NEW YORK--(BUSINESS WIRE)-- Pfizer Inc. (NYSE: PFE) reported financial results for third-quarter 2013. As a result of the full disposition of Zoetis⁽³⁾ on June24, 2013, the financial results of the Animal Health business are reported as a discontinued operationin the condensed consolidated statements of income for year-to-date 2013, and third-quarter and year-to-date 2012. Results and guidance are summarized below.

OVERALL RESULTS
($ in millions, except per share amounts)
				Third-Quarter										Year-to-Date
				2013			2012			Change				2013			2012			Change
Reported Revenues(1)				$ 12,643			$ 12,953			(2%)				$ 38,026			$ 40,766			(7%)
Adjusted Income(2)				3,859			3,754			3%				11,602			12,358			(6%)
Adjusted Diluted EPS(2)				0.58			0.50			16%				1.65			1.64			1%
Reported Net Income(1)				2,590			3,208			(19%)				19,435			8,255			*
Reported Diluted EPS(1)				0.39			0.43			(9%)				2.77			1.09			*
* Calculation not meaningful.

BUSINESS UNIT(4) REVENUES
($ in millions) Favorable/(Unfavorable)			Third-Quarter													Year-to-Date
			2013			2012			% Change							2013			2012			% Change
									Total			Oper.										Total			Oper.
Specialty Care			$ 3,349			$ 3,406			(2%)			(1%)				$ 9,891			$ 10,483			(6%)			(4%)
Primary Care			3,259			3,610			(10%)			(8%)				9,830			11,725			(16%)			(14%)
Emerging Markets			2,431			2,389			2%			5%				7,466			7,308			2%			5%
Established Products			2,296			2,383			(4%)			(1%)				7,033			7,865			(11%)			(8%)
Consumer Healthcare			788			780			1%			1%				2,399			2,276			5%			5%
Oncology			407			329			24%			26%				1,178			940			25%			28%
Other(5)			113			56			*			*				229			169			36%			36%
Total			$ 12,643			$ 12,953			(2%)			--				$ 38,026			$ 40,766			(7%)			(5%)
* Calculation not meaningful.

SELECTED ADJUSTED COSTS AND EXPENSES(2)
($ in millions) (Favorable)/Unfavorable			Third-Quarter													Year-to-Date
			2013			2012			% Change							2013			2012			% Change
									Total			Oper.										Total			Oper.
Cost of Sales(2)			$ 2,178			$ 2,213			(2%)			2%				$ 6,601			$ 6,806			(3%)			1%
Percent of Revenues(2)			17.3%			17.1%			N/A			N/A				17.4%			16.7%			N/A			N/A
SI&A Expenses(2)			3,351			3,441			(3%)			(1%)				10,079			10,753			(6%)			(5%)
R&D Expenses(2)			1,625			1,841			(12%)			(12%)				4,764			5,074			(6%)			(6%)
Total			$ 7,154			$ 7,495			(5%)			(3%)				$ 21,444			$ 22,633			(5%)			(3%)
Effective Tax Rate(2)			27.6%			28.0%										27.4%			28.4%

2013 FINANCIAL GUIDANCE(6)
The ranges for certain components of the financial guidance have been narrowed as set forth below.
Adjusted Revenues(2)				$50.8 to $51.8 billion (previously $50.8 to $52.8 billion)
Adjusted Cost of Sales(2) as a Percentage of Adjusted Revenues(2)				18.0% to 18.5% (previously 18.0% to 19.0%)
Adjusted SI&A Expenses(2)				$14.2 to $14.7 billion (previously $14.2 to $15.2 billion)
Adjusted R&D Expenses(2)				$6.3 to $6.6 billion (previously $6.1 to $6.6 billion)
Adjusted Other (Income)/Deductions(2)				Approximately $400 million (previously approximately $800 million)
Effective Tax Rate on Adjusted Income(2)				Approximately 28.0%
Reported Diluted EPS(1)				$3.05 to $3.15 (previously $3.07 to $3.22)
Adjusted Diluted EPS(2)				$2.15 to $2.20 (previously $2.10 to $2.20)

EXECUTIVE COMMENTARY

Ian Read, Chairman and Chief Executive Officer, stated, “Overall, I am very pleased with our continued and steady progress, on many fronts, to drive greater value for our shareholders. We continue to generate solid financial results on an operational basis, despite the impact of product losses of exclusivity and the ongoing expiration of the Spiriva collaboration in certain countries as well as the challenging operating environment. Within our innovative businesses, during third-quarter 2013, revenues from our Oncology business increased 26% operationally due to the continued strong performance of new products, primarily Inlyta and Xalkori in several major markets. In addition, other key patent-protected products performed well operationally, notably Lyrica, which grew 11%, and Celebrex, which grew 13%. With regard to recently launched products, Eliquis prescription trends continue to improve, and we recently began our direct-to-consumer campaign in the U.S.; in addition, Xeljanz continues to perform in line with our expectations.”

“Over the next several months, we expect to report key clinical data read-outs that will more clearly characterize the strength of our late-stage pipeline. These data read-outs will be across a broad range of both additional indications for currently marketed products and novel compounds, including Prevnar 13 in adults, Xeljanz (psoriasis), dacomitinib, palbociclib, and the staphylococcus aureus vaccine, among others. In addition, we have just initiated a phase 3 program for bococizumab (RN316), our PCSK9 inhibitor for LDL cholesterol reduction, and are initiating a phase 3 program with our collaboration partner Merck for ertugliflozin, our SGLT2 inhibitor for the treatment of type 2 diabetes. We also plan to begin a phase 3 program for our biosimilar of Herceptin for metastatic breast cancer in the next few months. In addition, we are planning to continue development of tanezumab for the treatment of osteoarthritis, chronic low back pain and cancer pain, and have just entered into a collaboration agreement with Eli Lilly & Company to jointly develop and globally commercialize tanezumab,” Mr. Read concluded.

Frank D’Amelio, Chief Financial Officer, stated, “For the first nine months of 2013, our financial performance has been in line with our expectations. Given these results and our continued confidence in the business, we are narrowing the ranges for certain components of our 2013 financial guidance. Also, with our continued strong operating cash flow and proceeds generated from the separations of our Nutrition and Animal Health businesses, we continue to expect to repurchase in the mid-teens of billions of dollars of our common stock this year, with $13.1 billion repurchased through October 28. Additionally, we will pay approximately $6.5 billion in dividends.”

QUARTERLY FINANCIAL HIGHLIGHTS (Third-Quarter 2013 vs. Third-Quarter 2012)

• Reported revenues⁽¹⁾ decreased $310 million, or 2%, which reflects an operational decline of $38 million, or less than 1%, and the unfavorable impact of foreign exchange of $272 million, or 2%. The operational decrease was primarily the result of the continued erosion for branded Lipitor in the U.S., developed Europe and certain other markets. Additionally, revenues were negatively impacted by other product losses of exclusivity, the ongoing expiration of the Spiriva collaboration in certain countries, decreased government purchases of Prevnar and Enbrel in certain emerging markets, and various other events. Revenues were positively impacted by the overall growth of Lyrica, Enbrel, Inlyta and Xalkori, as well as Celebrex and Xeljanz in the U.S. In addition, reported revenues⁽¹⁾ included $67 million from the transitional manufacturing and supply agreements with Zoetis⁽³⁾.
• Business unit revenues were impacted by the following:
  • Specialty Care: Revenues declined 1% operationally, primarily due to the shift in the reporting of Geodon and Revatio revenues in the U.S. and Xalabrands revenues in developed Europe and Australia to the Established Products unit beginning January 1, 2013, which was largely offset by the growth of Enbrel, as well as Prevnar and Xeljanz in the U.S.
  • Primary Care: Revenues decreased 8% operationally, primarily due to the shift in the reporting of Lipitor revenues in developed Europe and Australia to the Established Products unit beginning January 1, 2013, as well as certain other product losses of exclusivity in various markets, including Viagra in most major markets in Europe in June 2013 and Lyrica in Canada in February 2013, and the termination of the co-promotion agreement for Aricept in Japan in December 2012. Additionally, in the U.S. and certain European countries, the co-promotion collaboration for Spiriva is in its final year, which, per the terms of the collaboration agreement, has resulted in a decline in Pfizer’s share of Spiriva revenues; and in Australia, Canada and certain other European countries, the Spiriva collaboration has terminated. These declines were partially offset by the strong performance of Celebrex, Chantix, EpiPen, Premarin and Pristiq in the U.S. as well as Lyrica.
  • Emerging Markets: Revenues grew 5% operationally, primarily due to volume growth in China, most notably Lipitor, which was partially offset by the impact of the transfer of certain product rights to the Pfizer-Hisun joint venture in first-quarter 2013. Revenues were also negatively impacted by decreased government purchases of Prevnar and Enbrel, as well as government cost-containment measures, in certain other emerging markets. Full-year 2013 operational revenue growth in emerging markets is expected to be a mid-single-digit percentage.
  • Established Products: Revenues decreased 1% operationally. This performance was driven by the benefit of revenues from products in certain markets that were shifted to the Established Products unit from other business units beginning January 1, 2013, including Lipitor in developed Europe and Australia, as well as the contribution from the collaboration with Mylan Inc. to market generic drugs in Japan. Revenues were unfavorably impacted by the continued erosion of branded Lipitor in the U.S. and Japan.
  • Consumer Healthcare: Revenues increased 1% operationally, primarily due to strong international growth for Centrum as a result of several recent product launches and increased promotional activities in key markets, as well as growth of Emergen-C in the U.S. due to expanded distribution and promotional activities. This growth was partially offset by declines in sales of respiratory and other products in certain international markets due to unfavorable seasonal conditions compared with the year-ago quarter.
  • Oncology: Revenues increased 26% operationally, driven by the continued solid uptake of new products, most notably Inlyta and Xalkori in several major markets. Inlyta’s market share continues to increase as patient feedback has been positive both in terms of efficacy and tolerability, and as pricing and reimbursement are being granted in developed Europe. Xalkori prescriptions and new patient starts also continue to increase, driven by initiatives established to improve molecular testing and identify the appropriate patients for this medicine.
• Adjusted cost of sales, adjusted SI&A expenses and adjusted R&D expenses⁽²⁾ in the aggregate decreased $341 million, or 5%, primarily reflecting the benefits of cost-reduction and productivity initiatives, the non-recurrence of the $250 million payment included in adjusted R&D expenses⁽²⁾ in the year-ago quarter to obtain the exclusive global over-the-counter rights to Nexium, and the favorable impact of foreign exchange, partially offset by adjusted SI&A expenses⁽²⁾ to support several new product launches. The increase in Adjusted cost of sales⁽²⁾ on an operational basis compared with the same period last year reflects a shift in product mix.
• The effective tax rate on adjusted income⁽²⁾ declined 0.4 percentage point to 27.6% from 28.0%. This decline was primarily due to the jurisdictional mix of earnings and the extension of the U.S. research and development tax credit that was signed into law in January 2013, partially offset by the non-recurrence of favorable audit settlements with foreign jurisdictions for multiple years in the year-ago quarter.
• The diluted weighted-average shares outstanding declined by approximately 852 million shares, due to the company’s ongoing share repurchase program and the first full-quarter impact of the Zoetis⁽³⁾ exchange offer, which was completed on June 24, 2013.
• In addition to the aforementioned factors, third-quarter 2013 reported earnings were favorably impacted by lower charges related to legal matters, lower acquisition-related costs and lower purchase accounting adjustments. Reported earnings were unfavorably impacted by an increased effective tax rate, increased asset impairments and other related charges as well as the non-recurrence of the income from discontinued operations attributable to the company’s Animal Health and Nutrition businesses in the year-ago quarter. The effective tax rate on reported income⁽¹⁾ increased in third-quarter 2013 in comparison with the year-ago quarter primarily due to the non-recurrence of favorable settlements in the year-ago quarter with the U.S. Internal Revenue Service, as well as foreign jurisdictions, related to audits for multiple tax years.

RECENT NOTABLE DEVELOPMENTS

Product Developments

• Prevnar
  • Pfizer announced the completion of pneumonia case accrual in the Community-Acquired Pneumonia Immunization Trial in Adults (CAPiTA) 65 years of age and older, which was designed to evaluate whether Prevnar 13 is effective in preventing community-acquired pneumonia caused by the 13 pneumococcal serotypes included in the vaccine. The top-line results are expected to be reported in early 2014.
  • The European Commission (EC) approved Prevnar 13 for an expanded indication to include adults aged 18 to 49 years for active immunization for the prevention of invasive disease caused by vaccine-type Streptococcus pneumoniae. The EC is the first regulatory authority to approve Prevnar 13 to offer protection against invasive disease at all stages of life.
• Xeljanz
  • The phase 3 Xeljanz psoriasis program continues to progress. The top-line results were announced from the first two (OPT Compare and OPT Retreatment) of five phase 3 clinical trials in adults with moderate-to-severe chronic plaque psoriasis. In OPT Compare, Xeljanz met the primary endpoint of non-inferiority to high-dose Enbrel at the 10 mg twice-daily (BID) dose, but did not at the 5 mg BID dose. In OPT Retreatment, Xeljanz met the primary efficacy endpoints at the 5 and 10 mg BID doses by demonstrating that a greater proportion of patients continuing Xeljanz treatment maintained their response during the treatment-withdrawal phase compared to patients who switched to placebo. Additionally, among patients who lost an adequate response, many were able to recapture their response upon retreatment with Xeljanz. No new safety signals were observed in these two studies.
  • The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) confirmed its prior negative opinion for Xeljanz for the treatment of adult patients with moderate-to-severe active RA. The company is currently evaluating the feedback from the CHMP, will determine next steps to resubmit a Marketing Authorization Application to the EMA and anticipates that this will result in a several-year delay.
• Eliquis -- The U.S. Food and Drug Administration (FDA) accepted for review a supplemental new drug application for Eliquis for the prophylaxis of deep vein thrombosis, which may lead to pulmonary embolism, in adult patients who have undergone hip or knee replacement surgery. The PDUFA date for a decision by the FDA is March 15, 2014.
• Duavee -- The FDA has approved Duavee (0.45 mg/20 mg tablets), a novel therapy for women with a uterus, for the treatment of moderate-to-severe vasomotor symptoms associated with menopause and the prevention of postmenopausal osteoporosis. Duavee is expected to be available in the U.S. in first-quarter 2014.

Pipeline Developments

• Palbociclib -- A phase 3 trial (Study 1023, PALOMA-3) in advanced recurrent breast cancer recently began enrolling patients. This is a randomized global study that will evaluate palbociclib in combination with fulvestrant versus placebo plus fulvestrant in prolonging investigator-assessed, progression-free survival in women with hormone receptor positive (HR+), human epidermal growth factor receptor 2 negative (HER2-) advanced breast cancer whose disease has progressed after prior endocrine therapy.
• Bococizumab (RN316) --The phase 3 program was initiated for the PCSK9 monoclonal antibody to lower LDL cholesterol. This is a global program in more than 22,000 patients, which includes multiple lipid-lowering studies as well as two cardiovascular outcomes studies. This program includes the broadest range of high-risk patients including a focus on patients in greatest need of LDL-lowering.
• Ertugliflozin --Pfizer incollaboration with Merck is initiating a phase 3 program for the SGLT2 inhibitor for the treatment of type 2 diabetes.
• Tanezumab --Pfizer is planning to continue development of tanezumab for the treatment of osteoarthritis, chronic low back pain and cancer pain, and has just entered into a collaboration agreement with Eli Lilly & Company to jointly develop and globally commericialize tanezumab, which provides that Pfizer and Lilly will equally share product development expenses as well as potential revenues and certain product-related costs. The tanezumab program currently is subject to a partial clinical hold by the FDA pending submission of nonclinical data to the FDA. Pfizer anticipates submitting that data in the first half of 2014. Under the agreement with Lilly, Pfizer is eligible to receive certain payments from Lilly upon the achievement of specified clinical, regulatory and commercial milestones, including an upfront payment that is contingent upon the parties continuing in the collaboration after receipt of the FDA’s response to the submission of the nonclinical data. Both Pfizer and Lilly have the right to terminate the agreement under certain conditions.

Other Developments

• Pfizer announced plans to internally separate its commercial operations into three businesses, which will be called the Global Innovative Pharmaceutical business, the Global Vaccines, Oncology and Consumer Healthcare business, and the Global Established Pharmaceutical business. Each of the three businesses will include developed markets and emerging markets. In most countries, the changes will be implemented in fiscal 2014. Beginning with first-quarter 2014 financial results, the company will provide greater financial transparency for each of these three businesses, which will include a 2014 baseline management view of profit and loss for each business.

For additional details, see the attached financial schedules, product revenue tables and disclosure notice.

(1)		“Reported Revenues” is defined as revenues in accordance with U.S. generally accepted accounting principles (GAAP). “Reported Net Income” is defined as net income attributable to Pfizer Inc. in accordance with U.S. GAAP. “Reported Diluted EPS” is defined as reported diluted EPS attributable to Pfizer Inc. common shareholders in accordance with U.S. GAAP.
(2)		“Adjusted Income” and its components and “Adjusted Diluted Earnings Per Share (EPS)” are defined as reported U.S. GAAP net income(1) and its components and reported diluted EPS(1) excluding purchase accounting adjustments, acquisition-related costs, discontinued operations and certain significant items. Adjusted Revenues, Adjusted Cost of Sales, Adjusted Selling, Informational and Administrative (SI&A) expenses, Adjusted Research and Development (R&D) expenses and Adjusted Other (Income)/Deductions are income statement line items prepared on the same basis, and, therefore, components of the overall adjusted income measure. As described under Adjusted Income in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of Pfizer’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2013, management uses adjusted income, among other factors, to set performance goals and to measure the performance of the overall company. We believe that investors’ understanding of our performance is enhanced by disclosing this measure. See the accompanying reconciliations of certain GAAP reported to non-GAAP adjusted information for the third quarter and first nine months of 2013 and 2012, as well as reconciliations of full-year 2013 guidance for adjusted income and adjusted diluted EPS to full-year 2013 guidance for reported net income(1) and reported diluted EPS(1). The adjusted income and its components and adjusted diluted EPS measures are not, and should not be viewed as, substitutes for U.S. GAAP net income and its components and diluted EPS.
(3)		On June 24, 2013, Pfizer completed the full disposition of Zoetis, Inc. (Zoetis) and, as a result, Pfizer reports the financial results of its Animal Health business as a discontinued operation in the condensed consolidated statements of income for year-to date 2013, and third-quarter and year-to-date 2012.
(4)		For a description of the revenues in each business unit, see Note 13 to Pfizer’s condensed consolidated financial statements included in Pfizer’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2013.
(5)		Other represents revenues generated from Pfizer CentreSource, Pfizer’s contract manufacturing and bulk pharmaceutical chemical sales organization, and includes, in 2013, revenues related to our transitional manufacturing and supply agreements with Zoetis(3).
(6)		The 2013 financial guidance reflects the following:

• The financial results of the Animal Health business from January 1, 2013 to June 24, 2013, as well as the gain on disposal of Zoetis⁽³⁾, are presented as a discontinued operation. As a result, they have been excluded from all components of the financial guidance except Reported Net Income⁽¹⁾ and Reported Diluted EPS⁽¹⁾. Reported Net Income⁽¹⁾ and Reported Diluted EPS⁽¹⁾ guidance includes the gain on disposal of Zoetis⁽³⁾, as well as the financial results of the Animal Health business as follows:
  • January 1, 2013 to February 6, 2013: 100% of Zoetis⁽³⁾ financial results are included
  • February 7, 2013 to June 24, 2013: 80.2% of Zoetis⁽³⁾ financial results are included; 19.8% of Zoetis⁽³⁾ financial results are excluded, as this interest in Zoetis⁽³⁾ was no longer owned by Pfizer
  • June 24, 2013 through December 31, 2013: no actual or projected financial results of Zoetis⁽³⁾ are included

   In addition, revenues and cost of sales from the transitional manufacturing and supply agreements with Zoetis⁽³⁾ have been excluded from the applicable Adjusted components of the financial guidance.

• The weighted-average shares outstanding used in the computation of Adjusted⁽²⁾ and Reported⁽¹⁾ Diluted EPS guidance reflects the reduction in shares of Pfizer’s outstanding common stock as a result of the Zoetis⁽³⁾ exchange offer. Since this reduction occurred on June 24, 2013, Adjusted⁽²⁾ and Reported⁽¹⁾ Diluted EPS guidance reflects only a partial-year benefit.
• Reported Diluted EPS⁽¹⁾ guidance includes the income from a litigation settlement with Teva Pharmaceutical Industries Ltd. and Sun Pharmaceutical Industries Ltd. for patent-infringement damages resulting from their “at-risk” launches of generic Protonix in the U.S.
• Does not assume the completion of any business development transactions not completed as of September 29, 2013, including any one-time upfront payments associated with such transactions.
• Excludes the potential effects of the resolution of litigation-related matters not substantially resolved as of September 29, 2013.
• Exchange rates assumed are a blend of the actual exchange rates in effect through September 29, 2013 and the mid-October 2013 exchange rates for the remainder of the year.
• Reconciliation of the 2013 Adjusted Income⁽²⁾ and Adjusted Diluted EPS⁽²⁾ guidance to the 2013 Reported Net Income Attributable to Pfizer Inc. and Reported Diluted EPS Attributable to Pfizer Inc. common shareholders guidance:

						($ in billions, except per share amounts)
						Income/(Expense)			Net Income				Diluted EPS
						Adjusted income/diluted EPS(2) guidance			$14.8 - $15.2				$2.15 - $2.20
						Purchase accounting impacts of transactions completed as of September 29, 2013			(3.3)				(0.49)
						Acquisition-related costs			(0.4 - 0.5)				(0.06 - 0.07)
						Non-acquisition-related restructuring costs			(0.6 - 0.8)				(0.09 - 0.13)
						Certain other items incurred through September 29, 2013			0.3				0.04
						Discontinuedoperations			10.7				1.55
						Reported net income attributable to Pfizer Inc./diluted EPS(1) guidance			$21.2 - $21.9				$3.05 - $3.15

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PFIZER INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME(1)
(UNAUDITED)
(millions, except per common share data)
		Third-Quarter								% Incr. /		Nine Months								% Incr. /
		2013				2012				(Decr.)		2013				2012				(Decr.)
Revenues		$	12,643			$	12,953			(2)		$	38,026			$	40,766			(7)
Costs and expenses:
Cost of sales(2)			2,287				2,309			(1)			6,792				7,068			(4)
Selling, informational and administrative expenses(2)			3,395				3,491			(3)			10,203				10,834			(6)
Research and development expenses(2)			1,627				1,887			(14)			4,867				5,461			(11)
Amortization of intangible assets(3)			1,117				1,211			(8)			3,476				3,889			(11)
Restructuring charges and certain acquisition-related costs			233				312			(25)			547				1,085			(50)
Other (income)/deductions––net(4)			411				937			(56)			(514	)			3,264			*
Income from continuing operations before provision
for taxes on income			3,573				2,806			27			12,655				9,165			38
Provision/(benefit) for taxes on income(5)			985				(183	)		*			3,876				1,622			*
Income from continuing operations			2,588				2,989			(13)			8,779				7,543			16
Discontinued operations––net of tax			11				225			(95)			10,719				734			*
Net income before allocation to noncontrolling interests			2,599				3,214			(19)			19,498				8,277			*
Less: Net income attributable to noncontrolling interests			9				6			50			63				22			*
Net income attributable to Pfizer Inc.		$	2,590			$	3,208			(19)		$	19,435			$	8,255			*
Earnings per common share––basic:
Income from continuing operations attributable to
Pfizer Inc. common shareholders		$	0.39			$	0.40			(3)		$	1.26			$	1.00			26
Discontinued operations––net of tax			-				0.03			*			1.54				0.10			*
Net income attributable to Pfizer Inc. common shareholders		$	0.39			$	0.43			(9)		$	2.80			$	1.10			*
Earnings per common share––diluted:
Income from continuing operations attributable to
Pfizer Inc. common shareholders		$	0.39			$	0.40			(3)		$	1.25			$	1.00			25
Discontinued operations––net of tax			-				0.03			*			1.52				0.10			*
Net income attributable to Pfizer Inc. common shareholders		$	0.39			$	0.43			(9)		$	2.77			$	1.09			*
Weighted-average shares used to calculate earnings per common share:
Basic			6,581				7,436						6,938				7,483
Diluted			6,656				7,508						7,016				7,550
* Calculation not meaningful.
See next page for notes (1) through (5).
EPS amounts may not add due to rounding.

PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(1)		The financial statements present the three and nine months ended September 29, 2013 and September 30, 2012. Subsidiaries operating outside the United States are included for the three and nine months ended August 25, 2013 and August 26, 2012.
		On June 24, 2013, we completed the full disposition of our Animal Health business (Zoetis) and recognized a gain of approximately $10.5 billion (pre-tax) related to this disposal in Discontinued operations––net of tax for the nine months ended September 29, 2013. The operating results of this business are reported as Discontinued operations––net of tax for the nine months ended September 29, 2013 and three and nine months ended September 30, 2012.
		On November 30, 2012, we completed the sale of our Nutrition business. The operating results of this business are reported as Discontinued operations––net of tax for the three and nine months ended September 30, 2012.
		The financial results for the three and nine months ended September 29, 2013 are not necessarily indicative of the results which could ultimately be achieved for the full year.
(2)		Exclusive of amortization of intangible assets, except as discussed in footnote (3) below.
(3)		Amortization expense related to finite-lived acquired intangible assets that contribute to our ability to sell, manufacture, research, market and distribute products, compounds and intellectual property is included in Amortization of intangible assets as these intangible assets benefit multiple business functions. Amortization expense related to intangible assets that are associated with a single function is included in Cost of sales, Selling, informational and administrative expenses or Research and development expenses, as appropriate.
(4)		Other (income)/deductions––net include the following:

							Third-Quarter										Nine Months
				(millions of dollars)			2013					2012					2013					2012
				Interest income(a)			$	(94	)			$	(109	)			$	(291	)			$	(275	)
				Interest expense(a)				340					381					1,067					1,149
				Net interest expense				246					272					776					874
				Royalty-related income				(122	)				(149	)				(305	)				(343	)
				Patent litigation settlement (income)/expense(b)				9					-					(1,342	)				-
				Other legal matters, net(c)				1					727					(94	)				2,014
				Gain associated with the transfer of certain product rights to
				an equity-method investment(d)				-					-					(459	)				-
				Net gain on asset disposals				(46	)				(21	)				(100	)				(45	)
				Certain asset impairments and related charges(e)				443					14					968					524
				Costs associated with the Zoetis IPO(f)				-					32					18					93
				Other, net				(120	)				62					24					147
				Other (income)/deductions––net			$	411				$	937				$	(514	)			$	3,264

		(a)		Interest income decreased in the third quarter of 2013 as portfolio maturities were invested at lower rates; however, during the first nine months of 2013, interest income increased due to higher cash and investment balances. Interest expense decreased in the third quarter and first nine months of 2013 due to lower outstanding debt, refinancings and lower rates, and the benefit of the conversion of some fixed-rate liabilities to floating-rate liabilities.
		(b)		Reflects income from a litigation settlement with Teva Pharmaceutical Industries Ltd. and Sun Pharmaceutical Industries Ltd. for patent-infringement damages resulting from their "at-risk" launches of generic Protonix in the United States.
		(c)		In the first nine months of 2013, primarily includes an $80 million insurance recovery related to a certain litigation matter. In the third quarter of 2012, primarily includes a $491 million charge related to the resolution of an investigation by the U.S. Department of Justice into Wyeth's historical promotional practices in connection with Rapamune. In the first nine months of 2012, primarily includes the aforementioned $491 million charge related to Rapamune, a $450 million settlement of a lawsuit by Brigham Young University related to Celebrex, and charges for hormone-replacement therapy litigation.
		(d)		In the first nine months of 2013, represents the gain associated with the transfer of certain product rights to Pfizer's 49%-owned equity-method investment in China.
		(e)		In the third quarter of 2013, primarily includes a loss on an option to acquire the remaining interest in a 40%-owned generics company in Brazil (approximately $220 million), as well as an impairment charge related to an in-process research and development (IPR&D) compound. In the first nine months of 2013, also includes impairment charges related to developed technology (for use in the development of bone and cartilage) acquired in connection with our acquisition of Wyeth and two additional IPR&D compounds. In the first nine months of 2012, primarily includes impairment charges related to certain intangible assets acquired in connection with our acquisitions of Wyeth and King Pharmaceuticals Inc. (King), including IPR&D intangible assets.
		(f)		Costs incurred in connection with the initial public offering (IPO) of an approximate 19.8% ownership interest in Zoetis. Includes expenditures for banking, legal, accounting and similar services.
(5)		The Provision/(benefit) for taxes on income for the third quarter and first nine months of 2012 was favorably impacted by a $1.1 billion settlement (representing tax and interest) with the U.S. Internal Revenue Service (IRS) related to audits for multiple tax years, as well as the resolution of foreign audits pertaining to multiple tax years.

td>

PFIZER INC. AND SUBSIDIARY COMPANIES
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
CERTAIN LINE ITEMS
(UNAUDITED)
(millions of dollars, except per common share data)
			Quarter Ended September 29, 2013
								Purchase				Acquisition-								Certain
				GAAP				Accounting				Related				Discontinued				Significant				Non-GAAP
				Reported(1)				Adjustments				Costs(2)				Operations				Items(3)				Adjusted(4)
Revenues			$	12,643			$	-			$	-			$	-			$	(67	)		$	12,576
Cost of sales(5)				2,287				(4	)			(18	)			-				(87	)			2,178
Selling, informational and administrative expenses(5)				3,395				(1	)			-				-				(43	)			3,351
Research and development expenses(5)				1,627				(1	)			-				-				(1	)			1,625
Amortization of intangible assets(6)				1,117				(1,075	)			-				-				-				42
Restructuring charges and certain acquisition-related costs				233				-				(43	)			-				(190	)			-
Other (income)/deductions––net				411				121				-				-				(490	)			42
Income from continuing operations before provision for taxes on income				3,573				960				61				-				744				5,338
Provision/(benefit) for taxes on income				985				309				7				-				172				1,473
Income from continuing operations				2,588				651				54				-				572				3,865
Discontinued operations––net of tax				11				-				-				(11	)			-				-
Net income attributable to noncontrolling interests				9				-				-				(3	)			-				6
Net income attributable to Pfizer Inc.				2,590				651				54				(8	)			572				3,859
Earnings per common share attributable to Pfizer Inc.––diluted				0.39				0.10				0.01				-				0.09				0.58
				Nine Months Ended September 29, 2013
								Purchase				Acquisition-								Certain
				GAAP				Accounting				Related				Discontinued				Significant				Non-GAAP
				Reported(1)				Adjustments				Costs(2)				Operations				Items(3)				Adjusted(4)
Revenues			$	38,026			$	-			$	-			$	-			$	(67	)		$	37,959
Cost of sales(5)				6,792				16				(101	)			-				(106	)			6,601
Selling, informational and administrative expenses(5)				10,203				5				(8	)			-				(121	)			10,079
Research and development expenses(5)				4,867				1				-				-				(104	)			4,764
Amortization of intangible assets(6)				3,476				(3,352	)			-				-				-				124
Restructuring charges and certain acquisition-related costs				547				-				(155	)			-				(392	)			-
Other (income)/deductions––net				(514	)			43				-				-				836				365
Income from continuing operations before provision for taxes on income				12,655				3,287				264				-				(180	)			16,026
Provision/(benefit) for taxes on income				3,876				941				(42	)			-				(376	)			4,399
Income from continuing operations				8,779				2,346				306				-				196				11,627
Discontinued operations––net of tax				10,719				-				-				(10,719	)			-				-
Net income attributable to noncontrolling interests				63				-				-				(38	)			-				25
Net income attributable to Pfizer Inc.				19,435				2,346				306				(10,681	)			196				11,602
Earnings per common share attributable to Pfizer Inc.––diluted				2.77				0.33				0.04				(1.52	)			0.03				1.65
See end of tables for notes (1) through (6).
Certain amounts may reflect rounding adjustments.
EPS amounts may not add due to rounding.

PFIZER INC. AND SUBSIDIARY COMPANIES
RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
CERTAIN LINE ITEMS
(UNAUDITED)
(millions of dollars, except per common share data)
			Quarter Ended September 30, 2012
							Purchase				Acquisition-								Certain
			GAAP				Accounting				Related				Discontinued				Significant				Non-GAAP
			Reported(1)				Adjustments				Costs(2)				Operations				Items(3)				Adjusted(4)
Revenues		$	12,953			$	-			$	-			$	-			$	-			$	12,953
Cost of sales(5)			2,309				3				(75	)			-				(24	)			2,213
Selling, informational and administrative expenses(5)			3,491				(2	)			(2	)			-				(46	)			3,441
Research and development expenses(5)			1,887				1				-				-				(47	)			1,841
Amortization of intangible assets(6)			1,211				(1,173	)			-				-				-				38
Restructuring charges and certain acquisition-related costs			312				-				(160	)			-				(152	)			-
Other (income)/deductions––net			937				44				-				-				(783	)			198
Income from continuing operations before provision for taxes on income			2,806				1,127				237				-				1,052				5,222
Provision/(benefit) for taxes on income			(183	)			324				43				-				1,278				1,462
Income from continuing operations			2,989				803				194				-				(226	)			3,760
Discontinued operations––net of tax			225				-				-				(225	)			-				-
Net income attributable to noncontrolling interests			6				-				-				-				-				6
Net income attributable to Pfizer Inc.			3,208				803				194				(225	)			(226	)			3,754
Earnings per common share attributable to Pfizer Inc.––diluted			0.43				0.11				0.03				(0.03	)			(0.03	)			0.50
			Nine Months Ended September 30, 2012
							Purchase				Acquisition-								Certain
			GAAP				Accounting				Related				Discontinued				Significant				Non-GAAP
			Reported(1)				Adjustments				Costs(2)				Operations				Items(3)				Adjusted(4)
Revenues		$	40,766			$	-			$	-			$	-			$	-			$	40,766
Cost of sales(5)			7,068				(6	)			(205	)			-				(51	)			6,806
Selling, informational and administrative expenses(5)			10,834				3				(7	)			-				(77	)			10,753
Research and development expenses(5)			5,461				4				(5	)			-				(386	)			5,074
Amortization of intangible assets(6)			3,889				(3,726	)			-				-				-				163
Restructuring charges and certain acquisition-related costs			1,085				-				(421	)			-				(664	)			-
Other (income)/deductions––net			3,264				12				-				-				(2,606	)			670
Income from continuing operations before provision for taxes on income			9,165				3,713				638				-				3,784				17,300
Provision/(benefit) for taxes on income			1,622				1,014				156				-				2,128				4,920
Income from continuing operations			7,543				2,699				482				-				1,656				12,380
Discontinued operations––net of tax			734				-				-				(734	)			-				-
Net income attributable to noncontrolling interests			22				-				-				-				-				22
Net income attributable to Pfizer Inc.			8,255				2,699				482				(734	)			1,656				12,358
Earnings per common share attributable to Pfizer Inc.––diluted			1.09				0.36				0.06				(0.10	)			0.22				1.64
See end of tables for notes (1) through (6).
Certain amounts may reflect rounding adjustments.
EPS amounts may not add due to rounding.

PFIZER INC. AND SUBSIDIARY COMPANIES
NOTES TO RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION
CERTAIN LINE ITEMS
(UNAUDITED)
(1)		The financial statements present the three and nine months ended September 29, 2013 and September 30, 2012. Subsidiaries operating outside the United States are included for the three and nine months ended August 25, 2013 and August 26, 2012.
		On June 24, 2013, we completed the full disposition of our Animal Health business (Zoetis) and recognized a gain of approximately $10.5 billion (pre-tax) related to this disposal in Discontinued operations––net of tax for the nine months ended September 29, 2013. The operating results of this business are reported as Discontinued operations––net of tax for the nine months ended September 29, 2013 and three and nine months ended September 30, 2012.
		On November 30, 2012, we completed the sale of our Nutrition business. The operating results of this business are reported as Discontinued operations––net of tax for the three and nine months ended September 30, 2012.
(2)		Acquisition-related costs include the following:

							Third-Quarter										Nine Months
				(millions of dollars)			2013					2012					2013					2012
				Integration costs(a)			$	38				$	79				$	107				$	279
				Restructuring charges(a)				5					81					48					142
				Additional depreciation––asset restructuring(b)				18					77					109					217
				Total acquisition-related costs––pre-tax				61					237					264					638
				Income taxes(c)				(7	)				(43	)				42					(156	)
				Total acquisition-related costs––net of tax			$	54				$	194				$	306				$	482

		(a)		Integration costs represent external, incremental costs directly related to integrating acquired businesses, and primarily include expenditures for consulting and the integration of systems and processes. Restructuring charges include employee termination costs, asset impairments and other exit costs associated with business combinations. All of these costs and charges are included in Restructuring charges and certain acquisition-related costs.
		(b)		Represents the impact of changes in the estimated useful lives of assets involved in restructuring actions related to acquisitions. Included in Cost of sales for the three months ended September 29, 2013. Included in Cost of sales ($101 million) and Selling, informational and administrative expenses ($8 million) for the nine months ended September 29, 2013. Included in Cost of sales ($75 million) and Selling, informational and administrative expenses ($2 million) for the three months ended September 30, 2012. Included in Cost of sales ($205 million), Selling, informational and administrative expenses ($7 million) and Research and development expenses ($5 million) for the nine months ended September 30, 2012.
		(c)		Included in Provision/(benefit) for taxes on income. Income taxes includes the tax effect of the associated pre-tax amounts, calculated by determining the jurisdictional location of the pre-tax amounts and applying that jurisdiction’s applicable tax rate. The first nine months of 2013 also includes the unfavorable impact of the remeasurement of certain deferred tax liabilities resulting from plant network restructuring activities.
(3)		Certain significant items include the following:

						Third-Quarter								Nine Months
				(millions of dollars)		2013				2012				2013				2012
				Restructuring charges(a)		$	190			$	152			$	392			$	664
				Implementation costs and additional depreciation––asset restructuring(b)			72				111				270				485
				Patent litigation settlement (income)/expense(c)			9				-				(1,342	)			-
				Other legal matters, net(d)			1				723				(99	)			1,981
				Gain associated with the transfer of certain product rights to an equity-method investment(e)			-				-				(459	)			-
				Certain asset impairments and related charges(f)			440				17				929				506
				Costs associated with the Zoetis IPO(g)			-				32				18				93
				Income associated with the transitional manufacturing and supply agreements with Zoetis(h)			(10	)			-				(10	)			-
				Other(i)			42				17				121				55
				Total certain significant items––pre-tax			744				1,052				(180	)			3,784
				Income taxes(j)			(172	)			(1,278	)			376				(2,128	)
				Total certain significant items––net of tax		$	572			$	(226	)		$	196			$	1,656

		(a)		Primarily related to our cost-reduction and productivity initiatives. Included in Restructuring charges and certain acquisition-related costs.
		(b)		Primarily related to our cost-reduction and productivity initiatives. Included in Cost of sales ($41 million), Selling, informational and administrative expenses ($30 million) and Research and development expenses ($1 million) for the three months ended September 29, 2013. Included in Cost of sales ($60 million), Selling, informational and administrative expenses ($106 million) and Research and development expenses ($104 million) for the nine months ended September 29, 2013. Included in Cost of sales ($18 million), Selling, informational and administrative expenses ($46 million) and Research and development expenses ($47 million) for the three months ended September 30, 2012. Included in Cost of sales ($22 million), Selling, informational and administrative expenses ($77 million) and Research and development expenses ($386 million) for the nine months ended September 30, 2012.
		(c)		Included in Other (income)/deductions––net. In the first nine months of 2013, reflects income from a litigation settlement with Teva Pharmaceutical Industries Ltd. and Sun Pharmaceutical Industries Ltd. for patent-infringement damages resulting from their "at-risk" launches of generic Protonix in the United States.
		(d)		Included in Other (income)/deductions––net. In the first nine months of 2013, primarily includes an $80 million insurance recovery related to a certain litigation matter. In the third quarter of 2012, primarily includes a $491 million charge related to the resolution of an investigation by the U.S. Department of Justice into Wyeth's historical promotional practices in connection with Rapamune. In the first nine months of 2012, primarily includes the aforementioned $491 million charge related to Rapamune, a $450 million settlement of a lawsuit by Brigham Young University related to Celebrex, and charges for hormone-replacement therapy litigation.
		(e)		Included in Other (income)/deductions––net. In the first nine months of 2013, represents the gain associated with the transfer of certain product rights to Pfizer's 49%-owned equity-method investment in China.
		(f)		Primarily included in Other (income)/deductions––net. In the third quarter of 2013, primarily includes a loss on an option to acquire the remaining interest in a 40%-owned generics company in Brazil (approximately $220 million), as well as an impairment charge related to an IPR&D compound. In the first nine months of 2013, also includes impairment charges related to developed technology (for use in the development of bone and cartilage) acquired in connection with our acquisition of Wyeth and two additional IPR&D compounds. In the first nine months of 2012, primarily includes impairment charges related to certain intangible asset acquired in connection with our acquisitions of Wyeth and King, including IPR&D intangible assets.
		(g)		Included in Other (income)/deductions––net. Costs incurred in connection with the initial public offering of an approximate 19.8% ownership interest in Zoetis. Includes expenditures for banking, legal, accounting and similar services.
		(h)		Included in Revenues ($67 million) and in Cost of sales ($57 million) for the three and nine months ended September 29, 2013.
		(i)		Primarily included in Other (income)/deductions––net.
		(j)		Included in Provision/(benefit) for taxes on income. Income taxes includes the tax effect of the associated pre-tax amounts, calculated by determining the jurisdictional location of the pre-tax amounts and applying that jurisdiction’s applicable tax rate. The first nine months of 2013 were unfavorably impacted by the tax liability associated with the patent litigation settlement income, by the non-deductibility of goodwill derecognized and the jurisdictional mix of the other intangible assets divested as part of the transfer of certain product rights to Pfizer's 49%-owned equity-method investment in China, as well as the non-deductibility of the loss on an option to acquire the remaining interest in a 40%-owned generics company in Brazil since we expect to retain the investment indefinitely. In the third quarter and first nine months of 2012, includes a settlement with the U.S. IRS related to audits for multiple tax years that favorably impacted GAAP Reported net income by $1.1 billion, representing tax and interest.
(4)		Non-GAAP Adjusted income and its components and Non-GAAP Adjusted diluted EPS are not, and should not be viewed as, substitutes for U.S. GAAP net income and its components and diluted EPS. Despite the importance of these measures to management in goal setting and performance measurement, Non-GAAP Adjusted income and its components and Non-GAAP Adjusted diluted EPS are Non-GAAP financial measures that have no standardized meaning prescribed by U.S. GAAP and, therefore, have limits in their usefulness to investors. Because of the non-standardized definitions, Non-GAAP Adjusted income and its components and Non-GAAP Adjusted diluted EPS (unlike U.S. GAAP net income and its components and diluted EPS) may not be comparable to the calculation of similar measures of other companies. Non-GAAP Adjusted income and its components and Non-GAAP Adjusted diluted EPS are presented solely to permit investors to more fully understand how management assesses performance.
(5)		Exclusive of amortization of intangible assets, except as discussed in footnote (6) below.
(6)		Amortization expense related to finite-lived acquired intangible assets that contribute to our ability to sell, manufacture, research, market and distribute products, compounds and intellectual property is included in Amortization of intangible assets as these intangible assets benefit multiple business functions. Amortization expense related to intangible assets that are associated with a single function is included in Cost of sales, Selling, informational and administrative expenses or Research and development expenses, as appropriate.

PFIZER INC.
REVENUES
THIRD QUARTER 2013 and 2012
(UNAUDITED)
(millions of dollars)
		WORLDWIDE													UNITED STATES										TOTAL INTERNATIONAL(a)
		2013			2012			% Change							2013			2012			% Change				2013			2012			% Change
								Total			Oper.										Total										Total			Oper.
TOTAL REVENUES		$	12,643		$	12,953		(2	%)		-				$	5,186		$	5,174		-				$	7,457		$	7,779		(4	%)		(1	%)
REVENUES FROM BIOPHARMACEUTICAL PRODUCTS:		$	11,742		$	12,117		(3	%)		(1	%)			$	4,747		$	4,769		-				$	6,995		$	7,348		(5	%)		(1	%)
Lyrica			1,135			1,036		10	%		11	%				509			430		18	%				626			606		3	%		6	%
Prevnar family			959			949		1	%		3	%				469			440		7	%				490			509		(4	%)		(1	%)
Enbrel (Outside the U.S. and Canada)			932			893		4	%		6	%				-			-		-					932			893		4	%		6	%
Celebrex			752			676		11	%		13	%				508			438		16	%				244			238		3	%		8	%
Lipitor			533			749		(29	%)		(27	%)				78			192		(59	%)				455			557		(18	%)		(16	%)
Viagra			460			517		(11	%)		(11	%)				294			287		2	%				166			230		(28	%)		(27	%)
Zyvox			319			328		(3	%)		(1	%)				165			158		4	%				154			170		(9	%)		(6	%)
Norvasc			303			319		(5	%)		2	%				11			13		(15	%)				292			306		(5	%)		3	%
Sutent			278			294		(5	%)		(5	%)				85			82		4	%				193			212		(9	%)		(8	%)
Premarin family			276			262		5	%		6	%				254			237		7	%				22			25		(12	%)		6	%
BeneFIX			213			201		6	%		7	%				101			96		5	%				112			105		7	%		8	%
Genotropin			183			212		(14	%)		(9	%)				45			59		(24	%)				138			153		(10	%)		(3	%)
Vfend			193			187		3	%		5	%				18			21		(14	%)				175			166		5	%		8	%
Pristiq			173			152		14	%		15	%				134			120		12	%				39			32		22	%		25	%
Chantix/Champix			154			146		5	%		9	%				82			62		32	%				72			84		(14	%)		(9	%)
Detrol/Detrol LA			131			176		(26	%)		(24	%)				89			112		(21	%)				42			64		(34	%)		(30	%)
Xalatan/Xalacom			140			181		(23	%)		(17	%)				8			9		(11	%)				132			172		(23	%)		(17	%)
ReFacto AF/Xyntha			148			150		(1	%)		(3	%)				29			28		4	%				119			122		(2	%)		(4	%)
Medrol			107			113		(5	%)		(4	%)				31			24		29	%				76			89		(15	%)		(13	%)
Zoloft			116			129		(10	%)		(2	%)				14			17		(18	%)				102			112		(9	%)		1	%
Effexor			96			107		(10	%)		(11	%)				36			37		(3	%)				60			70		(14	%)		(15	%)
Zosyn/Tazocin			104			109		(5	%)		(3	%)				47			39		21	%				57			70		(19	%)		(17	%)
Zithromax/Zmax			84			89		(6	%)		1	%				3			3		-					81			86		(6	%)		-
Tygacil			92			82		12	%		12	%				38			37		3	%				54			45		20	%		20	%
Relpax			83			92		(10	%)		(9	%)				49			56		(13	%)				34			36		(6	%)		(1	%)
Fragmin			83			91		(9	%)		(10	%)				2			11		(82	%)				81			80		1	%		(1	%)
Rapamune			91			92		(1	%)		-					55			49		12	%				36			43		(16	%)		(15	%)
EpiPen			85			67		27	%		28	%				67			52		29	%				18			15		20	%		28	%
Revatio			75			135		(44	%)		(44	%)				18			78		(77	%)				57			57		-			2	%
Sulperazon			78			62		26	%		26	%				-			-		-					78			62		26	%		26	%
Cardura			70			79		(11	%)		(5	%)				1			2		(50	%)				69			77		(10	%)		(5	%)
Inlyta			83			29		186	%		*					42			28		50	%				41			1		*			*
Xanax XR			69			66		5	%		5	%				13			13		-					56			53		6	%		5	%
Xalkori			73			38		92	%		92	%				35			24		46	%				38			14		171	%		164	%
Toviaz			57			52		10	%		10	%				31			29		7	%				26			23		13	%		17	%
Aricept(b)			52			71		(27	%)		(25	%)				-			-		-					52			71		(27	%)		(25	%)
Caduet			52			68		(24	%)		(14	%)				5			13		(62	%)				47			55		(15	%)		(6	%)
Inspra			53			51		4	%		5	%				1			1		-					52			50		4	%		4	%
Diflucan			59			61		(3	%)		(1	%)				1			1		-					58			60		(3	%)		(2	%)
Somavert			56			49		14	%		11	%				13			12		8	%				43			37		16	%		11	%
Neurontin			50			52		(4	%)		(2	%)				12			12		-					38			40		(5	%)		(2	%)
Dalacin/Cleocin			50			74		(32	%)		(30	%)				15			40		(63	%)				35			34		3	%		9	%
Xeljanz			35			-		*			*					34			-		*					1			-		*			*
Alliance revenues(c)			684			879		(22	%)		(22	%)				605			687		(12	%)				79			192		(59	%)		(57	%)
All other biopharmaceutical products(d)			1,923			1,952		(1	%)		3	%				700			720		(3	%)				1,223			1,232		(1	%)		7	%
All other established products(d)			1,455			1,352		8	%		11	%				514			398		29	%				941			954		(1	%)		4	%
REVENUES FROM OTHER PRODUCTS:
CONSUMER HEALTHCARE		$	788		$	780		1	%		1	%			$	396		$	388		2	%			$	392		$	392		-			-
OTHER(e)		$	113		$	56		*			*				$	43		$	17		*				$	70		$	39		79	%		80	%

* Calculation not meaningful.
(a)		Total International represents Developed Europe region + Developed Rest of World region + Emerging Markets region.
		Details for these regions are located on the following page.
(b)		Represents direct sales under license agreement with Eisai Co., Ltd.
(c)		Includes Enbrel (in the U.S. and Canada), Spiriva, Rebif, Aricept and Eliquis.
(d)		All other established products is a subset of All other biopharmaceutical products.
(e)		Other represents revenues generated from Pfizer CentreSource, our contract manufacturing and bulk pharmaceutical chemical sales organization, and includes, in 2013, the revenues related to our transitional manufacturing and supply agreements with Zoetis.
Certain amounts and percentages may reflect rounding adjustments.

PFIZER INC.
INTERNATIONAL REVENUES BY GEOGRAPHIC REGION
THIRD QUARTER 2013 and 2012
(UNAUDITED)
(millions of dollars)
		DEVELOPED EUROPE(a)													DEVELOPED REST OF WORLD(b)													EMERGING MARKETS(c)
		2013			2012			% Change							2013			2012			% Change							2013			2012			% Change
								Total			Oper.										Total			Oper.										Total			Oper.
TOTAL INTERNATIONAL REVENUES		$	2,785		$	2,804		(1	%)		(5	%)			$	1,992		$	2,386		(17	%)		(3	%)			$	2,680		$	2,589		4	%		6	%
REVENUES FROM BIOPHARMACEUTICAL PRODUCTS - INTERNATIONAL:		$	2,663		$	2,672		-			(5	%)			$	1,901		$	2,287		(17	%)		(3	%)			$	2,431		$	2,389		2	%		5	%
Lyrica			361			324		11	%		7	%				152			185		(18	%)		(1	%)				113			97		16	%		18	%
Prevnar family			164			161		2	%		(3	%)				116			133		(13	%)		1	%				210			215		(2	%)		-
Enbrel (Outside Canada)			600			555		8	%		3	%				127			148		(14	%)		2	%				205			190		8	%		15	%
Celebrex			36			37		(3	%)		(9	%)				115			119		(3	%)		9	%				93			82		13	%		15	%
Lipitor			71			130		(45	%)		(48	%)				122			207		(41	%)		(32	%)				262			220		19	%		19	%
Viagra			54			92		(41	%)		(43	%)				36			48		(25	%)		(18	%)				76			90		(16	%)		(16	%)
Zyvox			81			73		11	%		6	%				35			37		(5	%)		8	%				38			60		(37	%)		(29	%)
Norvasc			25			27		(7	%)		(15	%)				115			150		(23	%)		(7	%)				152			129		18	%		17	%
Sutent			96			103		(7	%)		(12	%)				35			44		(20	%)		(11	%)				62			65		(5	%)		(1	%)
Premarin family			3			2		50	%		(8	%)				8			11		(27	%)		(12	%)				11			12		(8	%)		-
BeneFIX			67			63		6	%		3	%				33			33		-			11	%				12			9		33	%		29	%
Genotropin			65			71		(8	%)		(13	%)				47			56		(16	%)		5	%				26			26		-			8	%
Vfend			74			68		9	%		3	%				38			42		(10	%)		9	%				63			56		13	%		13	%
Pristiq			-			-		-			-					25			22		14	%		16	%				14			10		40	%		43	%
Chantix/Champix			26			27		(4	%)		(4	%)				35			44		(20	%)		(15	%)				11			13		(15	%)		4	%
Detrol/Detrol LA			11			29		(62	%)		(61	%)				19			24		(21	%)		(11	%)				12			11		9	%		5	%
Xalatan/Xalacom			40			57		(30	%)		(34	%)				56			73		(23	%)		(8	%)				36			42		(14	%)		(11	%)
ReFacto AF/Xyntha			96			93		3	%		(1	%)				16			18		(11	%)		(3	%)				7			11		(36	%)		(29	%)
Medrol			22			21		5	%		-					9			12		(25	%)		(8	%)				45			56		(20	%)		(19	%)
Zoloft			15			13		15	%		14	%				53			67		(21	%)		(4	%)				34			32		6	%		6	%
Effexor			22			26		(15	%)		(20	%)				16			18		(11	%)		(17	%)				22			26		(15	%)		(7	%)
Zosyn/Tazocin			8			10		(20	%)		(25	%)				4			3		33	%		6	%				45			57		(21	%)		(16	%)
Zithromax/Zmax			12			11		9	%		4	%				25			35		(29	%)		(15	%)				44			40		10	%		14	%
Tygacil			19			17		12	%		5	%				1			2		(50	%)		(2	%)				34			26		31	%		31	%
Relpax			17			17		-			(3	%)				13			15		(13	%)		(3	%)				4			4		-			10	%
Fragmin			45			45		-			(2	%)				22			18		22	%		13	%				14			17		(18	%)		(16	%)
Rapamune			13			13		-			(13	%)				4			5		(20	%)		(8	%)				19			25		(24	%)		(18	%)
EpiPen			-			-		-			-					18			15		20	%		28	%				-			-		-			-
Revatio			37			34		9	%		5	%				12			13		(8	%)		10	%				8			10		(20	%)		(18	%)
Sulperazon			-			-		-			-					7			9		(22	%)		(4	%)				71			53		34	%		31	%
Cardura			20			22		(9	%)		(10	%)				23			31		(26	%)		(9	%)				26			24		8	%		4	%
Inlyta			20			1		*			*					19			-		*			*					2			-		*			*
Xanax XR			23			22		5	%		(1	%)				9			10		(10	%)		6	%				24			21		14	%		19	%
Xalkori			18			5		*			*					13			8		63	%		83	%				7			1		*			*
Toviaz			21			17		24	%		15	%				3			3		-			51	%				2			3		(33	%)		3	%
Aricept(d)			9			18		(50	%)		(51	%)				36			44		(18	%)		(15	%)				7			9		(22	%)		(23	%)
Caduet			2			3		(33	%)		(9	%)				35			37		(5	%)		6	%				10			15		(33	%)		(33	%)
Inspra			34			31		10	%		2	%				14			15		(7	%)		11	%				4			4		-			(2	%)
Diflucan			13			14		(7	%)		(12	%)				8			10		(20	%)		(5	%)				37			36		3	%		3	%
Somavert			35			30		17	%		10	%				4			4		-			13	%				4			3		33	%		21	%
Neurontin			11			14		(21	%)		(21	%)				9			10		(10	%)		(6	%)				18			16		13	%		16	%
Dalacin/Cleocin			8			7		14	%		4	%				5			7		(29	%)		1	%				22			20		10	%		13	%
Xeljanz			-			-		-			-					1			-		*			*					-			-		-			-
Alliance revenues(e)			26			53		(51	%)		(54	%)				44			128		(66	%)		(62	%)				9			11		(18	%)		(14	%)
All other biopharmaceutical products(f)			343			316		9	%		2	%				364			374		(3	%)		19	%				516			542		(5	%)		(1	%)
All other established products(f)			250			247		1	%		1	%				277			270		3	%		3	%				414			437		(5	%)		(2	%)
REVENUES FROM OTHER PRODUCTS - INTERNATIONAL		$	122		$	132		(8	%)		(6	%)			$	91		$	99		(8	%)		(10	%)			$	249		$	200		25	%		26	%

* Calculation not meaningful.
(a)		Developed Europe region includes the following markets: Western Europe, Finland and the Scandinavian countries.
(b)		Developed Rest of World region includes the following markets: Australia, Canada, Japan, New Zealand and South Korea.
(c)		Emerging Markets region includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, the Middle East, Eastern Europe, Africa, Turkey and Central Europe.
(d)		Represents direct sales under license agreement with Eisai Co., Ltd.
(e)		Includes Enbrel (in Canada), Spiriva, Aricept and Eliquis.
(f)		All other established products is a subset of All other biopharmaceutical products.
Certain amounts and percentages may reflect rounding adjustments.

PFIZER INC.
REVENUES
NINE MONTHS 2013 and 2012
(UNAUDITED)
(millions of dollars)
		WORLDWIDE													UNITED STATES										TOTAL INTERNATIONAL(a)
		2013			2012			% Change							2013			2012			% Change				2013			2012			% Change
								Total			Oper.										Total										Total			Oper.
TOTAL REVENUES		$	38,026		$	40,766		(7	%)		(5	%)			$	15,190		$	16,011		(5	%)			$	22,836		$	24,755		(8	%)		(5	%)
REVENUES FROM BIOPHARMACEUTICAL PRODUCTS:		$	35,398		$	38,321		(8	%)		(6	%)			$	14,002		$	14,899		(6	%)			$	21,396		$	23,422		(9	%)		(5	%)
Lyrica			3,335			3,026		10	%		12	%				1,438			1,229		17	%				1,897			1,797		6	%		9	%
Prevnar family			2,855			3,028		(6	%)		(4	%)				1,336			1,423		(6	%)				1,519			1,605		(5	%)		(3	%)
Enbrel (Outside the U.S. and Canada)			2,769			2,780		-			2	%				-			-		-					2,769			2,780		-			2	%
Celebrex			2,120			1,969		8	%		9	%				1,409			1,266		11	%				711			703		1	%		6	%
Lipitor			1,704			3,364		(49	%)		(48	%)				335			871		(62	%)				1,369			2,493		(45	%)		(43	%)
Viagra			1,405			1,498		(6	%)		(6	%)				819			822		-					586			676		(13	%)		(12	%)
Zyvox			1,007			996		1	%		3	%				511			490		4	%				496			506		(2	%)		2	%
Norvasc			917			1,001		(8	%)		(3	%)				31			38		(18	%)				886			963		(8	%)		(2	%)
Sutent			892			913		(2	%)		(1	%)				261			255		2	%				631			658		(4	%)		(2	%)
Premarin family			793			797		(1	%)		-					726			724		-					67			73		(8	%)		(4	%)
BeneFIX			619			577		7	%		8	%				298			272		10	%				321			305		5	%		7	%
Genotropin			570			619		(8	%)		(4	%)				145			150		(3	%)				425			469		(9	%)		(4	%)
Vfend			557			543		3	%		5	%				49			64		(23	%)				508			479		6	%		9	%
Pristiq			516			461		12	%		13	%				402			365		10	%				114			96		19	%		22	%
Chantix/Champix			486			496		(2	%)		-					253			234		8	%				233			262		(11	%)		(7	%)
Detrol/Detrol LA			437			576		(24	%)		(23	%)				297			362		(18	%)				140			214		(35	%)		(31	%)
Xalatan/Xalacom			434			617		(30	%)		(25	%)				23			30		(23	%)				411			587		(30	%)		(26	%)
ReFacto AF/Xyntha			433			420		3	%		3	%				89			79		13	%				344			341		1	%		-
Medrol			343			388		(12	%)		(10	%)				110			105		5	%				233			283		(18	%)		(16	%)
Zoloft			341			398		(14	%)		(6	%)				30			49		(39	%)				311			349		(11	%)		(2	%)
Effexor			326			342		(5	%)		(4	%)				128			102		25	%				198			240		(18	%)		(17	%)
Zosyn/Tazocin			293			378		(22	%)		(22	%)				127			175		(27	%)				166			203		(18	%)		(17	%)
Zithromax/Zmax			283			318		(11	%)		(6	%)				5			9		(44	%)				278			309		(10	%)		(5	%)
Tygacil			271			249		9	%		10	%				122			115		6	%				149			134		11	%		13	%
Relpax			263			266		(1	%)		-					161			160		1	%				102			106		(4	%)		-
Fragmin			263			283		(7	%)		(8	%)				21			36		(42	%)				242			247		(2	%)		(3	%)
Rapamune			261			259		1	%		2	%				152			140		9	%				109			119		(8	%)		(6	%)
EpiPen			230			217		6	%		7	%				183			182		1	%				47			35		34	%		40	%
Revatio			225			414		(46	%)		(45	%)				52			250		(79	%)				173			164		5	%		8	%
Sulperazon			222			191		16	%		17	%				-			-		-					222			191		16	%		17	%
Cardura			221			254		(13	%)		(8	%)				3			4		(25	%)				218			250		(13	%)		(7	%)
Inlyta			217			53		*			*					112			52		115	%				105			1		*			*
Xanax XR			204			203		-			2	%				36			38		(5	%)				168			165		2	%		3	%
Xalkori			193			78		147	%		151	%				98			56		75	%				95			22		*			*
Toviaz			174			150		16	%		16	%				89			82		9	%				85			68		25	%		26	%
Aricept(b)			173			249		(31	%)		(30	%)				-			-		-					173			249		(31	%)		(30	%)
Caduet			164			191		(14	%)		(9	%)				16			26		(38	%)				148			165		(10	%)		(4	%)
Inspra			164			156		5	%		9	%				4			4		-					160			152		5	%		9	%
Diflucan			164			185		(11	%)		(9	%)				2			4		(50	%)				162			181		(10	%)		(8	%)
Somavert			159			143		11	%		11	%				38			33		15	%				121			110		10	%		10	%
Neurontin			158			172		(8	%)		(6	%)				33			37		(11	%)				125			135		(7	%)		(5	%)
Dalacin/Cleocin			149			176		(15	%)		(13	%)				45			72		(38	%)				104			104		-			4	%
Xeljanz			68			-		*			*					67			-		*					1			-		*			*
Alliance revenues(c)			2,187			2,577		(15	%)		(15	%)				1,901			1,908		-					286			669		(57	%)		(56	%)
All other biopharmaceutical products(d)			5,833			6,350		(8	%)		(5	%)				2,045			2,586		(21	%)				3,788			3,764		1	%		6	%
All other established products(d)			4,278			4,360		(2	%)		1	%				1,378			1,484		(7	%)				2,900			2,876		1	%		5	%
REVENUES FROM OTHER PRODUCTS:
CONSUMER HEALTHCARE		$	2,399		$	2,276		5	%		5	%			$	1,111		$	1,054		5	%			$	1,288		$	1,222		5	%		5	%
OTHER(e)		$	229		$	169		36	%		36	%			$	77		$	58		33	%			$	152		$	111		37	%		39	%

* Calculation not meaningful.
(a)		Total International represents Developed Europe + Developed Rest of World + Emerging Markets.
		Details for these regions are located on the following page.
(b)		Represents direct sales under license agreement with Eisai Co., Ltd.
(c)		Includes Enbrel (in the U.S. and Canada), Spiriva, Rebif, Aricept and Eliquis.
(d)		All other established products is a subset of All other biopharmaceutical products.
(e)		Other represents revenues generated from Pfizer CentreSource, our contract manufacturing and bulk pharmaceutical chemical sales organization, and includes, in 2013, the revenues related to our transitional manufacturing and supply agreements with Zoetis.
Certain amounts and percentages may reflect rounding adjustments.

PFIZER INC.
INTERNATIONAL REVENUES BY GEOGRAPHIC REGION
NINE MONTHS 2013 and 2012
(UNAUDITED)
(millions of dollars)
		DEVELOPED EUROPE(a)												DEVELOPED REST OF WORLD(b)												EMERGING MARKETS(c)
		2013			2012			% Change						2013			2012			% Change						2013			2012			% Change
								Total			Oper.									Total			Oper.									Total			Oper.
TOTAL INTERNATIONAL REVENUES		$	8,502		$	9,433		(10	%)		(11	%)		$	6,139		$	7,383		(17	%)		(7	%)		$	8,195		$	7,939		3	%		6	%
REVENUES FROM BIOPHARMACEUTICAL PRODUCTS - INTERNATIONAL:		$	8,083		$	9,026		(10	%)		(12	%)		$	5,847		$	7,088		(18	%)		7	%		$	7,466		$	7,308		2	%		5	%
Lyrica			1,045			955		9	%		8	%			497			526		(6	%)		8	%			355			316		12	%		15	%
Prevnar family			507			496		2	%		-				385			459		(16	%)		(7	%)			627			650		(4	%)		(2	%)
Enbrel (Outside Canada)			1,754			1,691		4	%		2	%			379			451		(16	%)		(4	%)			636			638		-			7	%
Celebrex			110			121		(9	%)		(11	%)			334			341		(2	%)		8	%			267			241		11	%		11	%
Lipitor			227			1,042		(78	%)		(79	%)			381			777		(51	%)		(46	%)			761			674		13	%		14	%
Viagra			228			267		(15	%)		(15	%)			113			152		(26	%)		(21	%)			245			257		(5	%)		(4	%)
Zyvox			238			224		6	%		4	%			101			115		(12	%)		1	%			157			167		(6	%)		-
Norvasc			80			91		(12	%)		(14	%)			364			488		(25	%)		(13	%)			442			384		15	%		14	%
Sutent			293			325		(10	%)		(11	%)			103			128		(20	%)		(11	%)			235			205		15	%		18	%
Premarin family			7			7		-			(6	%)			26			27		(4	%)		1	%			34			39		(13	%)		(8	%)
BeneFIX			186			182		2	%		1	%			101			98		3	%		11	%			34			25		36	%		36	%
Genotropin			197			224		(12	%)		(14	%)			147			166		(11	%)		3	%			81			79		3	%		9	%
Vfend			222			203		9	%		8	%			110			118		(7	%)		7	%			176			158		11	%		13	%
Pristiq			-			-		-			-				74			62		19	%		21	%			40			34		18	%		24	%
Chantix/Champix			88			94		(6	%)		(6	%)			109			132		(17	%)		(12	%)			36			36		-			4	%
Detrol/Detrol LA			41			97		(58	%)		(58	%)			63			74		(15	%)		(7	%)			36			43		(16	%)		(15	%)
Xalatan/Xalacom			117			220		(47	%)		(48	%)			172			232		(26	%)		(15	%)			122			135		(10	%)		(7	%)
ReFacto AF/Xyntha			278			274		1	%		-				52			44		18	%		22	%			14			23		(39	%)		(36	%)
Medrol			67			70		(4	%)		(6	%)			29			36		(19	%)		(8	%)			137			177		(23	%)		(21	%)
Zoloft			47			44		7	%		5	%			163			207		(21	%)		(7	%)			101			98		3	%		6	%
Effexor			70			84		(17	%)		(18	%)			51			80		(36	%)		(36	%)			77			76		1	%		5	%
Zosyn/Tazocin			30			37		(19	%)		(21	%)			10			11		(9	%)		(16	%)			126			155		(19	%)		(17	%)
Zithromax/Zmax			44			45		(2	%)		(5	%)			95			134		(29	%)		(17	%)			139			130		7	%		8	%
Tygacil			53			50		6	%		4	%			5			5		-			15	%			91			79		15	%		19	%
Relpax			50			50		-			(2	%)			38			43		(12	%)		(2	%)			14			13		8	%		10	%
Fragmin			130			135		(4	%)		(5	%)			65			58		12	%		11	%			47			54		(13	%)		(13	%)
Rapamune			38			39		(3	%)		(5	%)			13			13		-			2	%			58			67		(13	%)		(8	%)
EpiPen			-			-		-			-				47			35		34	%		40	%			-			-		-			-
Revatio			112			100		12	%		10	%			37			40		(8	%)		8	%			24			24		-			1	%
Sulperazon			-			-		-			-				20			27		(26	%)		(9	%)			202			164		23	%		21	%
Cardura			64			72		(11	%)		(12	%)			76			102		(25	%)		(12	%)			78			76		3	%		3	%
Inlyta			46			1		*			*				56			-		*			*				3			-		*			*
Xanax XR			73			65		12	%		10	%			26			33		(21	%)		(9	%)			69			67		3	%		3	%
Xalkori			41			11		*			*				33			9		*			*				21			2		*			*
Toviaz			61			54		13	%		11	%			15			7		114	%		146	%			9			7		29	%		35	%
Aricept(d)			34			93		(63	%)		(64	%)			116			126		(8	%)		(7	%)			23			30		(23	%)		(21	%)
Caduet			9			10		(10	%)		(10	%)			106			108		(2	%)		7	%			33			47		(30	%)		(28	%)
Inspra			104			96		8	%		6	%			42			44		(5	%)		12	%			14			12		17	%		24	%
Diflucan			37			47		(21	%)		(22	%)			24			30		(20	%)		(9	%)			101			104		(3	%)		(2	%)
Somavert			98			90		9	%		7	%			12			12		-			13	%			11			8		38	%		33	%
Neurontin			37			45		(18	%)		(18	%)			28			31		(10	%)		(6	%)			60			59		2	%		6	%
Dalacin/Cleocin			23			23		-			(2	%)			16			21		(24	%)		(11	%)			65			60		8	%		11	%
Xeljanz			-			-		-			-				1			-		*			*				-			-		-			-
Alliance revenues(e)			89			204		(56	%)		(57	%)			164			414		(60	%)		(57	%)			33			51		(35	%)		(34	%)
All other biopharmaceutical products(f)			1,108			1,048		6	%		4	%			1,048			1,072		(2	%)		12	%			1,632			1,644		(1	%)		4	%
All other established products(f)			795			769		3	%		2	%			779			786		(1	%)		11	%			1,326			1,321		-			3	%
REVENUES FROM OTHER PRODUCTS - INTERNATIONAL		$	419		$	407		3	%		2	%		$	292		$	295		(1	%)		-			$	729		$	631		16	%		17	%

* Calculation not meaningful.
(a)		Developed Europe region includes the following markets: Western Europe, Finland and the Scandinavian countries.
(b)		Developed Rest of World region includes the following markets: Australia, Canada, Japan, New Zealand and South Korea.
(c)		Emerging Markets region includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, the Middle East, Eastern Europe, Africa, Turkey and Central Europe.
(d)		Represents direct sales under license agreement with Eisai Co., Ltd.
(e)		Includes Enbrel (in Canada), Spiriva, Aricept and Eliquis.
(f)		All other established products is a subset of All other biopharmaceutical products.
Certain amounts and percentages may reflect rounding adjustments.

DISCLOSURE NOTICE: The information contained in this earnings release and the attachments is as of October 29, 2013. We assume no obligation to update forward-looking statements contained in this earnings release and the attachments as a result of new information or future events or developments.

This earnings release and the attachments contain forward-looking statements about our future operating and financial performance, business plans and prospects, in-line products and product candidates, strategic reviews, capital allocation, business-development plans, and plans relating to share repurchases and dividends, among other things, that involve substantial risks and uncertainties. You can identify these statements by the fact that they use future dates or use words such as “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target,” “forecast,” “goal,” “objective,” “aim” and other words and terms of similar meaning. Among the factors that could cause actual results to differ materially from past results and future plans and projected future results are the following:

• the outcome of research and development activities, including, without limitation, the ability to meet anticipated clinical trial commencement and completion dates, regulatory submission and approval dates, and launch dates for product candidates, as well as the possibility of unfavorable clinical trial results, including unfavorable new clinical data and additional analyses of existing clinical data;
• decisions by regulatory authorities regarding whether and when to approve our drug applications, as well as their decisions regarding labeling, ingredients and other matters that could affect the availability or commercial potential of our products;
• the speed with which regulatory authorizations, pricing approvals and product launches may be achieved;
• the outcome of post-approval clinical trials, which could result in the loss of marketing approval for a product or changes in the labeling for, and/or increased or new concerns about the safety or efficacy of, a product that could affect its availability or commercial potential;
• the success of external business-development activities;
• competitive developments, including the impact on our competitive position of new product entrants, in-line branded products, generic products, private label products and product candidates that treat diseases and conditions similar to those treated by our in-line drugs and drug candidates;
• the implementation by the FDA of an abbreviated legal pathway to approve biosimilar products, which could subject our biologic products to competition from biosimilar products in the U.S., with attendant competitive pressures, after the expiration of any applicable exclusivity period and patent rights;
• the ability to meet generic and branded competition after the loss of patent protection for our products or competitor products;
• the ability to successfully market both new and existing products domestically and internationally;
• difficulties or delays in manufacturing;
• trade buying patterns;
• the impact of existing and future legislation and regulatory provisions on product exclusivity;
• trends toward managed care and healthcare cost containment;
• the impact of the U.S. Budget Control Act of 2011 (the Budget Control Act) and the deficit-reduction actions to be taken pursuant to the Budget Control Act in order to achieve the deficit-reduction targets provided for therein, and the impact of any broader deficit-reduction efforts;
• the inability of the U.S. federal government to conduct drug review and approval activities or to satisfy its financial obligations, including under Medicare, Medicaid and other publicly funded or subsidized health programs, that may result from the possible failure of the U.S. federal government in early 2014 to provide funding to avoid a partial or total shutdown of its operations and/or to suspend enforcement of or to increase the federal debt ceiling;
• the impact of U.S. healthcare legislation enacted in 2010 – the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act - and of any modification or repeal of any of the provisions thereof;
• U.S. federal or state legislation or regulatory action affecting, among other things: pharmaceutical product pricing, reimbursement or access, including under Medicaid, Medicare and other publicly funded or subsidized health programs; the importation of prescription drugs from outside the U.S. at prices that are regulated by governments of various foreign countries; direct-to-consumer advertising and interactions with healthcare professionals; and the use of comparative effectiveness methodologies that could be implemented in a manner that focuses primarily on the cost differences and minimizes the therapeutic differences among pharmaceutical products and restricts access to innovative medicines;
• legislation or regulatory action in markets outside the U.S. affecting pharmaceutical product pricing, reimbursement or access, including, in particular, continued government-mandated price reductions for certain biopharmaceutical products in certain European and emerging market countries;
• the exposure of our operations outside the U.S. to possible capital and exchange controls, expropriation and other restrictive government actions, changes in intellectual property legal protections and remedies, as well as political unrest and unstable governments and legal systems;
• contingencies related to actual or alleged environmental contamination;
• claims and concerns that may arise regarding the safety or efficacy of in-line products and product candidates;
• any significant breakdown, infiltration, or interruption of our information technology systems and infrastructure;
• legal defense costs, insurance expenses, settlement costs, the risk of an adverse decision or settlement and the adequacy of reserves related to product liability, patent protection, government investigations, consumer, commercial, securities, antitrust, environmental and tax issues, ongoing efforts to explore various means for resolving asbestos litigation, and other legal proceedings;
• our ability to protect our patents and other intellectual property, both domestically and internationally;
• interest rate and foreign currency exchange rate fluctuations, including the impact of possible currency devaluations in countries experiencing high inflation rates;
• governmental laws and regulations affecting domestic and foreign operations, including, without limitation, tax obligations and changes affecting the tax treatment by the U.S. of income earned outside of the U.S. that may result from pending and possible future proposals;
• any significant issues involving our largest wholesaler customers, which account for a substantial portion of our revenues;
• the possible impact of the increased presence of counterfeit medicines in the pharmaceutical supply chain on our revenues and on patient confidence in the integrity of our medicines;
• any significant issues that may arise related to the outsourcing of certain operational and staff functions to third parties, including with regard to quality, timeliness and compliance with applicable legal requirements and industry standards;
• changes in U.S. generally accepted accounting principles;
• uncertainties related to general economic, political, business, industry, regulatory and market conditions including, without limitation, uncertainties related to the impact on us, our customers, suppliers and lenders and counterparties to our foreign-exchange and interest-rate agreements of challenging global economic conditions and recent and possible future changes in global financial markets; and the related risk that our allowance for doubtful accounts may not be adequate;
• any changes in business, political and economic conditions due to actual or threatened terrorist activity in the U.S. and other parts of the world, and related U.S. military action overseas;
• growth in costs and expenses;
• changes in our product, segment and geographic mix; and
• the impact of acquisitions, divestitures, restructurings, internal reorganizations, product recalls and withdrawals and other unusual items, including our ability to realize the projected benefits of our cost-reduction and productivity initiatives, including those related to our research and development organization, and of our plan to internally separate our commercial operations into three, new, global businesses effective January 1, 2014.

A further list and description of risks, uncertainties and other matters can be found in our Annual Report on Form 10-K/A for the fiscal year ended December 31, 2012 and in our reports on Form 10-Q, in each case including in the sections thereof captioned “Forward-Looking Information and Factors That May Affect Future Results” and “Item 1A. Risk Factors”, and in our reports on Form 8-K.

This earnings release may include discussion of certain clinical studies relating to various in-line products and/or product candidates. These studies typically are part of a larger body of clinical data relating to such products or product candidates, and the discussion herein should be considered in the context of the larger body of data.