Market Place; A Drug Giant Thinks It Can Grow Still Bigger

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http://query.nytimes.com/gst/abstract.html?res=F30916F83A5C0C7A8DDDAF0894DB404482

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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