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Biotech / Medical : PFE (Pfizer) How high will it go? -- Ignore unavailable to you. Want to Upgrade?

To: Anthony Wong who wrote (6875)	1/30/1999 9:20:00 AM
From: BigKNY3	Read Replies (2) \| Respond to of 9523

The luck of Viagra : Pfizer has parlayed good luck, marketing savvy, astute management and an impressive development pipeline into a money-making machine John Greenwood 01/30/99 National Post National Page D06 Critics argue that Viagra was an accident, a lucky break that Pfizer Inc. massaged into a media phenomenon and the most successful drug launch of all time. Which is true. It's no secret the now famous little blue tablet went into the clinic as a heart drug, one of many Pfizer was testing, and was nearly sidelined after researchers spotted a rather alarming side effect. Indeed, it might still be there today if not for some bright spark in a lab coat who twigged that erections aren't such a bad thing under the right set of circumstances. But the critics seem to forget a couple of things. First, that there was a bright spark and he was on hand to avert disaster. For every compound that becomes a pill, thousands end up in the dust bin, so any company that can improve those odds has something going for it. Another thing the finger-pointers should realize is that Pfizer doesn't need Viagra . Even without the $788-million (all figures in U.S. dollars) in revenue the drug provided last year, New York-based Pfizer is still the second-biggest drug company in the United States. In 1998, it had revenue of $13.5-billion, up a hefty 23% from 1997 and nearly double the 1990 figure. What's driving that growth is one of the richest product pipelines in the pharmaceutical industry. In the past 10 years, Pfizer has introduced more than a dozen major drugs, nearly half a dozen with sales bigger than its world-famous erectile disfunction treatment. In 1997, Pfizer's Norvasc, the world's biggest hypertension drug, had sales exceeding $2.2-billion. Sales of Zoloft, for the treatment of depression, climbed to $1.5-billion. Three other products - Zithromax, Diflucan and Procardia XL - approached blockbuster status, each racking up sales of more than $800-million. And the company just recently launched Trovan, a powerful antibiotic to combat the resistant strains of bacteria that have cropped up in recent years. Pfizer doesn't always come up with the good stuff. But when a competitor emerges from the lab with something better, Pfizer tries to leverage the muscle of its global sales force (17,000 representatives at last count) to negotiate for marketing rights. That's what happened when Warner-Lambert Co. came out with its cholesterol-lowering agent Lipitor in 1997. Observers say Warner-Lambert knew it had a potential winner on its hands but feared it lacked the marketing clout to get the most out of the drug. In exchange for a piece of the action, Pfizer helped make Lipitor into the most successful drug launch ever, until Viagra . Likewise, when Monsanto Co. started laying plans for the rollout of Celebrex, the first of a new class of painkillers, Pfizer employed the same strategy to negotiate a piece of the action. And although it was only launched Jan. 19, observers are already predicting another blockbuster - 1,047 prescriptions were written by the end of launch day and more than three times that number just three days later. Part of the fallout of some of the recent advances in drug discovery is a high turnover rate. This year's winners often end up next year's also-rans. To ensure it doesn't meet that fate, Pfizer is adding more potential drugs to its development pipeline. At last count, it had 62 candidates in various stages of development. The launch schedule for the next few years tells you what Pfizer is up to. Highlights include eletriptan, a new migraine drug; droloxifene, part of a new class of osteoporosis drugs; and an insulin treatment that patients will inhale. "It's a pretty well-balanced portfolio," says Sergio Traversa, an analyst at Mehta Partners, an independent institutional research firm in New York. The man widely regarded as the architect of Pfizer's rise to pre-eminence is William Steere Jr., its chairman and chief executive. A 40-year Pfizer veteran, Mr. Steere joined up straight out of Stanford University. Most of his peers at other drug companies rose through the ranks on the research side. In contrast, Mr. Steere cut his teeth in sales and marketing. More thoughtful than talkative, Mr. Steere was far from the salesman stereotype - in fact when he applied to other drug companies, he was turned down because they figured he didn't fit the mould. Apparently they were wrong. In 1991, Mr. Steere was made chief executive at Pfizer, and set about remaking the company. First off, he focused it. The drug business, in his view, was where the money is, so he started selling off divisions that didn't fit, such as a talc mine in Montana. He also chopped a cosmetics business and an interest in a biotech seed company. In all, over a dozen businesses have disappeared since he took over. Meanwhile, he pumped cash into research and development - 16% of total revenue last year, compared with just 10% before he took over. He also beefed up Pfizer's sales force, hiring military types, ex-soldiers. (He claims to have picked up more than 1,000 veterans of the war in the Persian Gulf, according to Forbes magazine.) If they didn't know as much about business as the MBAs hiring on at the competition, they had the discipline to learn the ropes fast. Equally important, the soldiers had a gut level appreciation of Mr. Steere's concept of centralized management. "He has very clear ideas which he has implemented very well," says Mehta Partners' Mr. Traversa. He points out that in terms of earnings per share, Pfizer's shares are the most expensive in the pharmaceutical industry. Observers say the single most important challenge facing the company is to keep the good news coming. Since the start of the decade, Pfizer has been growing by leaps and bounds. But each time it improves on its performance, it raises the bar. Even the company quietly agrees with that. Says David Shedlarz, Pfizer's senior vice-president and chief financial officer: "The challenge at hand continues to be striking the right balance between growth and investment." If it fails to do that, Pfizer's shares could become a lot more affordable. Many analysts now predict the pharmaceutical industry is headed for a slowdown. They say it still has to adjust to some big changes that have taken place over the past few years. For instance, major advances in drug discovery techniques have increased the chances of bringing out blockbusters, but they also heat up competition. And as consumers become more aware of treatment options, they are also playing a greater role in the equation. But Boston Consulting Group, an international management consulting organization, points out there are risks in that trend that drug companies have yet to properly understand. The bottom line, says BCG, is that the annual industry growth rate of 13% predicted by analysts is out of whack. BCG suggests 8% is more realistic. To get an idea of how Pfizer will fare, consider its stick-handling of the Viagra launch. According to BCG, one of the problems with the industry is the way companies draw out the global introduction of new drugs, staging sequential launches in different countries months apart. The idea behind that strategy is that the marketers can have time to apply the lessons learned from their mistakes. But the danger is that it can take years to complete a rollout, handing generic companies and competitors valuable time to come up with me-too products. Better, says BCG, is to get products out and to generate revenue as fast as possible. Which pretty much describes the Viagra launch. Pfizer introduced Viagra to all the major markets in less than a year. The United States, the biggest drug market in the world, was first in March, 1998, then came the rest of the world (although Health Canada has yet to issue its approval). As Viagra was one of the first so-called lifestyle drugs, Pfizer was aware it might have to face criticism that it was wasting resources that might be better spent on, say, developing a new cancer drug. Or that it might become a popular recreational drug among nightclubbers, for which Pfizer might again be forced to shoulder the blame. "There were a lot of possibilities for negative publicity," says Mr. Traversa. "They opened a new market and there is a risk in that. But at the end of the day they were right." When Viagra was linked to deaths among some men with heart problems, Pfizer quickly agreed to amend its warning label. And it acted to discourage the practice among some young men and women of taking Viagra as a recreational drug. But Pfizer was quick to defend its interests as well when a European company came out with a drink called Viagrene. Claiming it sounded too much like its own product, Pfizer forced the company to drop the name. And when the British government recently advised doctors not to prescribe the drug except in exceptional circumstances, Pfizer challenged the government to justify the decision. Simply put, by applying the right mix of sensitivity and marketing savvy to its sales effort, Pfizer has turned a delicate situation to its enormous advantage. According to analysts, we haven't heard the last on Viagra . The company is now said to be working on plans to have it approved as a treatment for sexual dysfunction in women, too.

To: Anthony Wong who wrote (6875)	1/30/1999 10:05:00 AM
From: BigKNY3	Read Replies (2) \| Respond to of 9523

The Peabody Daily Log: January 30,1999 PFE Weekly Highlights: - A pending Peabody Peak of 128.88 was set on 1/29/99. PFE was only 1/16 short of its all-time high. - PFE announced a 3-1 stock split on 1/28/99. (PFEr Challenge Consensus: 100% split, 57% 3-1, split announcement date: 2/03/99, split effective date: 5/31/99) -FDA advisory panel approved Tikosyn on 1/28/99. -Early reports indicate a surge in Celebrex specification PFE Upcoming Events: -Monday, 2/1/99: IMS to report first weekly Celebrex Rxs ________________________________________________ MRK rebounded 5.6% this week on news that the Celebrex launch ...and the Cox II market.... may be bigger than anticipated. -Click here for a 5 day comparison among PFE, MRK and the Dow. quicken.com WLA reported strong 4 Qt sales including an amazing $2.2 billion for Lipitor in its second year. Click here for a 5 year comparison among PFE, WLA and the Dow. quicken.com AMGN has a big early YTD lead (+22%) over Big Pharma. Click here for a YTD comparison between Big Pharma leader AMGN and PFE. quicken.com Have a PFun Superbowl Weekend! BigKNY3 _________________________________________ The Peabody Log Key: Peabody Peak (Intermediate High) Peabody Valley (Intermediate Low) ___________________________________________________ PFE PFE PFE Date Volume High/Ask Low/Bid Close Milestones 01/26/98 2,304,900 79 77 1/2 77 3/4 01/27/98 2,827,100 79 11/16 77 7/8 78 3/4 01/28/98 3,834,600 81 79 7/16 79 13/16 01/29/98 3,323,300 82 7/16 80 1/4 81 1/2 01/30/98 2,285,600 82 1/8 80 3/4 81 3/4 02/02/98 4,297,100 85 1/16 82 3/8 82 5/8 02/03/98 3,041,900 82 7/8 81 9/16 82 9/16 02/04/98 2,260,700 82 1/4 81 81 02/05/98 2,892,200 82 5/16 79 5/8 79 3/4 02/06/98 2,306,200 81 3/8 79 15/16 81 Last < 80 day 02/09/98 2,356,700 81 13/16 80 3/16 80 7/8 02/10/98 3,616,800 83 15/16 81 7/16 83 13/16 02/11/98 3,065,500 84 3/8 81 7/16 83 11/16 02/12/98 2,476,300 84 15/16 82 1/4 84 7/16 02/13/98 1,962,200 84 3/16 83 3/8 83 5/8 02/16/98 President's Day 02/17/98 2,384,700 84 13/16 84 1/16 84 1/2 02/18/98 3,287,600 86 1/2 84 11/16 86 1/4 Celebrex agreement 02/19/98 2,982,500 88 1/4 86 86 1/8 02/20/98 2,736,400 87 3/4 86 3/16 87 5/16 02/23/98 2,964,600 89 3/8 87 15/16 89 3/8 02/24/98 5,464,900 88 86 1/4 87 1/2 02/25/98 2,508,700 89 9/16 88 1/8 88 3/8 02/26/98 2,879,000 90 1/4 88 3/8 89 15/16 Possible MTG sale 02/27/98 4,198,900 91 7/16 87 7/8 88 1/2 Peabody Peak 03/02/98 2,713,200 89 3/16 87 9/16 87 13/16 03/03/98 2,749,900 87 1/4 85 5/8 87 03/04/98 3,353,300 86 1/4 84 1/2 85 03/05/98 2,716,700 86 3/8 85 85 1/2 03/06/98 4,073,900 86 1/2 84 1/8 86 1/4 Peabody Valley 03/09/98 3,045,600 87 7/16 86 86 7/8 03/10/98 3,151,100 88 5/16 86 9/16 87 7/8 03/11/98 2,884,400 89 1/16 87 3/8 87 1/2 03/12/98 2,188,100 87 7/8 85 15/16 86 1/16 03/13/98 2,602,500 87 1/8 85 13/16 86 03/16/98 3,076,200 88 3/8 86 9/16 88 03/17/98 3,224,600 89 15/16 88 9/16 89 3/8 03/18/98 2,947,900 89 7/8 88 88 1/4 03/19/98 5,683,600 90 3/4 89 90 WSJ article on Viagra 03/20/98 7,463,500 92 13/16 90 1/16 92 1/4 20/20 Viagra Broadcast 03/23/98 8,343,500 97 1/2 95 1/2 96 1/4 03/24/98 5,356,900 96 1/2 94 1/2 95 5/16 03/25/98 5,733,600 96 1/8 92 1/2 94 1/2 03/26/98 3,544,100 95 3/8 93 5/8 94 5/8 03/27/98 7,525,600 97 1/8 93 3/8 95 1/2 Viagra Approval 03/30/98 7,353,000 98 96 5/8 97 7/8 03/31/98 5,936,300 99 7/8 98 3/8 99 7/8 04/01/98 5,571,900 100 3/8 98 1/4 98 5/8 100 level broken 04/02/98 3,926,800 100 98 15/16 99 1/2 04/03/98 4,165,300 101 3/4 99 11/16 101 11/16 04/06/98 4,869,100 103 3/4 102 1/4 103 1/4 Peabody Peak 04/07/98 4,623,900 103 1/4 99 1/8 100 9/16 Viagra in pharmacies 04/08/98 4,361,600 101 1/2 97 13/16 98 15/16 04/09/98 3,677,700 99 13/16 98 99 1/4 04/10/98 Good Friday.................................................. 04/13/98 3,135,100 101 1/16 99 9/16 101 04/14/98 3,083,800 101 1/16 98 1/2 99 1/16 EPS $0.53 (+$0.01) 04/15/98 4,874,800 99 11/16 96 3/8 97 1/2 04/16/98 6,790,300 101 1/8 95 5/16 100 5/8 Peabody Valley 04/17/98 7,448,200 106 1/2 100 5/16 105 1/8 High Viagra Rxs forecasted 04/20/98 10,029,000 113 3/4 109 113 3/8 36M Viagra New Rxs 04/21/98 13,707,300 121 3/4 115 116 1/8 Peabody Peak 04/22/98 10,775,600 117 7/8 111 5/16 114 7/16 04/23/98 7,198,600 116 15/16 113 13/16 115 1/2 Annual meeting 04/24/98 8,321,900 118 1/2 116 1/2 118 Merrill ups EPS/High close 04/27/98 11,935,500 116 7/16 110 9/16 113 7/16 113M Viagra New Rxs 04/28/98 7,603,300 116 1/2 112 1/2 113 1/8 04/29/98 5,646,500 113 7/16 111 112 5/8 First Boston Downgrade 04/30/98 7,464,200 114 3/8 109 3/8 114 05/01/98 4,880,100 115 3/8 111 3/4 112 11/16 Smith Barney ups target 05/04/98 4,863,200 114 1/2 112 3/8 112 5/8 207M Viagra Rxs 05/05/98 5,882,900 112 3/4 109 3/4 111 11/16 AAO V vision 05/06/98 4,292,100 112 3/4 108 11/16 108 3/4 05/07/98 5,328,000 110 104 3/4 106 15/16 05/08/98 4,392,900 111 3/8 107 1/2 111 3/16 Bob Dole in V trials 05/11/98 5,262,500 113 3/4 110 111 279M Viagra Rxs 05/12/98 3,895,800 111 15/16 110 1/8 111 7/8 05/13/98 3,248,300 112 3/4 110 1/8 110 1/8 05/14/98 5,065,800 110 5/16 107 1/8 108 05/15/98 6,623,300 108 15/16 104 7/16 104 7/16 Peabody Valley 05/18/98 5,707,100 110 11/16 105 110 1/2 300M Viagra RXs 05/19/98 7,552,000 113 11/16 111 9/16 112 13/16 05/20/98 3,474,200 114 3/16 112 1/8 112 13/16 Peabody Peak 05/21/98 6,291,800 112 13/16 108 1/16 109 1/8 Viagra/Nitro warning 05/22/98 9,702,600 109 7/8 104 105 7/16 6 deaths reported 05/25/98 Memorial Day 05/26/98 6,303,800 106 15/16 103 1/16 103 3/16 05/27/98 6,692,200 108 101 3/8 108 ML Maintains Buy 05/28/98 4,064,500 107 5/8 105 5/8 106 3/8 PFE supports Viagra 05/29/98 3,741,100 107 15/16 104 1/2 104 13/16 ICOS in news 06/01/98 4,251,100 104 7/8 100 3/8 103 15/16 Peabody Valley 06/02/98 3,138,200 105 7/8 102 1/2 103 3/8 AUA Meeting 06/03/98 2,625,500 104 15/16 102 13/16 103 AUA Meeting 06/04/98 3,698,400 107 5/8 102 3/16 107 AUA Meeting 06/05/98 4,231,500 108 3/4 106 108 3/8 06/08/98 2,809,200 109 13/16 107 1/2 108 7/16 06/09/98 6,319,400 112 7/8 107 3/4 112 1/2 FDA V Release 06/10/98 4,856,200 111 1/8 107 1/16 109 WSJ Drug Interactions 06/11/98 3,273,300 110 3/8 107 107 06/12/98 3,399,500 109 1/2 106 5/8 109 3/8 06/15/98 3,134,700 109 1/4 106 7/8 108 3/8 Dow- 200 06/16/98 3,376,700 110 3/8 108 1/8 109 11/16 Schneider sold 06/17/98 4,463,200 112 11/16 110 1/2 112 1/16 06/18/98 4,147,600 114 15/16 112 3/16 114 1/4 Peabody Peak 06/19/98 5,484,900 114 15/16 109 13/16 111 1/4 Zeldox non-approval 06/22/98 3,177,200 112 3/4 109 13/16 111 7/16 06/23/98 3,961,200 111 15/16 109 1/4 110 3/16 06/24/98 3,736,800 110 3/8 108 3/4 110 1/8 06/25/98 2,878,000 112 1/2 110 1/2 110 13/16 06/26/98 2,635,800 112 5/8 110 5/8 111 15/16 06/29/98 5,244,400 111 1/2 108 1/4 109 15/16 06/30/98 5,190,200 108 3/4 106 5/8 108 1/2 DLJ Switch to WLA 07/01/98 3,857,700 109 15/16 106 5/16 107 3/16 -7.5% off Peak 07/02/98 2,740,300 109 1/2 106 9/16 107 1/2 Public Citizen/HMOs 07/03/98 Independence Day Barrons: V to Fade? 07/06/98 4,746,500 109 1/2 105 5/8 109 7/16 Peabody Valley 07/07/98 3,661,200 111 9/16 109 9/16 111 IMS: V to $1 Billion 07/08/98 3,920,100 114 3/16 111 1/8 113 1/2 07/09/98 4,338,600 115 5/8 112 3/4 115 5/8 EPS: $0.47 (+$.03) 07/10/98 8,446,800 118 1/8 113 118 07/13/98 5,540,600 120 5/8 117 15/16 118 11/16 07/14/98 4,130,500 120 9/16 118 1/16 118 9/16 Peabody Peak 07/15/98 3,541,400 118 9/16 115 13/16 116 07/16/98 3,199,300 117 7/8 115 3/16 117 13/16 07/17/98 3,128,700 117 1/4 115 5/8 115 5/8 Viagra lawsuit 07/20/98 2,964,100 118 1/2 115 9/16 117 15/16 V Rxs -13.8% 07/21/98 3,706,300 117 7/8 114 1/16 114 1/8 MRK misses EPS 07/22/98 4,538,100 116 3/4 111 3/8 116 3/8 07/23/98 4,107,100 115 1/2 111 111 5/8 Dow -196 07/24/98 4,877,700 114 3/4 112 113 1/2 Upbeat analysts' meeting 07/27/98 3,643,900 114 13/16 111 5/8 114 V Rxs +5.8% 07/28/98 3,365,500 114 111 111 5/8 07/29/98 3,704,700 112 3/4 109 1/8 109 1/8 Valley strike price reached 07/30/98 2,714,700 112 3/8 109 7/8 112 Dow +112 07/31/98 2,776,900 112 5/8 108 9/16 110 1/16 08/03/98 2,637,600 111 1/8 108 5/8 109 11/16 V Rxs -6.0% 08/04/98 5,248,300 110 3/4 104 3/4 105 Dow -299 08/05/98 4,556,900 106 3/8 102 5/8 105 15/16 08/06/98 3,355,000 106 7/8 104 1/16 105 5/16 08/07/98 4,363,300 105 1/2 102 1/8 103 1/2 08/10/98 3,287,500 105 3/4 103 1/2 103 13/16 ACC/AHA V Report 08/11/98 5,898,100 104 5/16 98 1/2 103 15/16 Peabody Valley 08/12/98 3,858,800 104 15/16 101 1/4 101 15/16 WSJ -2 eye patients 08/13/98 3,614,500 104 101 1/2 102 08/14/98 2,680,800 103 1/4 101 1/16 101 3/16 Howmedica Sold 08/17/98 4,645,900 104 7/8 100 3/4 104 5/8 V Rxs +1% 08/18/98 4,349,900 107 9/16 103 7/16 107 1/2 08/19/98 3,343,200 108 15/16 106 3/8 108 15/16 Peabody Peak 08/20/98 3,194,400 108 13/16 105 1/2 105 3/4 Public Citizen V petition 08/21/98 3,887,200 106 1/4 102 1/16 105 7/8 Soros reports $.5B position 08/24/98 4,058,600 108 1/8 104 7/16 104 15/16 Celebra expedited review 08/25/98 5,241,900 108 5/8 106 106 1/2 EU V Approval 08/26/98 4,242,900 108 7/8 103 5/8 108 1/8 V associated w 69 deaths 08/27/98 4,053,100 107 3/4 103 1/2 103 13/16 Dow -358 08/28/98 4,821,800 104 7/8 100 3/8 101 5/8 Dow-114 08/31/98 8,156,300 102 1/16 93 93 Dow-512 09/01/98 10,640,800 99 92 96 1/2 Peabody Valley 09/02/98 6,494,600 101 5/8 98 3/8 100 1/16 09/03/98 4,944,000 102 1/16 98 99 13/16 NEJM V Letters 09/04/98 9,096,100 96 1/4 93 1/2 95 1/8 Morgan Stanley Downgrade 09/07/98 Labor Day 09/08/98 5,358,100 100 13/16 97 1/16 100 3/4 DJ: +381 09/09/98 4,725,000 101 9/16 98 98 3/16 DJ:-156 09/10/98 4,324,600 97 93 9/16 94 1/2 DJ:-249/Clinton 09/11/98 6,451,300 100 13/16 95 100 1/2 ML Supports Pharma 09/14/98 3,675,400 103 5/8 100 3/4 103 1/8 V Rxs +10% 09/15/98 2,603,500 103 7/8 101 1/2 102 9/16 EU V Approval 09/16/98 3,269,200 103 100 1/8 101 1/2 V Not On NHS 09/17/98 2,648,100 100 1/16 98 1/4 99 1/4 09/18/98 3,523,400 99 7/8 97 1/4 97 1/4 Lancet V Letter 09/21/98 2,869,900 99 1/8 95 97 5/8 Clinton Tapes 09/22/98 3,136,700 101 1/2 99 1/4 101 7/16 09/23/98 4,764,800 106 1/2 101 1/2 106 1/2 Dow +257 09/24/98 5,101,800 108 3/4 104 3/8 107 1/2 $5 B Stock Buyback 09/25/98 2,864,400 108 105 3/4 106 5/8 09/28/98 3,235,200 109 3/16 105 1/4 106 1/16 Peabody Peak 09/29/98 3,052,500 108 1/8 105 5/8 106 13/16 Fed reduces rates 09/30/98 3,627,600 108 1/16 105 5/8 105 15/16 DRIP day 10/01/98 3,853,400 104 11/16 99 3/8 99 5/8 Dow-210 LLY/ICOS 10/02/98 4,309,500 100 96 1/2 99 1/16 10/05/98 5,505,700 98 13/16 93 94 5/8 V Rxs -5% 10/06/98 7,462,200 96 11/16 88 1/8 89 3/8 10/07/98 6,766,000 92 15/16 88 3/4 90 5/8 JP Morgan recommends PFE 10/08/98 5,915,200 90 86 89 5/8 Peabody Valley 10/09/98 3,594,400 93 3/4 88 1/2 92 15/16 Dow +167 10/12/98 2,570,700 96 15/16 93 1/16 93 1/4 V Rxs +11% 10/13/98 2,567,700 96 3/8 93 1/4 95 1/2 EPS $0.51 -$0.6 from Zachs 10/14/98 11,810,800 97 1/8 88 1/2 96 3/8 Analysts Reiterate Buys 10/15/98 4,761,600 99 1/4 94 9/16 97 1/2 Dow +330, Fed reduces rates 10/16/98 3,977,600 98 15/16 96 9/16 98 3/16 Dow +117 10/19/98 3,424,500 99 13/16 97 1/16 97 9/16 Analysts Reiterate Buys 10/20/98 3,921,500 99 95 13/16 96 11/16 VRxs -1% 10/21/98 3,920,700 98 7/16 95 1/2 98 10/22/98 2,490,800 100 3/4 97 5/8 100 3/4 10/23/98 4,549,800 104 1/2 99 11/16 103 13/16 10/26/98 3,796,000 106 7/8 104 106 1/2 V Rxs -2% 10/27/98 3,278,400 106 7/8 105 7/8 106 5/16 10/28/98 2,459,100 106 3/4 104 5/8 105 11/16 10/29/98 2,600,200 107 3/4 105 3/16 107 5/8 10/30/98 2,742,300 108 1/4 106 5/8 107 11/02/98 3,003,700 108 1/2 106 1/4 108 1/2 V Rxs -3% 11/03/98 2,344,800 109 7/16 107 5/16 109 1/4 Election Day- Dems surprise 11/04/98 4,014,900 110 106 106 11/05/98 2,933,800 107 1/2 105 107 3/8 11/06/98 3,638,600 109 3/4 106 5/8 109 1/2 1998 R&D Meeting 11/09/98 2,728,400 109 11/16 107 108 1/4 V Rxs +2% 11/10/98 3,035,900 109 3/4 106 13/16 108 5/8 ACR Meeting 11/11/98 2,607,400 108 1/2 105 1/2 106 1/16 AHA Meeting 11/12/98 2,126,800 106 1/2 104 104 5/16 11/13/98 1,789,700 105 15/16 104 3/4 105 1/2 11/16/98 2,166,300 108 15/16 106 9/16 108 13/16 V Rxs +5% 11/17/98 3,553,000 111 108 109 1/2 11/18/98 2,749,800 111 5/8 108 9/16 111 3/8 11/19/98 3,245,200 111 3/4 110 1/16 110 9/16 11/20/98 2,412,800 112 110 3/8 112 Dow +104 11/23/98 4,944,800 116 7/8 112 5/16 116 11/16 Dow +215 11/24/98 3,464,100 116 7/8 113 1/2 114 11/25/98 2,520,700 115 3/16 112 5/8 114 3/8 Change in V label 11/27/98 Thanksgiving 11/27/98 982,400 115 113 13/16 114 11/30/98 2,183,100 114 11/16 111 5/8 111 15/16 Dow -217 12/01/98 3,179,900 111 15/16 108 5/8 110 15/16 12/02/98 2,743,400 113 1/2 110 7/16 113 1/16 Celebrex FDA panel 12/03/98 2,746,900 114 15/16 110 1/4 110 1/2 Dow -185 12/04/98 2,615,600 113 5/16 110 9/16 112 5/8 12/07/98 2,302,100 115 113 3/4 114 3/8 V refills very strong 12/08/98 2,797,700 116 3/16 114 1/2 116 3/16 12/09/98 3,186,000 117 9/16 115 1/16 116 1/8 12/10/98 2,874,900 117 3/16 113 3/4 114 12/11/98 2,082,800 115 113 1/8 114 7/8 Bob Dole hired 12/14/98 2,441,700 113 5/8 111 1/16 111 3/4 Dow -126 12/15/98 2,788,100 115 110 3/16 115 12/16/98 2,495,600 116 1/4 115 1/8 115 3/4 US bombs Iran 12/17/98 2,633,800 117 5/8 115 13/16 116 7/8 12/18/98 3,118,600 116 3/4 115 1/2 116 Clinton Impeached 12/21/98 2,834,000 118 1/8 114 1/2 115 1/16 V pending approval in Japan 12/22/98 2,153,100 117 13/16 114 7/8 117 3/16 12/23/98 3,427,500 120 13/16 117 3/4 120 3/8 12/24/98 695,200 120 1/4 118 13/16 119 3/8 12/25/88 Christmas 12/28/98 1,729,300 120 7/16 118 1/2 119 7/16 V Rxs +5.1% 12/29/98 3,813,600 125 5/8 119 1/2 124 3/8 Forbes Company of Year 12/30/98 2,851,400 126 11/16 123 1/2 126 1/8 12/31/98 2,789,900 128 15/16 125 125 Celebrex Approved 01/04/99 4,407,700 128 15/16 121 13/16 123 3/4 1999 PFE High 01/05/99 3,592,200 124 5/8 122 1/2 123 7/8 01/06/99 3,148,100 126 13/16 125 1/4 126 5/16 01/07/99 2,750,100 125 3/8 123 7/16 124 1/2 01/08/99 3,779,400 124 5/8 120 1/8 122 1/4 01/11/99 4,895,500 121 9/16 116 3/8 117 11/16 V Refills set new high 01/12/99 5,315,700 118 3/8 112 3/4 113 15/16 01/13/99 5,135,700 117 5/8 109 9/16 116 11/16 Peabody Valley 01/14/99 3,118,600 117 1/8 113 113 1/2 Clinton Trial/Brazil 01/15/99 3,165,500 115 3/4 114 1/16 115 11/16 01/18/99 Martin Luther King Day 01/19/99 4,039,500 118 3/8 115 1/8 115 11/16 EPS $0.54 (+$0.02) 01/20/99 3,977,400 120 1/16 116 1/8 119 11/16 Celebrex in pharmacies 01/21/99 3,141,000 121 116 3/8 116 3/8 01/22/99 2,560,000 117 5/8 115 1/16 116 1/8 GPs defy UK V ban 01/25/99 2,694,600 117 15/16 115 5/8 117 5/8 Japan approves V 01/26/99 2,983,000 120 3/8 116 1/2 120 1/4 Positive Celebrex launch 01/27/99 4,624,400 124 121 121 15/16 Hong Kong approves V 01/28/99 4,963,700 127 15/16 121 9/16 127 FDA panel approves Tik.,3-1 split 01/29/99 4,608,800 128 7/8 126 1/4 128 11/16 Pending Peabody Peak