Q4 2013 Earnings Call Transcript

Transcript Call Date 01/28/2014

Operator: Good day, everyone and welcome to Pfizer's Fourth Quarter 2013 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 thanks for joining us today to review Pfizer's fourth quarter 2013 performance. I'm joined today by our Chairman and CEO, Ian Read; Frank D'Amelio, our CFO; Albert Bourla, President of Vaccines, Oncology and Consumer; Mikael Dolsten, President of Worldwide Research and Development, 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 pfizer.com, by clicking on the link for Pfizer Quarterly Corporate Performance Fourth Quarter 2013 located in the Investor Presentations section at 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 2012 Annual Report on Form 10-K, and in our reports on Forms 10-Q and 8-K.

Discussions during this call 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, January 28, 2014.

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. We finished 2013 with a solid fourth quarter, and the overall financial performance for the year was strong. Looking at the quarter, we delivered good operational performance; revenues in Emerging Markets grew 9%, Established Product revenues grew 6%, Oncology revenues grew up 29% and Consumer Healthcare grew 2%.

We also had strong quarterly revenue performance operationally from key in line products, such as Lyrica, which grew 14%, Celebrex which grew 9% and Enbrel outside of North America which grew 8%.

We continue to see positive progress of our recently launched products, Eliquis and Xeljanz. For Eliquis in the last two quarters of 2013, we saw a definitive momentum across key metrics resulting from the actions that we implemented together with our partners, BMS. While we are starting from a small base, the trend we are seeing on the sales growth provides a significant, specifically we saw a 124% increase in sales globally in the fourth quarter 2013 compared to the third and TRx volume in the U.S. for Eliquis increased 68% from the third to the fourth quarter of 2013.

For Xeljanz, we continue we see a steady increase in U.S. approximately 28% growth in TRx volume in the fourth quarter compared to the third quarter of 2013. Physician feedback continues to be positive. To date nearly 3,500 ACPs have prescribed Xeljanz and nearly 80% are repeat prescribers.

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