategy Portfolio and Commercial According to Yahoo Finance, among Pfizer's primary
Operations, Laurie J. Olso. Laurie Oslo oversees shareholders are institutional investment companies
long-term strategy, execution of commercial objec- Vanguard Group, Inc., BlackRock Institutional Trust
tives, and advises portfolio functions for R&D invest- Company, and JPMorgan Chase & Co., who own 6.32%,
ment strategies. She started working for Pfizer in 1987 4.95%, and 1.89% of total outstanding shares, respec-
in Marketing Research. As an economics graduate from tively. Additionally, Pfizer's only major non-institutional
the State University of New York at Stony Brook and shareholders are all executive-level leadership within the
with a MBA from Hofstra University, her experiences organization.
span across domestic and global leadership positions in
marketing, commercial development, strategy, analytics Human Resources
corporate responsibility, and operations. Her most recent Human resource efforts are led by Charles H. Hill III,
role was Senior Vice President of Portfolio Management who has been the Executive Vice President of Worldwide
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Human Resources since December 2010. Prior to that
assignment, Hill was Senior Vice President of Human
Resources for the Worldwide Biopharmaceuticals
Businesses from 2008 through December 2010. On
December 31, 2015, Pfizer employed approximately
97,900 employees across the globe. 41
In 2007, Pfizer Global Manufacturing, a global man-
ufacturing site in the U.K., was recognized for their
Explorer training program. The Explorer program was a
year long and covered team dynamics that included pur-
pose, leadership, motivation, meetings, and the environ-
ment, among other topics. For each of the four training
segments, there were pre-workshop activities, two-day
workshops, post-workshop assignments, and a follow-up
workshop. 42
Pfizer also uses traditional techniques to develop
their personnel. Employees are expected to collaborate
with their direct leaders to create individual develop-
ment plans. They have also implemented a tool called
Mentor Match. It is designed to allow employees to
volunteer as a mentor or search for mentors with cer-
tain characteristics. Managers are encouraged to give
frequent and in-depth performance appraisals in lieu
of the standard annual review process. Pfizer also uses
short-and medium-term job rotations or projects to help
further the development of their employees.33
Operations & Supply Chain
Each of the Innovative Products and Established
Products businesses is led by a single manager respon-
sible for both commercial productivity and research
and development activities that meet proof-of-concept
requirements. The Innovative Products Business is
tasked with development and commercialization of
new medicines and vaccines. The Established Products
Business focuses on branded generic medicines and leg-
acy brands that have lost or will lose market exclusivity
in the short term. Both businesses have geographic foot-
prints that span developed and emerging markets. *7
Pfizer has a truly global supply chain network with
64 internal manufacturing facilities, over 200 supply
chain partners, and 134 logistics centers in 2015. Pfizer
claims to have over 850 major product groups. Due to
the high demands for traceability, Pfizer employs a seri-
alization program across its supply chain. Pfizer also uses
their Highly Orchestrated Supply Network (HOSuN) to
connect inventory, transportation, logistics and its asso-
ciated security, compliance, environmental health and
safety, and other functions into a truly integrated system.
They also use HoSuN for business continuity risk assess-
ment and resolution. 48
Manufacturing pharmaceuticals can be extremely
complex. For example, the vaccine known as Prevenar
13 was produced for the one-billionth-time in 2015.
According to Pfizer, manufacturing Prevenar 13 includes
the participation of 1700 employees, 678 quality tests,
400 different raw materials, and 580 steps in manufac-
turing, over 2 years.49
Pfizer earned 56% of its 2015 revenue from oper-
ations outside the United States, which represented
$27.1 billion. Japan is the second largest market, behind
the United States. 50
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Organizational Culture
Upon taking charge of Pfizer in 2010, Read soon discov-
ered that many of the processes in place at Pfizer were
broken. The process for FDA drug applications was so
bad that the FDA sometimes refused to even review
submitted applications. Read demanded answers, and
the only answer he received was that everyone knew the
application didn't meet the required quality standards, but
nobody was willing to speak out about it. Read's response
was to hand every employee a gold coin with the words
“Straight Talk” on one side and “OWNIT!” on the other
side. It was Read's way of empowering his employees to
speak up to their boss when they believe they are wrong,
but above all, to create accountability.44 Since then,
OWNIT! has become ingrained in Pfizer's culture.45
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Mission, Purpose, and Values 46
Pfizer's mission is: “To be the premier, innovative bio-
pharmaceutical company."
Pfizer's purpose is: “Innovate to bring therapies to
patients that significantly improve their lives.”
Pfizer's core values are: “Customer focus; Community;
Respect for people; Performance; Collaboration;
Leadership; Integrity; Quality; Innovation."
Marketing and Distribution
Pfizer promotes its products within the global biophar-
maceutical business to healthcare providers and patients.
Pfizer's marketing organization is responsible for educating
a wealth of stakeholders regarding product approved uses,
benefits, and risks. Pfizer employs a direct-to-consumer
advertising campaign in the U.S.; this provides similar
information and suggests that interested customers have
discussions with their doctor. Pfizer's "Global Consumer
Healthcare business uses its own sales and marketing orga-
nizations to promote its products and occasionally uses dis-
tributors in smaller markets.” Television, digital, print, and
in-store media are all used to advertise to consumers.
In the U.S., all products must be approved by the FDA
prior to any marketing campaigns. The FDA oversight
51
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