Pfizer

Pfizer
source
Name	Pfizer Inc.
Type	Public
Traded as	NYSE: PFE, S&P 100 component, S&P 500 component
Industry	Pharmaceutical industry
Founded	0 1849 in New York City, New York, U.S.
Founders	Charles Pfizer and Charles F. Erhart
Hq location city	New York City
Hq location country	United States
Key people	Albert Bourla (Chairman & CEO)
Products	Pharmaceutical drugs, vaccines
Revenue	▲ US$58.5 billion (2023)
Num employees	88,000 (2023)

Pfizer. It is one of the world's largest pharmaceutical and biotechnology corporations, with a history dating to the mid-19th century. Headquartered in New York City, the company develops and manufactures medicines and vaccines for a wide range of medical disciplines. Its global operations and significant research investments have made it a central player in addressing major health challenges, from cardiovascular disease to global pandemics.

History

The company was founded in 1849 by cousins Charles Pfizer, a chemist, and Charles F. Erhart, a confectioner, in the Williamsburg section of Brooklyn. Its first product was santonin, an anthelmintic used to treat intestinal parasites. During the American Civil War, it supplied medicinal chemicals like iodine, morphine, and chloroform to the Union Army. A major breakthrough came in the 1940s with its deep-tank fermentation mastery, which enabled the mass production of penicillin and was critical for the Allied war effort. This technological prowess later facilitated the manufacturing of streptomycin and the mass production of the oral polio vaccine developed by Jonas Salk. The post-war era saw expansion through key acquisitions, including Warner–Lambert in 2000, which brought blockbuster drug Lipitor (atorvastatin), and the purchase of Pharmacia in 2003, gaining Celebrex (celecoxib). In 2009, it executed one of the largest deals in industry history by acquiring Wyeth.

Business and operations

The company operates through two primary segments: Pharmaceuticals and Vaccines. Its commercial model is highly globalized, with research and manufacturing facilities across the Americas, Europe, and Asia. Major research hubs are located in Groton, Cambridge, and La Jolla, while it maintains significant manufacturing sites in places like Kalamazoo and Puerto Rico. In 2023, it reorganized its commercial operations into a new structure focusing on innovative medicines and established products. A significant portion of its revenue is generated in the United States, followed by developed markets like the European Union and Japan. The company is a constituent of the Dow Jones Industrial Average and the S&P 500.

Products and research

The firm's portfolio includes some of the world's best-selling pharmaceuticals. Historic blockbusters include Lipitor for cholesterol, Viagra (sildenafil) for erectile dysfunction, and Lyrica (pregabalin) for neuropathic pain. Its oncology division markets therapies like Ibrance (palbociclib) for breast cancer and Xalkori (crizotinib) for lung cancer. In immunology, it offers Xeljanz (tofacitinib) for rheumatoid arthritis. A major focus is its Vaccine division, which produced the COVID-19 vaccine known as Comirnaty, developed in partnership with BioNTech. Its pipeline emphasizes mRNA technology, gene therapy, and treatments for Alzheimer's disease and sickle cell disease. The company invests heavily in clinical trials and collaborates extensively with academic institutions like the University of Oxford and biotech firms.

Corporate affairs

Leadership is under Albert Bourla, who serves as Chairman and CEO. The company is known for its substantial lobbying expenditures in Washington, D.C. and is a member of industry groups like the Pharmaceutical Research and Manufacturers of America (PhRMA). It engages in numerous public–private partnerships, such as with the World Health Organization and the Bill & Melinda Gates Foundation, often focused on neglected tropical diseases and vaccine access. Its corporate social responsibility initiatives include patient assistance programs and antimicrobial resistance research. The Pfizer Foundation supports community health and disaster relief efforts globally.

Controversies and litigation

The corporation has been involved in numerous legal and ethical challenges. It paid a then-record $2.3 billion settlement to the U.S. Department of Justice in 2009 for off-label marketing of Bextra and other drugs. It has faced litigation over alleged side effects of medications like Chantix (varenicline) and the antidepressant Zoloft (sertraline). In Nigeria, it was sued over a 1996 Trovan meningitis clinical trial that allegedly caused deaths and disabilities. More recently, its COVID-19 vaccine has been the subject of vaccine misinformation campaigns and public debate over patent waivers. The company has also been criticized for drug pricing practices, particularly concerning Lipitor and the epinephrine auto-injector EpiPen, after its short-lived ownership of the Mylan division responsible for it.

Category:Pharmaceutical companies of the United States Category:Companies listed on the New York Stock Exchange Category:Manufacturing companies based in New York City