Pfizer Inc PFE
Q1 2014 Earnings Call Transcript

Transcript Call Date 05/05/2014

Operator: Good day everyone and welcome to Pfizer's First Quarter 2014 Earnings Conference Call. Today's call is being recorded.

At this time, I would like to turn the call over to Mr. Chuck Triano, Senior Vice President of Investor Relations. Please go ahead, Sir.

Charles E. Triano - IR: Thank you, operator. Good morning and thank you for joining us today to review Pfizer's first quarter 2014 performance. I'm joined today in New York by our Chairman and CEO, Ian Read; Frank D'Amelio, our CFO; Mikael Dolsten, President of Worldwide Research and Development; Albert Bourla, President of Vaccines, Oncology and Consumer; Geno Germano, President of Global Innovative Pharma; John Young, President of Established Pharma; and Doug Lankler, General Counsel.

The slides that will be presented on this call can be viewed on our home page, by clicking on the link for Pfizer Quarterly Corporate Performance First Quarter 2014 located in the Investor Presentations section in the lower right hand corner of this page.

Before we start, I would like to remind you that our discussions during this conference call will include forward-looking statements and that actual results could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ are discussed in Pfizer's 2013 Annual Report on Form 10-K, and in our reports on Forms 10-Q and 8-K.

Discussions will also include certain financial measures that were not prepared in accordance with Generally Accepted Accounting Principles. Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in Pfizer's current report on Form 8-K dated today.

We will now make prepared remarks and then we will move to a question-and-answer session. As we expect there will be questions related to our proposal to AstraZeneca and I would also note that there are limitations placed on our responses by the U.K. takeover code and as such there will be some questions we are not in a position to answer at this time.

With that I'll now turn the call over to Ian Read. Ian?

Ian C. Read - Chairman and CEO: Thank you Chuck, and good morning, everyone. (indiscernible) this morning. We will briefly recap the highlights from the quarter and provide some observations on how our strategy is progressing. Before discussing the quarter I will begin with a few words about the proposal we made to AstraZeneca to combine our two companies and the rejection of our proposal by AstraZeneca's Board.

Also we announced publicly last Friday, represented a substantial premium of 32% of AstraZeneca's shareholders based on AstraZeneca's closing price of GBP37.82 on the day before speculation began regarding a potential proposal, at 39% premium to the closing price of GBP35.86 on the day before our January proposal and a 22% premium to the unaffected all-time high closing price since the formation of the company in 1999.

This is an opportunity for AstraZeneca's shareholders to realize near-term value creation well in excess of its standalone prospects, as well as the opportunity to effectively trade up the AstraZeneca position for equity in a new combined company with far greater potential for value creation.

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