Pfizer Company History Timeline

(3,228 Jobs)
1849

In 1849, cousins Charles Pfizer and Charles Erhart founded Charles Pfizer & Company in a red brick building in Brooklyn, NY.

German-American cousins Charles Pfizer and Charles Erhart began Pfizer in 1849.

In 1849 Charles Pfizer, a chemist, and Charles Erhart, a confectioner, began a partnership in Brooklyn to manufacture bulk chemicals, Charles Pfizer & Company.

Pfizer was founded in Brooklyn, New York, in 1849 when Charles Pfizer began producing chemicals such as citric acid to add flavor to food.

Started by immigrant cousins Charles Pfizer and Charles Erhart in 1849, Pfizer helped usher in the age of modern medicine by answering the United States government's call, during World War II, to devise a process for mass-producing penicillin.

In 1849 Charles Pfizer, a chemist, and Charles Erhart, a confectioner, began a partnership in Brooklyn to manufacture bulk chemicals.

Once in the states, they opened a chemical firm in Brooklyn in 1849, Charles Pfizer & Company.

The company was founded by Charles Pfizer and Charles Erhart in 1849 and is headquartered in New York, NY.“

Since Pfizer was founded by cousins Charles Pfizer and Charles Erhart in 1849, our pharmaceutical company has remained dedicated to discovering and developing new, and better, ways to prevent and treat disease and improve health and well being for people around the world.

In 1849, Pfizer was founded in New York City by German-American Charles Pfizer and his cousin Charles F. Erhart from Ludwigsburg, Germany.

1866

The company was founded in Detroit in 1866 as Parke-Davis by Hervey C. Parke and George S. Davis.

Parke–Davis was founded in Detroit in 1866 by Hervey Parke and George Davis.

1868

As the company expanded, the headquarters moved to Manhattan in 1868.

1877

The manufacturing of straight razors began in 1877.

1881

Lawrence sold his formula in 1881 to Jordan Wheat Lambert, who founded the Lambert Pharmacal Company to make and sell Listerine.

1882

A separate warehouse opened in Chicago in 1882.

1886

In 1886 he formed William R. Warner & Company and began making drugs.

1888

In April 1888, Searle was founded in Omaha, Nebraska by Gideon Daniel Searle.

1899

American Chicle had been formed in 1899 through the merger of several major United States gum producers.

1900

In 1900 the company was incorporated in New Jersey as Charles Pfizer & Company Inc.

1906

By 1906, sales totaled $3.4 million.

1908

In 1908, several years after Warner's death, the company was acquired by Gustavus A. Pfeiffer & Company, a patent medicine company from St Louis.

In 1908, several years after Warner’s death, the company was acquired by Gustavus A. Pfeiffer & Company, a patent medicine company from St Louis.

1917

Chemist James Currie joined Pfizer in 1917 and quickly applied his expertise in fermentation.

1926

The product became widely popular, particularly under the advertising strategy of Gordon Seagrove, who joined Lambert in 1926 after leaving his job as a calliope player in the circus.

1929

On January 10, 1929, John Anderson announces he is stepping down as chairman of the board.

1938

Encouraged by this success, Pfizer pushes ahead in 1938 with production of vitamin B-2, or riboflavin, and eventually develops a vitamin mix that includes riboflavin, thiamin, niacin, and iron.

1941

In 1941, the company established headquarters in Skokie, Illinois.

1942

Meantime, in June 1942, Pfizer reincorporated in Delaware and went public with an offering of 240,000 shares of common stock.

By 1942 Pfizer divided the first flask of penicillin into vials for the medical departments of the Army and Navy; this flask was valued at $150,000.

1943

In 1943 John L. Smith, Pfizer president, and John McKeen, against the explicit regulations of the federal government, supplied penicillin to a doctor at the Brooklyn Jewish Hospital.

1944

Mass production began in 1944, when Pfizer penicillin arrived with the Allied forces on the beaches of Normandy on D-Day.

1945

Elmer Holmes Bobst arrived at Warner in 1945, already a veteran executive of the pharmaceutical industry and a multimillionaire.

1946

In 1946 sales already had reached $43 million.

1950

In an effort to improve the image of the cosmetics production, Bobst renamed the firm Warner-Hudnut in 1950.

They discovered Terramycin (oxytetracycline) in 1950, and this changed the company from a manufacturer of fine chemicals to a research-based pharmaceutical company.

1952

In 1952, Bobst made his first major acquisition, purchasing New Jersey Chilcott Laboratories, Inc.

1953

Established in 1953, the Pfizer Foundation is Pfizer's charitable organization.

1954

Warner-Lambert introduced Rolaids in 1954 with a single flavor, peppermint.

1955

Warner-Lambert Company was the product of the 1955 merger of Warner-Hudnut, Inc. and the Lambert Pharmacal Company.

By 1955, Bobst's holdings were worth more than $3 million.

When Warner and Lambert merged in 1955 to form Warner-Lambert Company, former governor Alfred Driscoll was named president of the new company.

1956

Warner-Lambert acquired Emerson Drug, maker of Bromo-Seltzer, in 1956.

The new company quickly outgrew its New York headquarters and so relocated to Morris Plains, New Jersey, a suburb of New York City, in 1956.

1957

For years, Listerine had been advertised as a preventive measure against colds and sore throats, and, during the Asian flu epidemic of 1957, Bobst personally placed an ad in Life magazine promoting Listerine's ability to resist the sickness.

For years, Listerine had been advertised as a preventive measure against colds and sore throats, and, during the Asian flu epidemic of 1957, Bobst personally placed an ad in Life magazine promoting Listerine’s ability to resist the sickness.

1959

The company also established an animal health division in 1959 with an 700-acre (2.8 km) farm and research facility in Terre Haute, Indiana.

1962

Many industry analysts criticized the high price paid for American Chicle; in 1962, the company's net income for the year was less than $10 million.

Many industry analysts criticized the high price paid for American Chicle; in 1962, the company’s net income for the year was less than $10 million.

1964

In 1964 sales did surpass $480 million, but the following year Powers replaced McKeen as chief executive officer and president and inherited a company with almost half its sales generated from foreign markets and wide product diversification from 38 subsidiaries.

In 1964 sales did surpass $480 million, but the following year Powers replaced McKeen as chief executive officer and president, and inherited a company with almost half its sales generated from foreign markets and wide product diversification from 38 subsidiaries.

1965

Under the methodical directive of John J. Powers, head of international operations and future president and chief executive officer, Pfizer's foreign market expanded into 100 countries and accounted for $175 million in sales by 1965.

Pfizer's 1965 worldwide sales figures of $220 million indicated that the company might possibly be the largest pharmaceutical manufacturer in the United States.

Under the methodical directive of John J. Powers, head of international operations and future president and chief executive officer, Pfizer’s foreign market expanded into 100 countries and accounted for $175 million in sales by 1965.

Pfizer’s 1965 worldwide sales figures of $220 million indicated that the company might possibly be the largest pharmaceutical manufacturer in the United States.

1966

By 1966, however, when an estimated 56 percent of the 3.1 million people afflicted by heart disease used Peritrate, the government, under the directive of the FDA, seized a shipment of the drug, bringing charges against the company's unapproved advocacy of an even wider usage for the drug.

By 1966, however, when an estimated 56 percent of the 3.1 million people afflicted by heart disease used Peritrate, the government, under the directive of the FDA, seized a shipment of the drug, bringing charges against the company’s unapproved advocacy of an even wider usage for the drug.

1968

John J. Powers, Jr.,is named president and CEO. John McKeen, whom he succeeds, remains chairman of the board, a position he holds until 1968, when Powers assumes full leadership of the company.

1970

On November 12, 1970, the Justice Department announced that it would not challenge the merger despite the Antitrust Division's recommendation to the contrary.

On November 12, 1970, the Justice Department announced that it would not challenge the merger despite the Antitrust Division’s recommendation to the contrary.

In 1970 the company changed its name to the more modern-sounding Pfizer Inc.

Warner-Lambert also acquired Parke, Davis & Co. in 1970.

1971

The company veteran, who joined Pfizer in 1971, was faced with the challenges of integrating the staffs and cultures of Pfizer and Warner-Lambert, healing whatever wounds might be left over from the bruising takeover battle, and restoring investor confidence in the company's product pipeline.

The company veteran, who joined Pfizer in 1971, was faced with the challenges of integrating the staffs and cultures of Pfizer and Warner-Lambert, healing whatever wounds might be left over from the bruising takeover battle, and restoring investor confidence in the company’s product pipeline.

1975

Concurrently, Listerine continued to increase in popularity under its new ownership; by 1975, the oral antiseptic held a sizable portion of the $300 million market.

By 1975, the Federal Trade Commission (FTC) had begun to investigate the Listerine advertisements.

Another controversy involved Warner-Lambert's Benylin cough syrup product, which was made available without a prescription in 1975.

Another controversy involved Warner-Lambert’s Benylin cough syrup product, which was made available without a prescription in 1975.

1976

By 1976, however, the FTC ordered the company to sell several units of its Parke, Davis subsidiary that produced specified drugs.

In 1976, Warner-Lambert disclosed figures to the Securities and Exchange Commission (SEC) concerning illegal payments abroad, announcing that more than $2.2 million "in questionable payments" had been uncovered in 14 of the 140 countries in which Warner-Lambert conducted business.

In 1976, Warner-Lambert disclosed figures to the Securities and Exchange Commission (SEC) concerning illegal payments abroad, announcing that more than $2.2 million “in questionable payments” had been uncovered in 14 of the 140 countries in which Warner-Lambert conducted business.

1978

Read began his career with Pfizer in 1978 as an operational auditor.

In 1978, Warner-Lambert purchased Entenmann's Bakery for $243 million in cash.

Mines, Samuel, Pfizer: An Informal History, New York: Pfizer, 1978.

1979

Profit margins were off by 40 percent in 1979, the majority of revenues came from the sale of consumer goods, and the company was considered a potential takeover candidate.

1980

Davenport, Caroline H., "Glowing Prospects: New Products Will Keep Pfizer Growing at a Healthy Clip," Barron's, December 22, 1980.

Davenport, Caroline H., “Glowing Prospects: New Products Will Keep Pfizer Growing at a Healthy Clip,” Barron’s, December 22, 1980.

By 1980 Pfizer was one of only two United States companies among the top ten pharmaceutical companies in Europe, and the largest foreign healthcare and agricultural product manufacturer in Asia.

Lubriderm was first marketed to the general public in 1980.

By 1980 Pfizer was one of two United States companies among the top ten pharmaceutical companies in Europe, and the largest foreign health care and agricultural product manufacturer in Asia.

In 1980, they launched Feldene (piroxicam), a prescription anti-inflammatory medication that became Pfizer's first product to reach one billion dollars in total sales.

1982

Sales for Minipress, an antihypertensive, reached $80 million in three years, and Feldene, an anti-inflammatory, generated $314 million by 1982.

By 1982, Entenmann's had become Warner-Lambert's most profitable consumer division, with sales reaching $333 million and an annual growth rate of 19 percent.

As Entenmann's profits continued to slip, Warner-Lambert sold the bakery to General Foods for $315 million in 1982.

Despite its improved financial condition, Warner-Lambert came under criticism, particularly for its 1982 purchase of IMED Corp., a small hospital supply manufacturer.

By 1982, Entenmann’s had become Warner-Lambert’s most profitable consumer division, with sales reaching $333 million and an annual growth rate of 19 percent.

As Entenmann’s profits continued to slip, Warner-Lambert sold the bakery to General Foods for $315 million in 1982.

1983

Pfizer acquires full ownership of Taito in 1983.

By 1983 sales reached $3.5 billion and Pfizer was spending one of the largest amounts of money in the industry on research ($197 million in 1983). Pratt, in a final move to shed Pfizer of its former idiosyncracies, began selling some of its more unprofitable acquisitions.

By 1983, however, after expanding into foreign markets, Chiclet sales were reaching the $1 billion mark.

Research for new drugs at the Parke, Davis division was supported by a 20 percent increase in budgetary funds during 1983 to $180 million.

By 1983 sales reached $3.5 billion and Pfizer was spending one of the largest amounts of money in the industry on research ($197 million in 83). Pratt, in a final move to shed Pfizer of its former idiosyncracies, began selling some of its more unprofitable acquisitions.

1984

Agouron had been founded in 1984 by several University of California at San Diego scientists who pioneered in computer-aided drug design.

1986

In 1986, Warner-Lambert sold IMED and some of its affiliates to the Henley Group, Inc. for $163.5 million.

1988

Recently, Pfizer has reported $4 billion in sales, projected $500 million for research and development by 1988, and commanded one of the largest overseas operations in the industry.

1989

Procardia XL was launched in 1989, and Diflucan, an antifungal agent, received Food and Drug Administration (FDA) approval.

Sales of Pfizer's newest products accounted for 30 percent of all pharmaceutical sales, up from 13 percent in 1989.

1990

Net sales in 1990 reached $6.4 billion.

Pfizer International launched 37 new products worldwide in 1990.

In 1990 Gillette introduced the Sensor, a high-tech, premium-priced razor with two independently suspended blades that were designed to give a "contoured" shave.

In 1990 the Warner-Lambert Company began an advertising campaign that starred eye-catching alligators to illustrate the beneficial properties of its product, Lubriderm Hand and Body Lotion.

It took time for consumers to become accustomed to the alligator ads and to associate them with Lubriderm after the campaign was launched in 1990.

1991

In anticipation of these potentially adverse market forces, a new chairperson and CEO, Melvin R. Goodes, announced yet another reorganization of Warner-Lambert late in 1991.

Schick saw the wisdom of selling an appealing, premium permanent razor, and in 1991 the company came out with the Tracer, a variation on the Sensor and an attempt to capture some of Gillette's market.

1992

Also in 1992, the company introduced Veri-Lo fat extenders for use in low-fat salad dressings, mayonnaise and sauces.

Net sales in 1992 were $7.2 billion, with a net income of $811 million, and research and development expenses hit $863 million.

The company invested $1.3 billion in advertising and promotion and $473 million in research and development, apparently banking on its consumer goods, which still constituted 60 percent of annual sales in 1992.

Sixty additional launches were slated for 1992.

1993

“Pfizer Shareholders are Told Company is Well-Positioned for Growth in Changing Pharmaceuticals Environment,” PR Newswire, April 22, 1993.

Sales, however, quickly declined in 1993; Warner-Lambert's late entry into the segment, chronic product shortages, a lower than expected success rate, side effects, and, especially, reports that some users had suffered heart attacks, all led to declines in sales.

In 1993, the company became the first to win approval from the FDA for a drug (Cognex) that retarded the progression of Alzheimer's disease.

Another development in 1993 was the acquisition of Wilkinson Sword, a maker of shaving products and toiletries and a business that fit well alongside Schick.

Sales, however, quickly declined in 1993; Warner-Lambert’s late entry into the segment, chronic product shortages, a lower than expected success rate, side effects, and, especially, reports that some users had suffered heart attacks, all led to declines in sales.

In 1993, the company became the first to win approval from the FDA for a drug (Cognex) that retarded the progression of Alzheimer’s disease.

Pfizer also vowed not to raise prices on any single product by more than 4.5 percent in 1993.

Greenstone was founded in 1993 by Upjohn as a generics division.

1994

The company had invigorated the $158 million liquid body cleanser market with the introduction of Jergens Refreshing Body Shampoo in 1994.

1995

Weis, Pam. "Schick Ups Razor Ante via $23M on Tracer FX." Brandweek, July 24, 1995.

"Pond's Launching New Facial Treatment." Advertising Age, July 31, 1995.

"Lubriderm Gator Is Back." Advertising Age, October 18, 1995.

"Jergens Introduces Shower Lotion." Advertising Age, November 15, 1995.

He worked in Latin America through 1995, holding positions including Chief Financial Officer, Pfizer Mexico, and Country Manager, Pfizer Brazil.

By 1995, in fact, the R&D budget hit $1.3 billion.

In 1995, Pfizer spent $1.45 billion for the animal health unit of SmithKline Beecham plc, the largest acquisition in Pfizer history.

Schick's Tracer FX followed in 1995.

When the Tracer FX was originally launched in 1995, it was positioned to appeal to shavers on the basis of skin sensitivity rather than on the technological advancements around which the rival Gillette Company touted its Sensor products.

Products in the Vaseline Intensive Care line had been reformulated in 1995, the brand's packaging had been redesigned, and its advertising budget had been increased to $25 million, up from about $8 million previously.

In 1995, Upjohn merged with Pharmacia, to form Pharmacia & Upjohn.

1996

Following its approval by the FDA in December 1996, Lipitor was launched in February of the following year.

In the OTC realm, Warner-Lambert helped the newly merged Glaxo Wellcome plc bring Zantec 75 heartburn treatment to market in 1996.

Since its United States launch in 1996, Zyrtec had experienced dynamic growth.

Like Zyrtec, Allegra was introduced to the United States in 1996, three years after Claritin's launch.

That segment of the company had grown 3 percent in 1996.

The campaign, Rolaids' first since 1996, focused entirely on television as opposed to print, and it represented a return to traditional themes for the brand, including an emphasis on sports.

By 1996, when Warner-Lambert launched a new advertising campaign for Rolaids, the fortunes of the once-powerful brand had fallen greatly.

The company increased media spending for Rolaids by $6 million, to $20 million, and as Wilke reported, "look[ed] to the brand's past for its first new campaign since 1996." Once again, Rolaids advertising would contain the tag line "R-o-l-a-i-d-s spells relief" and would emphasize sports.

1997

"Warner-Lambert Reports Fourth Quarter, Full-Year Sales and Earnings." PRNewswire, January 28, 1997.

The first treatment not requiring injection—a urethral suppository named Muse, manufactured by VIVUS, Inc.—debuted in January 1997 and generated 17,000 prescriptions a week as well as a rapid increase in the price of VIVUS stock in its first year.

Elliott, Stuart. "Warner-Lambert Campaign Targets Younger Customers." Journal Record (New York Times News Service), June 5, 1997.

"Warner-Lambert's First Schick Master Brand Image Campaign Breaking in June." Rose Sheet, June 23, 1997.

Sloan, Pat. "$48 Mil Effort for Nivea as Revlon Readies Rival." Advertising Age, June 16, 1997.

Enrico, Dottie. "Popularity Scores Low, but Lubriderm's Sales Grow." USA Today Ad Track, August 18, 1997.

Another 1997 introduction of a comarketed drug was Aricept, which was developed by Japan's Eisai and quickly became the leading drug prescribed to treat the symptoms of Alzheimer's disease.

In 1997 Pfizer helped Warner-Lambert bring Lipitor, a cholesterol-lowering pill, to market.

Schering-Plough was one of the first pharmaceutical companies to run advertising campaigns aimed at consumers, and Claritin was the first prescription product advertised on prime-time television after the Food and Drug Administration revised its direct-to-consumer advertising guidelines in 1997.

In 1997 Pfizer spent $103 million to advertise its prescription drugs directly to consumers, according to Competitive Media Reporting.

By mid-1997, however, the Tracer FX was back in the spotlight as Warner-Lambert launched a $100 million global campaign to burnish the overall Schick image among younger consumers.

In 1997 a Warner-Lambert vice president explained to Stuart Elliott of the New York Times, "Our target has been more of a general audience of males 18 to 54.

In 1997 the company's products included Listerine mouthwash, Trident and Dentyne gum, Certs breath mints, Benadryl antihistamine, Sudafed nasal decongestant, and Schick shavers.

In 1997 Beiersdorf ran a $20 million campaign on television and in print media with the tag line "Nivea Brings Your Face to Life.

Another facial skin care brand, Revitalift, was promoted in 1997 by a $25 million ad campaign.

Also in 1997 L'Oreal Plenitude FUTUR.e, a moisturizer that contained vitamin E, was launched with a $20 million advertising campaign on television and in print media.

By 1997 the product had become the world's most popular mouthwash, Listerine Antiseptic.

But in 1997 the Lubriderm bath and shower oil, body bar, and loofah bar were discontinued, and marketing efforts concentrated on the basic skin therapy lotion, which had been upgraded in the previous year.

In 1997 the advertising industry bestowed an ADDY Award for excellence on "Smart Woman," a print advertisement in the "See You Later, Alligator" campaign for Lubriderm hand and body lotion.

Still sales declined, and by early 1997 Rolaids had less than a 4.4 percent market share.

As early as mid-1997, when the market was still decidedly bullish on H2 blockers, one industry analyst had suggested to Heller that Rolaids still had a well-defined and assured niche: "There is still a place for conventional antacids in the convenience part of the [digestives] market.

Another 1997 introduction of a comarketed drug was Aricept, which was developed by Japan’s Eisai and quickly became the leading drug prescribed to treat the symptoms of Alzheimer’s disease.

1998

"J&J/Merck Pepcid AC First Chewable H2 Is Latest Twist in Stomach Remedy Market." Tan Sheet, January 12, 1998.

In March 1998 Pfizer Inc., the world's largest research-based pharmaceutical company, won FDA approval of its anti-impotency drug, Viagra.

In March 1998 the FDA approved Pfizer's anti-impotency drug Viagra, the first easily administered treatment for an affliction widely assumed, until then, to be essentially untreatable.

The unprecedented media attention generated by Viagra's April 1998 launch was both a help and a hindrance to Pfizer as it set out to define the brand on its own terms in July of that year.

After waiting for the media buzz to wane, the company, along with health-care advertising agency Cline, Davis & Mann of New York, broke its first ads supporting the drug's launch in late June 1998.

Pfizer allowed the initial media buzz to abate somewhat before launching its first advertisements on behalf of Viagra in late June 1998, a delay which likewise allowed for FDA approval of the ads.

The consumer campaign broke in late June 1998 with the reserved, relationship-centered "Let the Dance Begin" print ads as well as educational spots, which appeared in magazines including Newsweek, Time, Life, and United States News & World Report.

Fellman, Michelle Wirth. "Preventing Viagra's Fall." Marketing News, August 31, 1998.

In September 1998 a nationwide survey of 2,000 physicians found that when patients asked for a drug by its brand name, they most often requested an allergy medication.

In October 1998 former advertising sales representatives of Turner Broadcasting held a 20-year reunion.

"Fanatical Fans Take to the Stands: Rolaids Survey Reveals How Obsessive Fans Suffer Physical Consequences." PR Newswire, October 20, 1998.

Neurontin, which had been approved for the treatment of epilepsy, also got off to a slow start, although by 1998 sales had hit a solid $514 million.

The alliance ended in 1998, however, when Warner-Lambert bought the United States and Canadian rights to the product, which that year achieved sales of $168 million.

In 1998 the leading brand in the $2 billion United States market for allergy drugs was Claritin, made by Schering-Plough Corporation, with United States sales of $1.1 billion.

A headline in a 1998 magazine advertisement said, "The best way to stop suffering is don't start!" The ad explained in detail that Nasalcrom could "flat-out prevent allergies" within a week of continual use, and the product caused no drowsiness or other unpleasant side effects.

Special promotions, such as a package of Tracer FX razors and a free can of another company's shaving gel, helped sales in 1998 as well.

In a review of shaving products, a writer for the Los Angeles Times said that the "smooth Tracer FX handles like a Porsche on the Grande Corniche." Throughout 1998 sales of Schick's Tracer FX system and refills grew.

Despite these successes, however, Gillette's 1998 introduction of the MACH3 overshadowed all other developments in the shaving category.

NOTE: Since the initial appearance of this essay in the 1998 edition of Major Marketing Campaigns Annual, Warner-Lambert was acquired by Pfizer Inc.

With a budget estimated at $20 million and a campaign overseen by J. Walter Thompson USA of New York, the Warner-Lambert Company in mid-1998 launched a series of television spots for its Rolaids brand antacid tablets.

Indeed, the themes of food, sports, and tension repeatedly came together in the heyday of Rolaids advertising, as they would again with the 1998 "Super Fans" campaign.

During the 1998 baseball season, it was predicted that a record 26 million hot dogs would be eaten in the nation's 30 stadiums."

Worse news appeared on the horizon in early 1998 when Pepcid introduced chewable H2 tablets, thus "targeting loyalists of roll antacids such as Tums and Rolaids," according to Tan Sheet.

Hence the change of advertising strategy by Warner-Lambert in mid-1998.

The $20 million Warner-Lambert put into Rolaids in 1998 said volumes concerning how the company felt about its 42-year-old chewable antacid brand.

The 1998 Viagra launch, however, proved devastating for VIVUS. Muse prescriptions dropped to 3,000 a week, the company lost $80 million, and VIVUS stock fell from its peak price of $40 per share to $2.

In its nine months on the market in 1998, Viagra's total sales reached $788 million, and in following years its sales topped $1.5 billion.

1999

In February 1999 "The Power of Zyrtec" campaign won Health Medical Consumer Advertising & Marketing first place in the International Mobius Competition's pharmaceutical category.

Then in March 1999 the Dole spot marked Viagra's television launch.

The Rezulin setback and the lack of any blockbusters in the pipeline that were close to market provided the impetus for Warner-Lambert's acquisition of Agouron Pharmaceuticals, Inc. for about $2.1 billion in stock in May 1999.

Goodes retired from his position as CEO and chairman of Warner-Lambert in May 1999, with the company's president, Lodewijk J. R. de Vink, taking on Goodes's titles as well.

――――――――. "Vivus Targets Viagra-averse to Rebuild Share." Advertising Age, May 3, 1999.

The Rezulin setback and the lack of any blockbusters in the pipeline that were close to market provided the impetus for Warner-Lambert’s acquisition of Agouron Pharmaceuticals, Inc. for about $2.1 billion in stock in May 1999.

Goodes retired from his position as CEO and chairman of Warner-Lambert in May 1999, with the company’s president, Lodewijk J.R. de Vink, taking on Goodes’s titles as well.

――――――――. "Viagra." Advertising Age, June 28, 1999.

During this same period, Pfizer increased its R&D budget sixfold, reaching nearly $2.8 billion by 1999, or more than 17 percent of sales, among the top levels in the industry.

The Pfizer Animal Health Group was the world leader in medicines for pets and livestock, with 1999 sales of $1.3 billion.

The Warner-Lambert Consumer Group was a leading marketer of OTC healthcare, confectionery, and shaving brands, with 1999 pro forma revenues of $5.5 billion.

NOTE: Since the initial appearance of this essay in the 1999 edition of Major Marketing Campaigns Annual, Warner-Lambert was acquired by Pfizer Inc.

The results of the campaign had not materialized by mid-1999, and the lack of reporting on the subject made it difficult to discern the future direction of Rolaids.

The cost of the 1999 television campaign was estimated at $35 million, and the TV spots were supported by the ongoing print segment of the campaign.

The campaign's television launch, in the spring of 1999, brought to center stage, through the figure of former senator Dole, the message that erectile dysfunction was a condition to be taken seriously rather than dismissed or stigmatized.

During this same period, Pfizer increased its R&D budget sixfold, reaching nearly $2.8 billion by 1999, or more than 17 percent of sales—among the top levels in the industry.

2000

Pharmacia was created in April 2000 through the merger of Pharmacia & Upjohn with the Monsanto Company and its G.D. Searle unit.

shook, david. "pfizer-warner: one drug merger that might just deliver." businessweek, 17 may 2000.

The merger was completed in June 2000 in what ended up being a $116 billion stock swap.

Following its June 2000 takeover of Warner-Lambert Company, Pfizer was organized into four groups: Pfizer Pharmaceuticals Group, Warner-Lambert Consumer Group, Pfizer Animal Health Group, and Pfizer Global Research and Development.

herper, matthew. "pfizer's warner-lambert acquisition has side effects." forbes, 21 june 2000.

Langreth, Robert. "Hard Sell." Forbes, October 16, 2000.

Warner-Lambert merged with Pfizer in 2000.

In 2000 Pfizer began to phase out the Dole work as well as the branded spots, in favor of a "Faces of ED" theme, which featured men from a range of age groups.

The company had the industry’s largest R&D budget, totaling $4.7 billion in 2000, as well as what was generally considered to be the industry’s top sales and marketing operation.

In 2000 approximately 68.0 percent of Pfizer's sales were generated in North America, compared with its closest competitor GlaxoSmithKline, which had 56.6 percent of its revenues generated in North America.

Pfizer acquired Warner–Lambert in 2000 for $111.8 billion, at the time, created the second largest pharmaceutical company in the world.

2001

William C. Steere, Jr. announces his retirement as CEO on January 1, 2001, and steps down as Chairman of the Board in April, following the company's annual meeting.

"pfizer still ahead following glaxosmithkline merger." ims health, 4 january 2001.

For the 2001 Super Bowl, Pepsi and BBDO New York used Bob Dole in an ad that directly parodied Dole's work for Viagra.

In 2001 Pfizer enlisted NASCAR driver Mark Martin, then in his early 40s, as a Viagra spokesman.

William C. Steere continued at the helm of Pfizer in the initial months following the merger, but was slated to retire in early 2001 and be replaced by the company’s president and COO, Henry McKinnell.

Revenues for 2001 were $32.3 billion, a 10 percent increase over the previous year.

Pfizer spent more than $4 billion in research in 2001 and had plans to increase research spending the following year.

Sales leapt 28 percent in 2001, from $5.0 billion to $6.4 billion.

The pharmaceuticals division accounted for some 79 percent, or $25.5 billion, of the company's total 2001 revenues.

The company's fastest sales growth in 2001 was produced by Norvasc.

The foundation's mission is to "promote health care and education, to nurture innovation, and to support the community involvement of Pfizer people." In 2001 the Pfizer Foundation donated more than $400 million in products and money to organizations and people in the United States.

In 2001 Pfizer's United States revenues increased 10 percent to $32 billion, and international revenues climbed 6 percent to $12 billion.

Revenues exceeded $500 million in seven countries outside the United States, and the United States was the only country to contribute more than 10 percent of the company's total revenue, according to Pfizer's 2001 annual report.

Despite heavy industry competition, Pfizer's financial outlook was strong through 2010. Its diverse portfolio and eight products, which generate more than $1 billion in annual sales each is led by Lipitor, which sold more than $6.4 billion in 2001.

2002

"significant developments, pfizer inc." market guide, 25 march 2002.

"pfizer profits surge on strong sales." reuters, 17 april 2002.

"Cadbury-Schweppes Snaps Up Adams from Pfizer," Investors Chronicle, December 19, 2002.

McKinnell was aiming to achieve annual cost savings of $1.6 billion by 2002 through the elimination of redundant activities and the centralizing of such operations as the two companies' distribution systems.

McKinnell was aiming to achieve annual cost savings of $1.6 billion by 2002 through the elimination of redundant activities and the centralizing of such operations as the two companies’ distribution systems.

Although Pfizer anticipated continued growth, shares in 2002 were on a slight downtrend and, at the end of the first quarter, were trading at $42.44 per share, with resistance at $42.50 per share.

Pfizer reported at the end of the 2002 first quarter it had earnings of $2.356 billion, or $.37 per share, compared with $1.93 billion and $.30 per share the previous year.

2003

On April 16, 2003 Pfizer Inc and Pharmacia Corporation combine operations, bringing together two of the world´s fastest-growing and most innovative companies.

In 2003, the first eighteen Global Health Fellows are sent into the field.

As such it established a virtual sales monopoly in its category beginning at the time of its launch, but in late 2003 two new rivals touting advantages over Viagra entered the market behind high-profile launch campaigns.

After winning FDA approval for Cialis in late 2003, Eli Lilly and Company partnered with ICOS Corp. to comarket the drug.

In 2003, the new Pfizer made Greenstone (originally established as a division of Upjohn) its generic division, and focused on selling authorized generics of Pfizer's products.

2004

The Cialis launch campaign cost an estimated $100 million and broke during the broadcasts of the two NFL conference championships on January 18, 2004, before Cialis joined Levitra as an advertiser on that year's Super Bowl broadcast.

By April 2004, over half a million seniors enrolled in the program and nearly five million prescriptions were filled.

By October of 2004, Cialis was the number two anti-impotency drug, with an estimated 17.8 percent market share, compared with Viagra's 68.9 percent and Levitra's 10 percent.

In 2004, Pfizer announced it would acquire Meridica for $125 million.

2005

In the years to follow, demand for the cholesterol-lowering drug only increased, pushing sales past $12 billion by 2005.

Sales of Celebrex fell to $1.7 billion in 2005, severely hampering the drug's chances of becoming the company's next blockbuster.

In 2005, the company acquired Vicuron Pharmaceuticals for $1.9 billion, Idun for just less than $300 million and finally Angiosyn for $527 million.

2006

In January 2006, the FDA approved the Exubera, the first inhaled insulin therapy to reach the market.

"Pfizer Steps Up Launches from Global Portfolio," Economic Times, March 3, 2006.

The deal cemented Pfizer's position as the largest pharmaceutical company in the world, with the merged company generating over US$20 billion in cash each year, and was the largest corporate merger since AT&T and BellSouth's US$70 billion deal in March 2006.

In July 2006, the Pfizer Board of Directors names Jeffrey B. Kindler Chief Executive Officer.

Development of torcetrapib, a drug that increases production of HDL, or "good cholesterol", which reduces LDL thought to be correlated to heart disease, was cancelled in December 2006.

Grameen Health, an affiliate of Grameen Bank, the pioneering micro-financing organization in Bangladesh that shared the Nobel Peace Prize in 2006 for its work to alleviate poverty, partners with Pfizer to identify sustainable models for healthcare delivery in the developing world.

Among a host of drugs in the company's development pipeline was Torcetrapib, a drug developed to raise high-density lipoprotein, or HDL, more commonly referred to as "good cholesterol." Pfizer was expected to release data concerning the drug in late 2006.

2007

Kindler succeeds Hank McKinnell, who will remain Chairman of the Board until his retirement in February, 2007.

Since 2007, Pfizer has spent $3.3 million on investigations and legal fees and recovered about $5.1 million, with another $5 million tied up in ongoing cases.

2008

In 2008, Pfizer announced 275 job cuts at the Kalamazoo manufacturing facility.

2009

On January 26, 2009, after more than a year of talks between the two companies, Pfizer agreed to buy pharmaceuticals rival Wyeth for a combined US$68 billion in cash, shares and loans, including some US$22.5 billion lent by five major Wall Street banks.

On October 15, 2009, Pfizer acquires Wyeth, creating a company with a broad range of products and therapies that touch the lives of patients and consumers every day and at every stage of life.

The acquisition was completed on October 15, 2009, making Wyeth a wholly owned subsidiary of Pfizer.

As part of the acquisition of Wyeth in 2009, Pfizer initially implemented a two-division structure for research and development (BioTherapeutics and PharmaTherapeutics) to ensure the progress and steady integration of both legacy organizations.

Pfizer acquired Wyeth in 2009.

2010

In October 2010, Pfizer agreed to buy King Pharmaceuticals for $3.6 billion in cash or $14.25 per share: an approximately 40% premium over King's closing share price October 11, 2010.

2011

In February 2011, it was announced that Pfizer was to close its UK research and development facility (formerly also a manufacturing plant) in Sandwich, Kent, which at the time employed 2,400 people.

Lipitor quickly grew to be the largest-selling pharmaceutical of any kind in history. It reached $9.6 billion in revenue in 2011.

2012

By 2012, Pfizer settled most of the claims for more than $1 billion.

Plans to spin out Zoetis, the Agriculture Division of Pfizer and later Pfizer Animal Health, were announced in 2012.

2013

Zoetis's IPO on February 1, 2013, sold 86.1 million shares for US$2.2 billion.

Prior to completion of the offering, which is targeted for the first half of 2013, Pfizer will transfer its animal health business to Zoetis.

In 2013, Pfizer announced it was recalling five lots of Prempro.

In 2013, Pfizer agreed to pay $55 million to settle criminal charges.

In 2013, the company set aside about $288 million to resolve these cases.

2014

In July 2014, the company announced it would acquire Innopharma for $225 million, plus up to $135 million in milestone payments, in a deal that expanded Pfizer's range of generic and injectable drugs.

2015

On January 5, 2015, the company announced it would acquire a controlling interest in Redvax for an undisclosed sum.

In February 2015, Pfizer and Hospira agreed that Pfizer would acquire Hospira for $15.2 billion, a deal in which Hospira shareholders would receive $90 in cash for each share they owned.

On November 23, 2015, Pfizer and Allergan, plc announced their intention to merge for an approximate sum of $160 billion, making it the largest pharmaceutical deal ever, and the third largest corporate merger in history.

2017

CBS News. (2017, February 23). Heartburn meds associated with increased risk of kidney damage, study finds.

A judge dismissed Lipitor lawsuits in 2017.

2018

In 2018 Pfizer announced it would reorganise its business into three separate units; a higher-margin innovative medicines division, a lower-margin, off-patent drug division, and a consumer healthcare division, with a view to focussing on higher margin therapies.

The deal builds on an earlier 2018 deal where GSK bought out Novartis' stake in the GSK-Novartis consumer healthcare joint business.

2019

In May 2019 the company announced it would acquire Therachon for $810 million, expanding its rare disease portfolio through Theracons recombinant human fibroblast growth factor receptor 3 compound, aimed at treating conditions such as achondroplasia.

In late July 2019, the company announced that it would spin off and merge its off-patent medicine division, Upjohn, with Mylan, forming a brand new pharmaceutical business with sales of around $20 billion.

Its revenues reached $51.8 billion in 2019.

2020

In response to the coronavirus pandemic, Pfizer partnered with BioNTech in April 2020 to begin developing a COVID-19 vaccine.

In May 2020, Pfizer began testing four different coronavirus vaccine variations to help end the COVID-19 pandemic and planned to expand human trials to thousands of test patients by September 2020.

In November 2020, the drugmaker announced that data from Phase 3 clinical trials had shown the vaccine was safe and effective with an efficacy of 95 percent.

In December 2020, the company became the first to receive an emergency use authorization from the FDA for a COVID-19 vaccine.

2021

Landa, Marinell; Gasbarre, April; Salamie, David; Covell, Jeffrey "Pfizer Inc. ." International Directory of Company Histories. . Encyclopedia.com. (April 15, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/pfizer-inc

"Pfizer Inc. ." International Directory of Company Histories. . Retrieved April 15, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/pfizer-inc-0

"Pfizer Inc. ." International Directory of Company Histories. . Encyclopedia.com. (April 15, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/pfizer-inc-2

"Pfizer Inc. ." International Directory of Company Histories. . Encyclopedia.com. (April 15, 2021). https://www.encyclopedia.com/books/politics-and-business-magazines/pfizer-inc-1

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1849
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Headquarters
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Founders
Charles Erhart,Charles Pfizer
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