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Pfizer Announces CEO Succession

Effective January 1, 2019, Dr. Albert Bourla to become Chief Executive Officer (CEO) and Ian Read to serve as Executive Chairman of the Board of Directors

Monday, October 1, 2018 - 6:45am
EDT

NEW YORK--(BUSINESS WIRE)--Pfizer Inc. (NYSE:PFE) today announced its Board of Directors has
unanimously elected Dr. Albert Bourla, 56, Pfizer Chief Operating
Officer (COO), to succeed Ian Read as CEO effective January 1, 2019. Ian
Read will transition from his current role as Chairman and CEO to
Executive Chairman of Pfizer’s Board of Directors.

“It’s been an honor to serve as Pfizer’s CEO for the past eight years,”
stated Ian Read. “However, now is the right time for a leadership
change, and Albert is the right person to guide Pfizer through the
coming era. Albert is an energizing leader who has an unwavering
commitment to serving patients. With 25 years at Pfizer, he has
developed an extensive knowledge of the industry and demonstrated an
ability to build and grow businesses. With Albert at the helm, our
dedicated colleagues across the globe are poised to deliver the next
stage of growth. I look forward to working with Albert and the Board to
continue serving patients and delivering value for shareholders.”

Ian Read was named CEO of Pfizer on December 6, 2010, and Chairman of
its Board of Directors on December 12, 2011.

Since Mr. Read assumed the CEO role in 2010, Pfizer has recorded several
achievements:

  • 30 FDA approvals
  • Total shareholder return of 250%, outperforming the S&P 500 index by
    180 percentage points
  • $120+ billion direct return of capital to shareholders
  • Strong pipeline with the potential for approximately 25-30 approvals
    through 2022, of which up to 15 have the potential to be blockbusters
  • 70% increase in annual dividends to $1.36 from $0.80
  • Since 2010, donated more than 580 million doses of Zithromax
    (azithromycin) to treat trachoma, the leading cause of infectious
    blindness. In response, the number of people at risk of trachoma
    blindness worldwide has been reduced to 158 million from more than 300
    million in 2010.

Shantanu Narayen, Lead Independent Director of Pfizer’s Board of
Directors, stated,

“On behalf of the Board of the Directors, I want to thank Ian for his
remarkable leadership as CEO. During an extraordinary period for the
company, he successfully managed through $23 billion of lost revenue due
to product losses of exclusivity, while at the same time driving strong
and consistent financial performance and investing for the future.
Consequently, Pfizer now has a pipeline that we believe is as deep and
strong as ever. In addition, Ian has built a unique ownership culture
that increased accountability and encouraged collaboration. As such, the
company is now better positioned for success.”

“Today’s leadership announcement is part of a thoughtful, multi-year
succession planning process,” continued Narayen. “The Board has been
impressed with Albert’s performance, depth of experience and track
record for success, and we are confident that as CEO he will drive
innovation and further advancements across the business.”

Prior to assuming the role of COO on January 1, 2018, Dr. Bourla led
Pfizer’s Innovative Health business, which recorded revenues of $31.4
billion and income before taxes of $18.3 billion in 2017, representing
an 8% and 17% year-over-year operational growth respectively and an
increase of profitability to 58% compared to 54% the previous year.
Albert also established the Innovative Health Emerging Markets region,
with $4.4 billion in revenues in 2017, reflecting operational growth of
18%. Prior to his appointment as leader of Pfizer Innovative Health, in
January 2014 he became the group president of the Vaccines, Oncology and
Consumer Healthcare business unit. Under his leadership within four
years, the Oncology business tripled in size, the Vaccines business grew
by 50% and the Consumer Healthcare business significantly improved its
profitability.

In addition, Dr. Bourla spearheaded several key transactions to advance
Pfizer’s Oncology, Inflammation and Immunology, Vaccines and Rare
Disease portfolios, and prioritized investments to create a leading
Oncology business with strong positions in breast and prostate cancer
franchises.

Commenting on his election, Albert Bourla stated: “I am humbled and
privileged to be the next CEO of Pfizer, and I appreciate the confidence
that both Ian and the Board of Directors have placed in me. I also want
to thank Ian for his constant support, and am fortunate to have him as
both a mentor and friend. I welcome Ian’s continuing contributions as
Executive Chairman. This is a dynamic time for Pfizer, and I look
forward to working with our colleagues to deliver critical medicines to
patients all over the globe, which remains the compass for all we do at
Pfizer.”


Working together for a healthier world®

At Pfizer, we apply science and our global resources to bring therapies
to people that extend and significantly improve their lives. We strive
to set the standard for quality, safety and value in the discovery,
development and manufacture of health care products. Our global
portfolio includes medicines and vaccines as well as many of the world's
best-known consumer health care products. Every day, Pfizer colleagues
work across developed and emerging markets to advance wellness,
prevention, treatments and cures that challenge the most feared diseases
of our time. Consistent with our responsibility as one of the world's
premier innovative biopharmaceutical companies, we collaborate with
health care providers, governments and local communities to support and
expand access to reliable, affordable health care around the world. For
more than 150 years, we have worked to make a difference for all who
rely on us. We routinely post information that may be important to
investors on our website at www.pfizer.com.
In addition, to learn more, please visit us on www.pfizer.com
and follow us on Twitter at @Pfizer
and @Pfizer_News,
LinkedIn,
YouTube
and like us on Facebook at Facebook.com/Pfizer.

DISCLOSURE NOTICE: The information contained in this release is as of
October 1, 2018. The Company assumes no obligation to update
forward-looking statements contained in this release as a result of new
information or future events or developments.

This release contains forward-looking information about, among other
things, Pfizer’s anticipated future growth potential and its product
pipeline, including potential approvals, performance and potential
benefits, that involves substantial risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied by such statements. Risks and uncertainties include, among other
things, the uncertainties inherent in research and development,
including the ability to meet anticipated trial commencement and
completion dates and regulatory submission dates, as well as the
possibility of unfavorable clinical trial results, including unfavorable
new clinical data and additional analyses of existing clinical data;
whether and when any drug applications may be filed in any jurisdictions
for any pipeline assets or new indications for marketed products;
whether and when regulatory authorities may approve any such
applications, which will depend on its assessment of the benefit-risk
profile suggested by the totality of the efficacy and safety information
submitted and, if approved, whether they will be commercially
successful; uncertainties regarding the commercial success of Pfizer’s
products and product candidates; other business effects, including the
effects of industry, market, economic, political or regulatory
conditions; and competitive developments.

A further description of risks and uncertainties can be found in
Pfizer’s Annual Report on Form 10-K for the fiscal year ended December
31, 2017 and in its subsequent reports on Form 10-Q, including in the
sections thereof captioned “Risk Factors” and “Forward-Looking
Information and Factors That May Affect Future Results,” as well as in
its subsequent reports on Form 8-K, all of which are filed with the U.S.
Securities and Exchange Commission and available at 


www.sec.gov

 and 

www.pfizer.com

.

In addition, please see Pfizer’s 2017 Financial Report, which is
incorporated by reference into Pfizer’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2017, for additional information on
segment financial results. Segment profitability figure included above
is calculated using segment income from continuing operations before
provision/(benefit) for taxes on income divided by segment revenues.



Contact: 

Pfizer Inc.
Media:
Joan Campion
212-733-2798
or
Investors:
Charles Triano
212-733-3901