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 are materials presented by Pfizer and Warner-Lambert to
investors and analysts beginning on February 14, 2000:
- ------------------------------------------------------------------------
[Pfizer LOGO]
[Warner-Lambert LOGO]
The Best Get Better
- ------------------------------------------------------------------------
[Pfizer LOGO] Revenue and Net Income Growth
($ Billions)
1990* 1999
----- ----
$4.8 $0.7 $16.2 $3.4**
Total Net Total Net
Revenues Income Revenues Income
[Bar chart] [Bar chart]
Net Income as % of Total Revenues
15% -> 21%
*Continuing Operations
**Excluding Trovan Inventory Charge
- -----------------------------------------------------------------------------
[Pfizer LOGO] Investments:
Selling, Informational, and Administrative
($ millions)
* Continuing Commitment to Strong
SI&A Investment
* Opportunities From Sales Forces
Expanded in 1990s
<TABLE>
<CAPTION>
$2,002 $2,250 $2,457 $2,611 $2,793 $3,395 $3,859 $4,401 $5,568 $6,351
- --------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
[Bar chart]
- --------------------------------------------------------------------------------------------------
</TABLE>
[Pfizer LOGO] Product Breadth and Growth
1999 Key Pharmaceutical Revenues
($ Millions) % Change
$12,132 31
[Zyrtec LOGO] 552 33
[Cardura LOGO] 794 15
[Diflucan LOGO] 1,002 9
[Viagra LOGO] 1,033 31
[Zithromax LOGO] 1,333 28
[Zoloft LOGO] 2,034 11
[Lipitor LOGO]
[Celebrex LOGO] 2,354 131
[Aricept LOGO]
[Norvasc LOGO] 3,030 18
- -----------------------------------------------------------------------------
[Pfizer LOGO] 1999 PPG Billion Dollar Products
[Graphic Depicting Seven Listed Billion Dollar Products]
[Norvasc LOGO]
[Diflucan LOGO]
[Lipitor LOGO] 7
[Celebrex LOGO] Billion
[Zoloft LOGO] Dollar
[Viagra LOGO] Products
[Zithromax LOGO]
Source: IMS International, Pfizer Analysis
- -----------------------------------------------------------------------------
[Pfizer LOGO] Three Most Successful Launches
in Pharmaceutical Industry History
1997 Most Successful
[Lipitor LOGO] Product Launched
Each Year Since 1997
[Line Chart Illustrating
Sales Growth From $0 To $600MM]
1998
[Viagra LOGO]
[Line Chart Moving From
$0 To Over $600MM]
1999
[Celebrex LOGO]
[Line Chart Illustrating
Sales Growth From $0 To almost $900MM]
- -----------------------------------------------------------------------------
[Pfizer LOGO] U.S. NRx Growth 1996-3Q99
Rx-Only Plus Co-promote Share
Cumulative U.S. NRx
3Q 1999 Ranking Growth 1996-3Q99
- --------------- ----------------
1. PFIZER +82%
2. Merck +20%
3. Glaxo Wellcome -13%
4. AstraZeneca +53%
5. Aventis -21%
6. Novartis -14%
7. Bristol-Myers Squibb -4%
8. Johnson & Johnson +7%
9. Lilly -6%
10. Roche -62%
11. American Home Products -16%
.
.
15. Warner-Lambert +62%
[Bar chart]
Source: IMS International; Scott-Levin
Excludes OTCs (When Possible) and Nutritionals
Includes Alliance Sales Proportionate to Promotional Effort
- -----------------------------------------------------------------------------
[Pfizer LOGO] Worldwide Pharmaceutical Sales Growth
(% Change)
Pfizer vs. Market
Pfizer Market
1990 17 9
1991 16 13
1992 21 13
1993 14 7
1994 17 6
1995 17 9
1996 19 9
1997 19 8
1998 30 9
1999* 27 12
[Bar chart]
Source: IMS International
Excludes OTCs (When Possible) and Nutritionals
Includes Alliance Sales Proportionate to Promotional Effort
*Twelve Months Ending September 1999
- -----------------------------------------------------------------------------
[Pfizer LOGO] Rising to Top of Worldwide Rankings
Rx-only Plus Co-promote Share
1990 1999**
---- ------
1. Merck 1. PFIZER
2. Bristol-Myers Squibb 2. Merck
3. Glaxo Wellcome 3. Glaxo Wellcome
4. SmithKline Beecham 4. AstraZeneca
5. Ciba-Geigy 5. Aventis*
6. American Home Products 6. Novartis
7. Hoechst 7. Bristol-Myers Squibb
8. Johnson & Johnson 8. Johnson & Johnson
9. Lilly 9. Lilly
10. Bayer 10. Roche
11. Roche 11. American Home Products
12. Sandoz 12. SmithKline Beecham
13. Rhone-Poulenc 13. Schering-Plough
14. PFIZER 14. Abbott
15. Schering-Plough 15. Warner-Lambert
Source: IMS International
Excludes OTCs (When Possible) and Nutritionals
Includes Alliance Sales Proportionate to Promotional Effort
*Pro Forma
**Twelve Months Ending September 1999
- -----------------------------------------------------------------------------
[Pfizer LOGO] Investments: R&D
($ millions)
* Continuing Commitment to Strong,
Double-digit R&D Growth
* Opportunities From Infrastructure
Built in the 1990s
<TABLE>
<CAPTION>
$545 $654 $776 $880 $1,036 $1,340 $1,567 $1,805 $2,279 $2,776 $3,200
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000E
[Bar chart]
</TABLE>
- -----------------------------------------------------------------------------
[Pfizer LOGO] Early Development Candidates
[U.S. patent protection beyond 2009]
* Lasofoxifene (Osteoporosis/Breast Cancer/Lipid Lowering)
* CP-424,391 (Frailty)
* CP-358,774 (Cancer)
* CP-101,606 (Head Trauma)
* UK-279,276 (Stroke)
* CP-368,296 (Diabetes)
* CJ-13,610 (Asthma)
* UK-357,903 (Erectile Dysfunction)
[Chart showing duration of U.S. patent protection for certain major products]
Vfend, Inhaled Insulin, Darifenacin, Valdecoxib, Zeldox, Relpax, Tikosyn,
Celebrex, Animal Health Products and Viagra: beyond 2009
Lipitor, Aricept, Zyrtec, Norvasc and Zithromax: beyond 2007
Zoloft: Until 2006
Diflucan: Until 2004
Procardia XL: Until 2003
Cardura: Until 2000
- -----------------------------------------------------------------------------
[Pfizer LOGO] New Indications
Adding Value to Marketed Products
Zithromax Zoloft Norvasc
- - Atherosclerosis + PTSD - Congestive Heart
- - MAC Treatment + Oral Liquid Form Failure
- - 3-day Treatment - Pediatric Depression - Norvasc-Lipitor
- Social Phobia Combo
- Dysthymia - Pediatric
- PMDD Indications
Aricept Celebrex Zyrtec
- - Oral Liquid Form + Familial Colon Polyps - Pseudoephedrine
- Sporadic Colon Polyps Combo
- Pain - Pediatric
Indications
Lipitor Status Viagra
- - Benefits of Even + Approved - Female Sexual
Lower Lipid Levels - Under Development Dysfunction
- -----------------------------------------------------------------------------
[Pfizer LOGO] Balanced Growth and Investment
<TABLE>
<S> <C> <C>
Investment
o Sales/Marketing
o R&D [Arrow pointing from left to Powerful Platform
right] for Future Growth
o Infrastructure and Technology
Growth
o In-Line Products
o New Products
o Sales/R&D Productivity
</TABLE>
- -----------------------------------------------------------------------------
[Pfizer LOGO] Long-Range Diluted EPS Forecast
$0.87 $1.50 * Compound Revenue Growth of 16%
and EPS Growth of 20% Through 2002
1999* 2002 * Driven by Strong In-line
[Bar chart] Product Performance and
Upcoming Launches
* Operating Margin Expansion Despite
Sustained Investment Growth
*Excluding Trovan Inventory Charge
- -----------------------------------------------------------------------------
[Pfizer LOGO] Merger Summary
* Tax-free Stock-for-Stock Exchange
* 2.75 Pfizer Shares for Each Warner-Lambert Share
* Conditioned on:
* Pooling-of-Interests Accounting
* Shareholder/Regulatory Approvals
- -----------------------------------------------------------------------------
[Pfizer LOGO] 1999 Diluted EPS Growth*
(% Change)
(1) 10 10 14 14 14 15 18 20 30 35
AHP ABT SBH** JNJ PNU MRK BMY LLY SGP PFE WLA
[Bar chart]
* Excluding Unusual Items
** Estimate
- -----------------------------------------------------------------------------
[Pfizer LOGO] Decade of Unprecedented Growth
Pharmaceutical Revenues ($ Billions)
[Line chart showing upward sales growth from 1993 to 1999 of Pfizer's and
Warner-Lambert's pharmaceutical revenues]
Pfizer Warner-Lambert
1993-1999 1993-1999
* Three-fold increase * Three-fold increase
* 19% CAGR * 25% CAGR
* $9.2 Billion Growth * $5.8 Billion growth
Source: Company Financial Statements
- -----------------------------------------------------------------------------
[Pfizer LOGO] The New Pfizer
(1999 Pro Forma, $ Billions)
[Pfizer LOGO]
Consumer
Pharmaceuticals Health Care Confectionery Animal Health
- --------------- ----------- ------------- -------------
$20.9 $3.5 $2.0 $1.3
International 40%
U.S. 60%
[Pie chart]
Total $27.7 Billion
Source: Pfizer and Warner-Lambert
- -----------------------------------------------------------------------------
[Pfizer LOGO] Not Just Bigger, But Better
Fastest Growing * Combined 1999 Pharma Sales Up 24%
Pharmaceutical Companies * #1 in U.S., #2 Worldwide
* Strong Patent Protection
Powerful Product Synergies * Breadth of CV, CNS, and
Anti-infective Portfolios
* 15 Products >$500 Million
Enhanced Global Research * Top Five Position in Most Markets
* Largest, Most Admired Field Force
Complementary, High * $4.7 Billion Estimated R&D
Quality R&D Organizations Spending in 2000
* Six Major State-of-the-Art
Research Campuses
* Agouron, World-class
Biotechnology Firm
Cost Savings and Efficiencies * $0.2 Billion by Year End 2000
* $1.0 Billion by Year End 2001
* $1.6 Billion by Year End 2002
Similar Corporate Cultures * Team-based
* Performance-driven
* Innovative
[Arrow pointing from each point on the left to the points on the right]
- -----------------------------------------------------------------------------
[Pfizer LOGO] Warner-Lambert
Pharmaceutical Product Portfolio
Sales by Therapeutic Categories and Key Products
[Pie chart]
Cardiovascular 55%
Lipitor
Accupril U.S. Key Product Sales
Ob/Gyn 3% Rankings Within
Loestrin Therapeutic Categories
EstroStep Product 1999 Rank
Diabetes 8% Lipitor #1
Rezulin Viracept #1
HIV/AIDS 8% Neurontin #1
Viracept Rezulin #1
CNS 15% Accupril #3
Neurontin Dilantin #3
Dilantin Source: IMS
Other 11%
1999 Sales
$8.0 Billion
+30%
Source: Warner-Lambert
- -----------------------------------------------------------------------------
[Pfizer LOGO] Warner-Lambert Leadership in
HIV/AIDS and Seizure Disorders
U.S. New Prescription Share
Protease Inhibitor Market Seizure Disorder Market
Viracept - Warner-Lambert 32% Depakote - Abbott 19%
Crixivan - Merck 27% Neurontin - Warner-Lambert 18%
Agenerase - Glaxo Wellcome 6% Dilantin - Warner-Lambert 11%
Invirase - Roche 3% Tegretol - Novartis 5%
Fotolase - Roche 12% Lamictal - Glaxo Wellcome 2%
Norvir - Abbott 20% Others 45%
[Pie chart] [Pie chart]
Source: Analyst Estimate
- -----------------------------------------------------------------------------
[Pfizer LOGO] Agouron: A World-class
Biotechnology Firm
[Graphic of California with the location of La Jolla, California indicated]
* Acquired by Warner-Lambert in 1999
* Leading Firm in Protein Structure-based Drug Design
* Discovered and Sell Viracept, Number 1 Protease Inhibitor
* 11 Pipeline Drugs in Antivirals/Oncology
* Vast Drug Library Exceeding 400,000 Compounds
* 700 Employees in R&D
- -----------------------------------------------------------------------------
[Pfizer LOGO] Complementary Product Portfolios [Warner-Lambert LOGO]
<TABLE>
<S> <C> <C> <C>
Cardiovascular Risk Factors
[Norvasc LOGO] * Vast Product Line Covers [Accupril LOGO]
[Glucotrol XL LOGO] All Major Diseases [Rezulin LOGO]
* Treats Key Risk Factors Including High
Blood Pressure and Diabetes
* Help Patients Manage Multiple CV Risks
* Combined 1999 CV Sales: $6.0 Billion
Lipid Lowering
[Lipitor LOGO] * Co-promoted [Lipitor LOGO]
* Fastest-growing Among Cholesterol-lowering Agents
* Sales Expected to Exceed $5 Billion in 2000
- -----------------------------------------------------------------------------
[Pfizer LOGO] Complementary Product Portfolios [Warner-Lambert LOGO]
Central Nervous System (CNS)
[Zoloft LOGO] * Products Treat Depression, Anxiety, Neurontin
[Aricept LOGO] Dementia, Schizophrenia, Epilepsy, Migraine Pregabalin
Relpax * Expand Mental Health, Psychiatry, Dilantin
[Zeldox LOGO] and Neurology Coverage
* Combined 1999 CNS Sales: $3.3 Billion
Infectious Diseases
[Zithromax LOGO] * Historic Leader in Antibiotics, Viracept
[Diflucan LOGO] From Penicillin to Zithromax Rescriptor
* Agouron Leader in HIV/AIDS
Treatment and Research
* Combined 1999 ID Sales: $3.7 Billion
Women's Health
[Diflucan LOGO] * Chlamydia Treatment, Hormone Replacement Loestrin
[Zithromax LOGO] Therapy, Contraception Estrostep
STD * Broad Educational Outreach Programs FemHRT
* Emphasis on CV Risk (Lipids and Hypertension)
& Mental Health
</TABLE>
- -----------------------------------------------------------------------------
[Pfizer LOGO] Key Pharmaceutical Products [Warner-Lambert LOGO]
1999 Third-party
Products Category Sales (MM)
- -------- -------- ----------
[Lipitor LOGO]*** Lipid-lowering $3,921
[Norvasc LOGO] Hypertension/ Angina $3,030
[Zoloft LOGO] Depression/Anxiety $2,034
[Celebrex LOGO]* Arthritis $1,456
[Zithromax LOGO] Anti-infective $1,333
[Viagra LOGO] Erectile Dysfunction $1,033
[Diflucan LOGO] Anti-infective $1,022
Neurontin Seizure Disorders $913
[Cardura LOGO] Hypertension/BPH $794
[Rezulin LOGO] Diabetes $625
[Zyrtec LOGO] Allergy $552
[Aricept LOGO]** Alzheimer's Disease $551
Viracept AIDS $530
[ProcardiaXL LOGO] Hypertension/Angina $521
Accupril Cardiovascular $514
* Copromoted by Pfizer and G.D. Searle & Co.
** Copromoted by Pfizer and Eisai Co., Ltd.
*** Copromoted by Pfizer and Warner-Lambert
- -----------------------------------------------------------------------------
[Pfizer LOGO] U.S. Products Sales Rankings
Within Therapeutic Category
Product Rank
------- ----
[Norvasc LOGO] #1
[Aricept LOGO] #1
[Diflucan VC LOGO] #1
[Viagra LOGO] #1
[Celebrex LOGO] #1
[Zithromax LOGO] #1
[Lipitor LOGO] #1
[Viracept LOGO] #1 Ten #1 Products
[Rezulin LOGO] #1
[Neurontin LOGO] #1
[Cardura BPH LOGO] #2
[Zoloft LOGO] #2
[Glucotrol XL LOGO] #2
[Zyrtec LOGO] #2
[Accupril LOGO] #3
[Dilantin LOGO] #3
[Loestrin LOGO] #8
Source: IMS
- -----------------------------------------------------------------------------
[Pfizer LOGO] Major Presence in OTC Market
* Combined 1999 Sales: $3.6 Billion
* Platform for Rx-to-OTC Switches
[Pfizer LOGO] [Warner-Lambert LOGO]
[Pfizer Products [Warner-Lambert Products Sudafed,
Visine, Desitin & Barbasol] Benadryl, Listerine, Schick & Zantac 75]
- -----------------------------------------------------------------------------
[Pfizer LOGO] Key Consumer Health Products [Warner-Lambert LOGO]
Products Category
Benadryl Allergy
BenGay Muscle/Joint Pain
Cortizone Anti-itch
Desitin Diaper Rash
Efferdent Denture Care
Listerine Oral Health
Schick Shaving Products
Sudafed Cough and Cold
Visine Eye
Zantac 75 Heartburn
- -----------------------------------------------------------------------------
[Pfizer LOGO] Excellent Platform: R&D
Company 1999E Total R&D Spending
($ Billions)
New Pfizer 4.0*
Glaxo/SmithKline 3.6**
Aventis 2.9**
AstraZeneca 2.8**
Johnson & Johnson 2.6
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 1.4
Schering-Plough 1.2
[Bar chart]
* 2000 Estimate = $4.7 Billion
** Analysts' Consensus
- -----------------------------------------------------------------------------
[Pfizer LOGO] Excellent Platform: Therapeutic Categories
<TABLE>
<CAPTION>
Current Portfolio In Development
<S> <C> <C>
Cardiovascular Diseases Norvasc AVASIMIBE (ACAT INHIBITOR)
Cardura ACCUPRIL/ACCURETIC (HYPERTENSION)
ACCUPRIL Norvasc - New Indications
Procardia XL
Tikosyn
Cholesterol Lowering LIPITOR Norvasc-LIPITOR Combination
LOPID
Diabetes Glucotrol XL ZENARESTAT (DIABETIC NEUROPATHY)
REZULIN Inhaled Insulin
CP-368,296 (Glycogen Phosphorylase
Inhibitor)
CI-1037 (GLITAZONE)
Pfizer
WARNER-LAMBERT
- -----------------------------------------------------------------------------
[Pfizer LOGO] Excellent Platform: Therapeutic Categories
Current Portfolio Pipeline
Women's Health Diflucan (VC) Darifenacin (Incontinence)
ESTROSTEP Lasofoxifene (Osteoporosis/Cancer/ Lipid
LOESTRIN Lowering)
FEMHRT Viagra (Female Sexual Dysfunction)
CNS Disorders Zoloft Relpax (Migraine)
Aricept Zeldox (Psychosis)
NEURONTIN PREGABALIN (ANALGESIC/
DILANTIN ANTICONVULSANT)
PAGOCLONE (SEDATIVE/
HYPNOTIC)
CP-101,606 (Head Trauma)
UK-279,276 (Stroke)
Pfizer
WARNER-LAMBERT
- -----------------------------------------------------------------------------
[Pfizer LOGO] Excellent Platform: Therapeutic Categories
Current Portfolio Pipeline
HIV Diflucan REMUNE (ANTI-INFECTIVE)
Zithromax - MAC Prophylaxis Vfend (Antifungal)
VIRACEPT Zithromax (MAC Treatment)
AG 1549 (NNRTI)
AG 7088 (RHINOVIRUS)
Oncology PRINOMASTAT (MMPI)
Celebrex (FAP*)
CP-358,774 (EGFR Inhibitor)
CI-1042 (ADENOVIRUS - HEAD AND NECK
CANCER)
Pfizer
WARNER-LAMBERT
</TABLE>
* With Searle
- -----------------------------------------------------------------------------
[Pfizer LOGO] Our Focus: Implementation
Essential Tasks
* Maximize Strengths -> Increase Sales
* Eliminate Redundancies -> Reduce Costs
* Integrate Best People and Practices -> World-class Organization
- -----------------------------------------------------------------------------
[Pfizer LOGO] Initial Opportunities (Increase Sales)
* Maximize Product/Marketing Synergies
* Broad Cardiovascular Risks Portfolio
* Cross-selling in Infectious Diseases
* Clinical Opportunities in Diabetes
* Significant CNS Program Expansion
* Integrated Women's Health Initiatives
- -----------------------------------------------------------------------------
[Pfizer LOGO] Initial Opportunities (Reduce Costs)
* Functional Streamlining
* Eliminate Organizational Redundancies
* Benefit From Combined Purchasing ($10 Billion)
* Optimize Global Manufacturing
* Centralize Distribution Systems
- -----------------------------------------------------------------------------
[Pfizer LOGO] Cumulative Cost Savings
($ Billions)
$0.2 $1.0 $1.6
2000 2001 2002
[Bar chart]
- -----------------------------------------------------------------------------
[Pfizer LOGO] Initial Opportunities (Enhance Organizations)
* Integrate Best People and Practices
* Upgrade Field Force Effectiveness
* Complementary Research Technologies
* Reinforce Therapeutic Area Strengths
* Utilize Consumer/OTC Expertise
- -----------------------------------------------------------------------------
[Pfizer LOGO] Clear and Obvious Benefits
* $28 Billion in 1999 Revenues Annual Average
Net Income Growth
* Broad, Young Portfolio ----> (2000-2002)
(2000E: 8 Billion Dollar Products)
25%
* $1.6 Billion in Cost Savings
(2000-2002)
- -----------------------------------------------------------------------------
[Pfizer LOGO] Enhanced Growth/Shareholder Value
($Billions, Except per Share)
`99-`02
2000 2001 2002 % CAGR
---- ---- ---- ------
Pfizer
Revenue $18.6 $21.6 $25.0 16%
EPS $1.04 $1.25 $1.50 20%
Warner-Lambert
Revenue $14.8 $16.2 $18.0 12%
EPS $2.45 $2.90 $3.36 20%
Combined
Revenue* $31.5 $35.6 $40.4 13%
EPS $0.98+ $1.27+ $1.56+ 25%+
Accretion/ (5.4%) 1.4% 3.9%
(dilution)
*Eliminates Pfizer's Alliance Revenue for Lipitor
- -----------------------------------------------------------------------------
[Pfizer LOGO] Comparative Valuation Parameters
As of January 25, 2000
Industry Peer
Group(1) PFE WLA PFE-WLA
-------- --- --- -------
P/E
1999A 28.9x 40.1x 44.9x 41.8(2)
2000E 25.5 33.4 35.9 34.3
2001E 21.4 27.8 30.3 28.7
Long Term
Growth Rate 13% 20% 20% 25%
(1) I/B/E/S Estimates
(2) Weighted Average P/E
- -----------------------------------------------------------------------------
[Pfizer LOGO] Comparative Valuation Parameters
As of January 25, 2000
Industry Peer
Group(1) PFE WLA PFE-WLA
-------- --- --- -------
P/E to Growth
Rate Ratio (PEG)
1999A 2.2x 2.0x 2.2x 1.7
2000E 1.9 1.7 1.8 1.4
2001E 1.7 1.4 1.5 1.1
Long Term
Growth Rate 13% 20% 20% 25%
(1) I/B/E/S Estimates
- -----------------------------------------------------------------------------
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 documents 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
stockholders to approve the merger; the risk that the Warner-Lambert and
Pfizer business will not be integrated successfully; the costs related to
the merger; and other economic, business, competitive and/or regulatory
factors affecting Warner-Lambert's and Pfizer's business 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 will be jointly preparing an amendment to the joint proxy
statement/prospectus and will be filing such amendment with the Securities
and Exchange Commission as soon as practicable. 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.
