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Exhibit 99.1
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For Immediate Release November 8, 1999 |
Contact: Andy McCormick
212-573-1226 |
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PFIZER REPORTS TO SHAREHOLDERS, UNDERSCORING STRONG CONTINUING PERFORMANCE AND COMPELLING LONG-TERM OUTLOOK |
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Pfizer Comfortable With High End of New Increased Analyst Consensus Estimate Range of Earnings Per Share for 1999 of $0.83 to $0.85Targeted Earnings Growth Rate of 20% for the Year 2000Pfizer/Warner-Lambert Merger Will Create the Fastest-Growing, Largest Pharmaceutical Company in the World |
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NEW YORK, November 8, 1999-- In response to numerous inquiries, Pfizer Inc is reporting to shareholders today on the fundamental strengths and excellent long-term outlook for the Company in light of the recently announced proposed transaction with Warner-Lambert. Chairman and Chief Executive Officer William C. Steere, Jr., and Chief Operating Officer and President, Hank A. McKinnell, Jr., Ph.D., are underscoring many of Pfizer's strengths:
Pfizer noted that the previous analyst consensus estimate of 1999 full year results of $0.80 - $0.83 per share has been raised to $0.83 - $0.85. In response to numerous shareholder inquiries regarding this recently increased consensus estimate, Pfizer stated that it is comfortable with the high end of the estimate. This excludes the impact of the previously announced Trovan inventory charge and any potential positive impact of Y2K-related inventory stocking patterns. In addition, Pfizer is now targeting 20% earnings growth for the year 2000. Mr. Steere said, "Our near-term earnings momentum continues, and we anticipate strong, long-term earnings growth fueled by double digit, volume-driven revenue growth as well as opportunities for leveraging past investments. "Given Pfizer's strength, pursuing a strategic combination with Warner-Lambert represents a unique opportunity to create the fastest-growing pharmaceutical company in the world, with the widest therapeutic coverage in our industry," he added. Mr. Steere noted that:
On November 4, Pfizer announced a proposed merger with Warner-Lambert, which will create a global leader with a market capitalization of over $200 billion. This press release is not an offer to purchase shares of Warner-Lambert, nor is it an offer to sell any Pfizer common stock which may be issued in a merger involving Warner-Lambert and a subsidiary of Pfizer. Any issuance of Pfizer common stock in any merger involving Warner-Lambert and a subsidiary of Pfizer would have to be registered under the Securities Act of 1933, as amended, and such Pfizer common stock would be offered only by means of a prospectus complying with such Act. This release contains some forward-looking statements. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our 10-Q, 8-K and 10-K reports to the SEC. |
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