Dan: Here's the old news on the split:
Pfizer Expects Viagra Sales To Grow, Declares 3-For-1 Stock Split
By Robert Langreth, Staff Reporter
04/22/1999
NEW YORK -(Dow Jones)- Pfizer Inc. Chief Executive William Steere told shareholders at the company's annual meeting Thursday that he expects Viagra sales to reach $1 billion in 1999. Separately, the company declared a 3-for-1 stock split.
After a sizzling start in last year's second quarter, sales of the company's impotence pill slowed down last fall. In the first quarter of 1999, the company reported Viagra sales of $193 million, down from $236 million in the fourth quarter of 1998. But company officials expect a rebound in Viagra sales, in part because of the product's recent introduction in Japan and Canada.
Steere also said that the recent sell-off in Pfizer's (PFE) stock occurred because of a broad rotation away from technology stocks that also affected other pharmaceutical companies. But Steere noted that even with the selloff, Pfizer remains one of the most highly valued companies in the sector.
In terms of research, Steere said that the company has a record 180 projects under way, and expects to spend a hefty $2.8 billion on research and development in 1999.
Research head John Niblack said the company is in final label discussions with the Food and Drug Administration to receive approval for its Tikosyn drug for controlling abnormal heart rhythms. Other drugs in advanced development, he said, include an inhaled form of insulin for diabetics, a drug for preventing diabetes complications, a new anti-migraine medication and a powerful new anti-fungal agent that could help with particularly difficult infections.
Separately, Pfizer's board approved a 3-for-1 stock split, payable June 30 to shareholders of record on June 2.
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