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PFIZER RESEARCH EXPENDITURES TO TOP $1 BILLION IN 1993; COMPANY REVIEWS FOUR NEWS DRUGS IN CLINICAL DEVELOPMENT

 PFIZER RESEARCH EXPENDITURES TO TOP $1 BILLION IN 1993;
 COMPANY REVIEWS FOUR NEWS DRUGS IN CLINICAL DEVELOPMENT
 NEW YORK, July 30 /PRNewswire/ -- Pfizer Inc (NYSE: PFE) today discussed at a meeting with security analysts four new drugs that show promise in advanced clinical research and announced that its 1993 research expenditures will top $1 billion.
 Barry M. Bloom, Ph.D., executive vice president-research and development, said Pfizer is confident it will sustain a "robust new product flow through the remainder of the decade."
 Bloom explained that the creation of medically valuable, clearly differentiable, cost-effective new drugs will be the overriding imperative for success in the pharmaceutical world of the 1990s. "And, we believe that Pfizer is one of only a small number of multinational pharmaceutical companies that have the research, development and marketing capabilities and capacities -- as well as the strong global reach -- necessary to generate a high quality new product stream and realize its full medical and commercial value," he said.
 Pfizer's research commitment, which has grown from $199 million in 1982 to an expected $880 million in 1992, will top $1 billion in 1993, Bloom told the analysts.
 In his presentation, John F. Niblack, Ph.D., president, central research, discussed four promising new drugs that are advancing in clinical development:
 -- tenidap, prototype of a new class of drugs for the treatment of arthritic disease.
 -- dofetilide, a selective, potassium channel blocker that shows promise for the treatment of heart rhythm disorders
 -- zamifenacin, from a new family of gut-specific muscarinic receptor antagonists for the treatment of irritable bowel syndrome
 -- CP-88,059, a new antipsychotic agent
 The company has developed a database of more than 10,000 patients on tenidap, including more than 1,000 who have been treated for longer than one year. Marketing applications will be filed with regulatory authorities around the world early in 1993.
 Henry A. McKinnell, Ph.D., Pfizer executive vice president and chief financial officer, reviewed the company's second quarter results, in which net income increased 14 percent on a 4 percent sales gain.
 McKinnell reviewed the company's underlying business trends, pointing out that since 1988, Pfizer has divested 13 businesses with more than $1 billion in sales. Sales growth from ongoing operations in the second quarter increased 13 percent, and net income increased 10 percent. For the first six months of 1992, more than 13 percent of the 15 percent pharmaceutical sales growth came from an increase in volume. "This trend should continue," said McKinnell. "Increased volume will be the source of Pfizer's sales growth in the future."
 McKinnell also told the analysts that he did not expect to see significant U.S. pharmaceutical price increases in the second half of this year. Therefore, he expects that the absolute level of third and fourth quarter 1992 earnings per share should be more equally divided between quarters than was the experience in previous years.
 Pfizer Inc is a diversified, research-based health care company with global operations. The company reported sales of $6.95 billion in 1991.
 -0- 7/30/92
 /CONTACT: A.A. Biesada, 212-573-2055, or Rick Honey, 212-573-2051, both of Pfizer/
 (PFE) CO: Pfizer Inc ST: New York IN: MTC SU:


CK -- NY031 -- 4993 07/30/92 10:23 EDT
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Publication:PR Newswire
Date:Jul 30, 1992
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