Pfizer

By: EconomyWatch   Date: 17 July 2010

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In 2008, Pfizer, a multi-national pharmaceutical company, was ranked #57 in Forbes Global 2000 list. Strong performance of Pfizer in profits and market value has helped it to achieve a high Forbes Global ranking.
Pfizer shares form a critical part of Dow Jones Industrial Average. This public company operates from New York City and research headquarters of Pfizer is located in Groton, Connecticut.

Brief history
Pfizer was established in 1849 in Brooklyn, New York. Charles Pfizer and Charles Erhardt, two German-American cousins,, founded a chemicals business and produced an anti-parasitic- santonin, which was a great success. But Pfizer's business began to grew with production of citric acid in 1880s. Total sales of Pfizer had reached almost $3 million by 1910. By 1950s, Pfizer had set up business in countries like Belgium, Canada, Iran, Panama, Turkey, and United Kingdom.

Products and services
Pfizer owes a lot of its success to its number-one drug, Lipitor. This drug is used to lower blood cholesterol. Accupril and Viagra are two other major products offered by Pfizer. Popular animal brands manufactured by this pharmaceutical company include Cerenia, Dectomax, Draxxin, Excede, Mycitracin, Pirsue, and Stronghold. Pfizer's researchers and scientists have been continuously striving to discover new medicines to treat known ailments.

Financials
In 2007, total sales of Pfizer amounted to $48.82 billion. Profits made by this firm were worth nearly $10.562 billion. Total assets held by Pfizer were worth around $115.246 billion. Total employee count of Pfizer was around 86,600.

Awards and recognition
Working Mother magazine has consistently listed Pfizer as one of the 100 best companies for working mothers. In 2007, Pfizer's Chantix, a smoking cessation medicine, helped this firm to win Prix Galien Medal for Best Pharmaceutical Agent. Pfizer has also received recognition from Human Rights Campaign for supporting gay, lesbian, bisexual, and transgender communities.

Current financial crisis
Though Pfizer is yet to be affected by global financial crisis, Pfizer's European business head, Pedro Lichtinger, has been quoted as saying that pharmaceutical companies cannot expect to remain unaffected by an economic slowdown.



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