Jeffrey Kindler

SPOTLIGHT: Investors, analysts not impressed with Pfizer

Thu, 06 Mar 2008 06:59:53 -0500

Investors and analysts are none too impressed with Pfizer's new strategies as outlined by CEO Jeffrey Kindler and other execs during an annual Wall Street update yesterday. The stock fell to within 50 cents of its 52-week low, and analysts expressed disappointment, boredom and frustration. They have been hoping--expecting--big changes from Kindler, and not unfairly, because he promised them. The one thing that might have set observers abuzz--a big acquisition--Kindler ruled out completely. Report

Pfizer seeks salvation in late-stage biotherapeutics

Wed, 05 Mar 2008 06:59:58 -0500

Pfizer's Jeff Kindler (photo) has boldly staked out plans to make 15 to 20 regulatory filings for new drug approvals and expanded use of existing drugs between 2010 and 2012, insisting that the pharma giant can gin new revenue to replace the $12 billion a year it will see evaporate when Lipitor loses its patent protection. In a highly anticipated meeting with analysts this morning, Kindler outlined how Pfizer is bracing itself for the massive losses connected with generic competition for Lipitor--a fateful moment that could come as early as 2010. Expanding aggressively into China and Latin America will help, he told the analysts, who were more eager to hear how Pfizer intends to compete in the U.S. market, which provides the bulk of its drug revenue. And Pfizer insists it will continue to lower costs as it finds the "right size" relative to income.

Pfizer has been on a buying spree lately, snatching up biotech programs and companies in its bid to stay competitive and boost income. In the meeting this morning executives said that between 15 and 20 mid-stage therapies would shift into late-stage trials by the end of next year. During that time, Phase III trials will jump by 50 percent to 75 percent, to 24 to 28 programs. They currently have 16 Phase III trials underway. In the process, says Pfizer, the company intends to become a top-tier biotherapeutics player.

- read Pfizer's release
- check out the AP report
- read the Dow Jones story

ALSO: As Pfizer held its big conference call this morning, the New York Daily News was reporting on the company's job cuts and plant closure in Manhattan and Brooklyn. At issue: a $10 million tax-break package the drug maker got in return for creating new jobs in New York. Pfizer was supposed to be on the hook for boosting employment to 8,659 from 5,735. Report

Related Articles:
Is Pfizer's CEO as bold as promised? Report
A look inside Pfizer's biotech center. Report
Pfizer hires new R&D chief, launches biotech center. Report
Speculation soars over Pfizer's interest in biotech. Report
Pfizer's future rests with biotech. Report

SPOTLIGHT: Is Pfizer's CEO as bold as promised?

Tue, 04 Mar 2008 06:59:53 -0500

Like natives encountering a strange explorer in an old B movie, investors hailed Jeffrey Kindler (photo) when he was picked to succeed Pfizer CEO Hank McKinnell. Now, 19 months into his tenure, the natives are getting restless. Kindler hasn't delivered the kind of sweeping change he promised. Report

Pfizer hires new R&D chief, launches biotech center

Thu, 04 Oct 2007 06:59:57 -0400

Pfizer is making moves to salvage its troubled pipeline. The company has named Martin Mackay as its new head of global R&D. Previously, Mackay was vice president of R&D and senior vice president of worldwide development. The move surprised some analysts who expected Pfizer to look outside the company for an R&D chief, as it did when it hired Jeffrey Kindler (photo).

Pfizer is also launching a biotherapeutics and bioinnovation center, to be based in California and headed by Dr. Goodman, a co-founder of Exelixis and Renovis. The center will focus on discovering new medicines as well as securing new technologies and research tools. It will work with the academic, biotech and venture communities, not only to focus on delivering new compounds for Pfizer but also on incubating start-ups with new technologies. In addition the the biotech center, Pfizer once again said it would be looking outside the company to beef up its pipeline.

- see Pfizer's release on Mackay and the biotech center
- read the WSJ piece for more

Related Articles:
Pfizer's future rests with biotech. Report
Pfizer to invest $50M in biotech start-ups. Report
Pfizer goes public with R&D pipeline. Report
Troubled Pfizer blueprints biotech venture effort. Report
Biotech sees big money from corporate players. Report

Pfizer shows the door to two top executives

Sun, 20 May 2007 20:01:38 -0400

Jeffrey Kindler's plans to shake up Pfizer have led to the departure of two top executives. John LaMattina, global head of research, will retire and Alan Levin resigned as chief financial officer, Pfizer announced on Sunday. The two had 50 years of experience at Pfizer, which is laying off 10,000 workers in a major restructuring. But Kindler wants fresh faces at Pfizer, saying "We intend to make our internal capability even more effective by tapping into the best scientific capability outside our walls -- wherever it exists.'' LaMattina's most recent program had been the ill-fated torcetrapib, which was shelved after data showed that the drug was linked to higher blood pressure. There will be tremendous pressure on his successor to come up with several major new approvals to replace the drugs slated to lose patent protection in coming years.

- check out the AP report

Related story:
Pfizer to invest $50M in start-ups Report

Pfizer's Kindler leaves analysts feeling flat

Wed, 18 Oct 2006 20:01:35 -0400

Wall Street's eyes were focused on Jeffrey Kindler today as Pfizer's new CEO stepped up to unveil its quarterly profits. Those profits soared 112 percent on increased drug revenue. But Pfizer now says it will have to go beyond a $4 billion cost-cutting program in a hunt for greater efficiency. And Kindler's forecast of flat growth in the years ahead was a discouragement to analysts, who had been hoping for something more aggressive on the cost-cutting side. "We recognize that the world around us is changing dramatically and that we need to accelerate the scope and speed of change to transform Pfizer," said Kindler.

- see the AP report on Pfizer

Related Article:
Management shakeup at Pfizer. Report
CEO McKinnell gets the boot as Pfizer struggles. Report