Filed by Warner-Lambert Company
pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant Rule 14a-12
of the Securities Exchange Act of 1934
Commission File No: 001-3608
Subject Company: Warner-Lambert Company
THE FOLLOWING IS A DESCRIPTION OF A PORTION OF A SLIDE PRESENTATION THAT IS
BEING DISTRIBUTED TO MEMBERS OF WARNER-LAMBERT MANAGEMENT FOR FUTURE
PRESENTATION TO WARNER-LAMBERT COLLEAGUES.
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[Pfizer LOGO]
[Warner-Lambert LOGO]
THE BEST GET BETTER
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[Pfizer LOGO]
Warner-Lambert and Pfizer
Two Great Companies
The New Pfizer
Not Just Bigger, But Better
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[Pfizer LOGO] Warner-Lambert Corporate Structure
Sales in over 150 Countries
[Warner-Lambert LOGO]
1999 FY Pharmaceuticals Consumer Confectionery
Revenue $7.9 $3.0 $2.0
($ Billions)
International 39%
U.S. 61%
Total $12.9 Billion
Source: Warner-Lambert
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[Pfizer LOGO]: Warner-Lambert: The Early Years
[Graphic showing timeline with the following information:]
WARNER
1850s: Philadelphia Pharmacist William Warner Creates Process to Sugar-
coat Tablets
1886: Warner Founds Drug Company Bearing His Name
Early 1900s:Pfeiffer Chemical Company Purchases Warner & Co. and Hudnut
Company of New York: Combined Companies Called Warner & Co.
1940s: Warner & Co. Grown to 21 Marketing Branches Around the World
1952: Warner-Hudnutt Acquires Chilcott Labs
1955: Warner-Hudnut and Lambert Merge; Headquartered in New York
LAMBERT:
1870s: Discovery of Original Formula for Antibacterial Listerine
1884: St. Louis: Jordan Lambert Forms Lambert Pharmaceutical Company
to Market Listerine Antiseptic
1914: Listerine Was Introduced to Consumers as an Oral Antiseptic
1945: Name Changed to Warner-Hudnut and Goes Public
1955: Warner-Hudnut and Lambert Merge; Headquartered in New York
PARKE-DAVIS:
1866: Detroit: Henry Parke and George Davis found Parke-Davis & Co. to
Produce Botanical Medicines
1910: Parke Davis Builds Original Detroit Facilities
1938: Parke-Davis Discovers Epilepsy Drug, a Precursor of Dilantin
1949: Introduces Benadryl Antihistamine
1970: Warner-Lambert Acquires Parke-Davis and Schick
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[Pfizer LOGO] Warner-Lambert: Recent History
AMERICAN CHICLE (Adams)
1869: Thomas Adams Invents Chewing Gum
1962: Warner-Lambert Acquires American Chicle
SCHICK
1920s: Colonel Jacob Schick Invents Original Schick Razor
1970: Warner-Lambert Acquires Parke-Davis and Schick
WILKINSON SWORD
1770s: London: Henry Nock Becomes England's Foremost Gun and Bayonet
Maker
1805: Business Expands to Sword Making
1877: Business Expands to Manufacture Straight Razors
1993: Warner-Lambert Acquires Wilkinson Sword
WARNER-LAMBERT
1955: Warner-Hudnut and Lambert Merge; Headquartered in New York
1956: Warner-Lambert Relocates to Morris Plains, New Jersey
1962: Warner-Lambert Acquires American Chicle
1964: Acquisition of Halls Medicated Confectionery Brand
1970: Warner-Lambert Acquires Parke-Davis and Schick
1993: Investment of 34% Stake in French Pharmaceutical Company
Jouveinal
1993: Acquires Wilkinson Sword
1995: Divestiture of Veterinary Business to Upjohn
1995: Acquisition of Glaxo-Wellcome Stake in Warner-Wellcome
1996: Lipitor Licensing Agreement with Pfizer
1996: Joint Ventures With Sankyo Corporation for Copromotion of Rezulin
and Accupril
1996: Divestiture of Warner-Chilcott Generics Division
1997: Acquisition of Remaining Stake of Jouveinal
1998: Acquire Gene/Networks (Genomics Company)
1999: Acquisition of Agouron Pharmaceutical
2000 and Beyond.....
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[Pfizer LOGO] Warner-Lambert Pharmaceutical Product Portfolio
[Pie graph illustrating the following:]
Sales by Therapeutic Categories and Key Products
OB/GYN: 3%
Loestrin
Estrotep
DIABETES: 8%
Rezulin
HIV/AIDS: 8%
Viracept
CNS: 15%
Neurontin
Dilantin
CARDIOVASCULAR: 54%
Lipitor
Accupril
OTHER: 12%
1999 Sales
$7.9 Billion
+30%
US KEY PRODUCT SALES RANKINGS
WITHIN THERAPEUTIC CATEGORIES:
PRODUCT 1999 RANK GROWTH
Lipitor #1 (+63%)
Neurontin #1 (+63%)
Rezulin #1 (+22%)
Viracept #1 (+12%)
Accupril #3 (+11%)
Dilantin #3 (-8%)
Source: Warner-Lambert
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[Pfizer LOGO] Warner-Lambert Consumer Products
1999 Revenues ($ Millions)
OTC HEALTHCARE
$2,001
Digestive Health
-Rolaids
-Zantac 75
Herbal Supplements
-Quanterra
Oral Care
-Efferdent
-Listerine
First Aid
-Neosporin
-Caladryl
Respriratory
-Sudafed
-Sinutab
-Halls
Skin Care
-Lubriderm
-Benadryl
Women's Health
-EPT
-Anusol
-Tucks
SHAVING
$792
Schick Products
-Personal Tack
-Silk Effects
-Tracer
-Tracer FX
-Protector
-Slim Twin
AQUARIUM PRODUCTS
$203
Tetra
-Tetra Second Nature
-Tetra Pond
-Tetra Press
-Tetra Terra
Fauna
1999 Sales
$3.0 Billion
10% Growth
Source: Warner-Lambert
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[Pfizer LOGO] Warner-Lambert Confectionery Products
[PHOTO]
4 Products Rank 1st or 2nd in Their Market Categories
1999 Sales
$3.0 Billion
10% Growth
Source: Warner-Lambert
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[Pfizer LOGO] Agouron: A World Class Biotechnology Firm
o Acquired by Warner-Lambert in 1999
o Leading Firm in Protein Structure-Based Drug Design
o Discovered and Sell Viracept, Number 1 Protease Inhibitor
o 11 Pipeline Drugs in Antivirals/Oncology
o Vast Drug Library Exceeding 400,000 compounds
o 700 Employees in R&D
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[Pfizer LOGO] Current Warner-Lambert Infrastructure
43,967 WORLDWIDE EMPLOYEES
o 20,702 Pharmaceutical
o 7,811 Consumer
o 13,749 Confectionery
o 1,705 Corporate
o 16,000 Domestic
o 27,000 International
FACILITIES
o Headquarters:
o Morris Plains, New Jersey (Corporate, Parke-Davis,
Confectionery)
o La Jolla, California (Agouron Pharmaceuticals)
o Milford, Connecticut (Schick Shaving Products)
o 62 Production Plants in 30 Countries
o 13 R&D Facilities:
o 4 Main Sites in US (New Jersey, Michigan, and California)
o Principal International Sites: France, Japan, United Kingdom,
Germany, Brazil and Mexico
o 12 Main Distribution Sites in United States (Pennsylvania &
Illinois)
Source: Warner-Lambert
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[Pfizer LOGO] Pfizer Corporate Structure
Sales in Over 150 Countries
[Pfizer LOGO]
1999 FY Pharmaceuticals Consumer Animal Health
Revenues $14.3 $0.6 $1.3
International 39%
U.S. 61%
Total $16.2 Billion
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[Pfizer LOGO] Pfizer Pharmaceutical Product Portfolio
[Pie graph illustrating the following:]
Sales by Therapeutic Categories and Key Products
CNS: 16%
Zoloft
Aricept
ARTHRITIS/ANTI-INFLAMMATORY: 4%
Celebrex
ALLERGY: 4%
Zyrtec
UROGENITAL: 7%
Viagra
ANTI-INFECTIVES: 20%
Zithromax
Difulcan
CARDIOVASCULAR: 43%
Norvasc
Lipitor
OTHER: 6%
1999 Sales
$14.3 Billion
+22%
US KEY PRODUCT SALES RANKINGS
WITHIN THERAPEUTIC CATEGORIES:
PRODUCT 1999 RANK
Norvasc #1
Zithromax #1
Aricept #1
Viagra #1
Celebrex #1
Lipitor #1
Difulcan VC #1
Zoloft #2
Glucotrol XL #2
Zyrtec #2
Cardura BPH #2
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[Pfizer LOGO] 1999 PPG "Billion Dollar Products"
7 "Billion Dollar" Products
Norvasc
Lipitor
Zoloft
Zithromax
Difulcan
Celebrex
Viagra
Source: IMS International, Pfizer Analysis
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[Pfizer LOGO] Pfizer Consumer Healthcare
1999 Revenues ($ Millions)
o Desitin
o Ben-Gay
o Visine
o Cortizone
o Unisom
o RID
o Plax
o Barbasol
1999 Sales
$561 Million
7% Growth
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[Pfizer LOGO] Animal Health
1999 Revenues ($ Millions)
o RespiSure
o Revolution
o Rimadyl
o Anipryl
o Dectomax
o Zeniquin
1999 Sales
$1.3 Billion
2% Growth
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[Pfizer LOGO]
Warner-Lambert and Pfizer:
Two Great Companies
The New Pfizer:
Not Just Bigger, But Better
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[Pfizer LOGO] The New Pfizer
(1999 Pro Forma, $ Billions)
[Pfizer LOGO]
Pharmaceuticals Consumer Products Animal Health Confectionery
$20.7 $3.6 $1.3 $2.0
International 40%
U.S. 60%
TOTAL $27.7 Billion
Source: Pfizer and Warner-Lambert
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[Pfizer LOGO] Clear and Obvious Benefits
o $32 Billion in 2000E Revenues
o Broad, Young Portfolio
(2000E: 8 "Billion Dollar Products)
o $1.6 Billion in Annual Cost Savings by 2002
ANNUAL AVERAGE
NET INCOME GROWTH
(2000-2002)
25%
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[Pfizer LOGO] 1999 Diluted EPS Growth*
(% Change)
[Bar graph illustrating the following:]
AHP (1)
GLX 5
ABT 10
SBH 12
JNJ 14
PNU 14
MRK 14
BMY 15
LLY 18
SGP 20
PFE 30
WLA 35
*Excluding Unusual Items
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[Pfizer LOGO] Not Just Bigger, But Better
Fastest Growing Pharmaceutical Companies
o 1999 Sales Up 22%
o #1 in US
o Strong Patent Protection
Powerful Product Synergies
o Breadth of CV, CNS and Anti-Infective Products
o 15 Products > $500 Million
Enhanced Global Reach
o Top Five Positions in Most Markets
o Largest, Most Admired Field Force
Complimentary, High Quality R&D Organizations
o >$4.0 Billion R&D Spend
o Six Major State-of-the-Art Research Campuses
o Agouron, World-Class Biotechnology Firm
Similar Corporate Cultures
o Team-Based
o Performance-Driven
o Innovative
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[Pfizer LOGO] Significant Operational Synergies
Lipitor o Exploit Worldwide Strengths
Opportunities o Japan
o Lipitor-Norvasc Combination
Sales & o Enhanced Field Force Productivity / Shared Best
Marketing Practices
Research & o Depth, Breadth, and Scope of Therapeutic Areas /
Development Leverage New Technologies
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[Pfizer LOGO] Industry-Leading U.S. New Prescription Growth
1999, Pro Forma
[Bar graph illustrating the following:]
New Pfizer + 22%
Merck + 13%
AstraZeneca + 11%
PNU/Monsanto + 8%
Glaxo/SKB + 7%
Johnson & Johnson + 5%
Novartis + 1%
- - 3% Aventis
- - 6% BMS
- - 6% Lilly
Source: IMS, Scott-Levin, Includes Pro Forma Top 10 Pharmaceutical Companies
Worldwide Based on Sales
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[Pfizer LOGO] Three Most Successful Launches in Pharmaceutical Industry
History
Most Successful Product Launched Each Year Since 1997
1997 Lipitor 1998 Viagra 1999 Celebex
[graph depicting revenue [graph depicting revenue [graph depicting revenue
in months post-launch] in months post-launch] in months post-launch]
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[Pfizer LOGO] U.S. 1999 Product Sales Rankings Within Therapeutic
Category
PRODUCT RANK
NORVASC #1
ARICEPT #1
DIFLUCAN (VC) #1
VIAGRA #1
CELEBREX #1
ZITHROMAX #1 Ten #1
LIPITOR #1 Products
VIRACEPT #1
REZULIN #1
NEURONTIN #1
CARDURA (BPH) #2
ZOLOFT #2
GLUCOTROL XL #2
ZYRTEC #2
ACCUPRIL #3
DILANTIN #3
LOESTRIN #8
Source: IMS
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[Pfizer LOGO] Top 20 Products by Worldwide Sales
1999 ($Millions)
PRODUCT SALES PRODUCT SALES
Losec $5,896 Renitec $1,899
Zocor $3,995 Augmentin $1,817
LIPITOR $3,789 Epogen $1,782
NORVASC $3,039 Cipro $1,615
Prozac $2,961 Erypo $1,606
Ogastro $2,305 Pravachol $1,601
Paxil $2,120 CELEBREX $1,433
ZOLOFT $2,036 Risperdal $1,399
Claritin $1,963 Glucophage $1,386
Zyprexa $1,895 ZITHROMAX $1,338
More Products in Top 20 Than Any Other
Company
Source: IMS Health
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[Pfizer LOGO] Rising to Top of Worldwide Sales Rankings
Pro Forma - Rx Only Co-Promote Share, Preliminary Results
1990 1999
1 Merck 1 NEW PFIZER
2 BMS 2 Glaxo/SKB
3 Glaxo Wellcome 3 Merck
4 SKB 4 AstraZeneca
5 Ciba-Geigy 5 BMS
6 American Home Products 6 Novartis
7 Hoechst 7 Aventis
8 J&J 8 J&J
9 Lilly 9 Lilly
10 Bayer 10 PNU/Monsanto
11 Roche 11 American Home Products
12 Sandoz 12 Roche
13 Rhone-Poulenc 13 Schering-Plough
14 PFIZER 14 Abbott
Source: IMS MIDAS: 4Q 1999 Preliminary
Excludes OTCs (When Possible) and Nutritionals
Includes Alliance Sales Proportionate to Promotional Effort
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[Pfizer LOGO] Expanded Current Product Portfolio
[Pfizer LOGO] [Warner-Lambert
LOGO]
CNS Depression/Anxiety X
Alzheimer's X
Epilepsy X
Cardiovascular ACE X
CCB X X
Cholesterol Lowering X
Anti- Macrolide X
Infective /
Antiviral
Antifungal X
HIV X
Diabetes X X
Women's Health Menopause X
Contraception X
Vaginal Candidiasis X
Respiratory Allergy X
Other Arthritis X
Analgesic X
Erectile Dysfunction X
BPH X
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[Pfizer LOGO] Unbeatable Platform: R&D
COMPANY 1999E TOTAL R&D SPENDING
($ BILLIONS)
New Pfizer 4.1
Glaxo/SmithKline 3.6
Aventis 2.9
PFIZER 2.8
AstraZeneca 2.8
Johnson & Johnson 2.5
Novartis 2.5
Roche 2.3
Merck 2.1
Bristol-Myers Squibb 1.8
Eli Lilly 1.8
American Home Products 1.7
Pharmacia & Upjohn 1.3
WARNER-LAMBERT 1.3
Schering-Plough 1.2
$4.7 Billion Estimated for 2000
Source: Analysts' Consensus
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[Pfizer LOGO] Unbeatable Platform: Therapeutic Categories
Products in Development
CARDIOVASCULAR Avasimibe** HIV Remune**
Accupril - New VFend*
Indications** Zithromax - MAC
Treatment*
Norvasc - New AG-1549**
Indications* AG 1776**
AG-1029**
VEGF**
CI-1031 -
Anticoagulant**
CHOLESTEROL Norvasc*-Lipitor** RHINOVIRUS AG-7088**
LOWERING Combo*
CI-1027**
DIABETES Zenarestat** ONCOLOGY Prinomastat
(MMPI)**
Losoxantrone**
Inhaled insulin* Celebrex - FAP*
CP-368,296* CP-358,774*
CI-994**
CI-1042**
CI-1006**
CNS Relpax* WOMEN'S Darifenacin*
HEALTH
Zeldox* Lasofoxifene*
Neurontin** Viagra*
Pagoclone** femhrt**
Pregabalin** Estrostep**
CP-101,606*
UK-279,276*
CI-1032-Combo**
CI-1017**
Pfizer*
Warner-Lambert**
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[Pfizer LOGO] Similar Culture, Similar Values
[Pfizer LOGO] [Warner-Lambert LOGO]
Teamwork Performance
Innovation
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[Pfizer LOGO] Recent Accolades
[Pfizer LOGO] [Warner-Lambert LOGO]
Forbes "Company of the Year" Financial Times "42nd Among Largest
500 Global Companies"
Fortune "America's Most Admired Business Week "12th Among the
Pharmaceutical Company" Standard and Poor's 500 Index in
Financial Success"
Industry Week "100 Best Managed Forbes "Platinum 400 List for Best
Companies" Performing Companies"
Working Mother "100 Best Companies Money "Top Pick to Deliver Consistent for
Working Mothers" Earnings for the Next Five Years"
Council of State Governments Barron's "31st of Top 500 Companies"
"Corporate Citizen Award"
Council on Economic Priorities
"Corporate Conscience Award"
Former Surgeon General E. Koop's Working Mother "100 Best Companies
"National Health Award" for Working Mothers"
Association of Worksite Health
Promotion "Excellence Award"
Scott-Levin "Highest Quality Image
Sales Force" Five Years in a Row
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[Pfizer LOGO] PPG Major Challenge
o Achieve and Sustain #1 Position
o Maintain Product-by-Product, Market-by-Market, Customer-by-Customer
Focus
$ 6 Billion
[Warner-Lambert LOGO]
$24 Billion $30 Billion
[Pfizer LOGO] [Pfizer LOGO]
$12 Billion
[Pfizer LOGO]
1998 2000 Budget 2002E
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The Best Get Better
[Pfizer LOGO] [Warner-Lambert LOGO]
[PHOTO] [PHOTO]
Merger Will Create a
Pharmaceutical Powerhouse
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* * * * * *
These communications include certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and are naturally
subject to uncertainty and changes in circumstances. Actual results may
vary materially from the expectations contained herein. The forward-looking
statements in this document include statements about future financial and
operating results and the proposed Warner-Lambert/Pfizer transaction. The
following factors, among others, could cause actual results to differ
materially from those described herein: inability to obtain, or meet
conditions imposed for, governmental approvals for the merger between
Warner-Lambert and Pfizer; failure of the Warner-Lambert or Pfizer
stockholders to approve the merger; the risk that the Warner-Lambert and
Pfizer businesses will not be integrated successfully; the costs related to
the merger; and other economic, business, competitive and/or regulatory
factors affecting and Warner-Lambert's and Pfizer's businesses generally.
More detailed information about those factors is set forth in
Warner-Lambert's and Pfizer's filings with the Securities and Exchange
Commission, including their Annual Reports filed on Form 10-K for the
fiscal year ended 1998, especially in the Management's Discussion and
Analysis section, their most recent quarterly reports on Form 10-Q, and
their Current Reports on Form 8-K. Warner-Lambert and Pfizer are under no
obligation to (and expressly disclaim any such obligation to) update or
alter their forward-looking statements whether as a result of new
information, future events or otherwise.
* * * * * *
On November 15, 1999, Pfizer filed a joint proxy statement/prospectus in
connection with its proposed merger with Warner-Lambert. Pfizer and
Warner-Lambert jointly prepared and filed amendments to the joint proxy
statement/prospectus with the Securities and Exchange Commission on
February 22 and March 9, 2000. The joint proxy statement/prospectus was
declared effective by the SEC on March 9, 2000. WE URGE INVESTORS TO READ
THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS TO BE
FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors
and security holders may obtain a free copy of the joint proxy
statement/prospectus and other documents filed by Pfizer Inc. and
Warner-Lambert Company with the Commission at the Commission's web site at
www.sec.gov. In addition, the joint proxy statement/prospectus and other
documents filed with the SEC by Pfizer may be obtained for free from Pfizer
by directing a request to Pfizer Inc., 235 42nd Street, New York, New York
10017, Attention: Investor Relations, telephone: (212) 573-2668. Documents
filed with the SEC by Warner-Lambert may be obtained for free from
Warner-Lambert by directing a request to Warner-Lambert Company, 201 Tabor
Road, Morris Plains, New Jersey 07950, Attention: Corporate Secretary,
telephone (973) 385-4593.
Warner-Lambert and certain other persons will be soliciting proxies from
Warner- Lambert shareholders in favor of the merger. Information concerning
the participants in the solicitation is included in the filing under Rule
425 made by Warner-Lambert with the SEC on February 9, 2000.
