Business/Financial Desk
| June 19, 2003, Thursday
Market
Place; A Drug Giant Thinks It Can Grow Still
Bigger
By GARDINER HARRIS (NYT) 1203
words
Late Edition - Final , Section C ,
Page 1 , Column 2
ABSTRACT
- Pfizer Inc is making Wall Street promise
that it will get bigger; chairman-chief
executive Henry A McKinnell Jr promises
revenue growth of at least 10 percent this
year and next, 'with continued strong
revenue growth' beyond 2004; fans of
company's stock tend to focus on uncommon
resources that are likely to allow Pfizer's
earnings to incresase for at least five
years; company has cash to buy drugs, even
if its research apparatus fails to produce
blockbusters; has army of sales
representatives that dwarfs those of
competitors, and should sales lag, its sheer
size means that it can keep profits growing
by dispensing with some of those researchers
and sales representatives (Market Place
column) (M) The global pharmaceutical
industry is increasingly divided into two
camps: Pfizer and everyone else.
The company now has 10 products with more
than $1 billion each in sales. It owns the
rights to 8 of the 25 largest-selling drugs.
Some 165 million people worldwide take its
medicines. Its market capitalization
recently passed that of Microsoft and is
second only to General Electric.
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