Pfizer – 2005

Forest David: Francis Marion University

A. Case Abstract

This is a comprehensive strategic management case that includes the company’s

financial statements, organization chart, competitor information, and industry trends.
Sufficient internal and external data are provided to enable students to evaluate current
strategies and recommend a three-year strategic plan for the company.
Pfizer’s acquisition of Pharmacia in 2003 propelled it to new heights in its quest
to lead the pharmaceutical industry. Pfizer operates in three main business segments—
Human Health, Consumer Healthcare, and Animal Health. The human health segment,
also known as its pharmaceutical business, is Pfizer’s core business. It represents over 85
percent of Pfizer sales worldwide.
Of Pfizer’s $52.516 billion in total 2004 sales, $22.977 billion (43.8 percent) were
generated outside of the U.S. Pfizer’s overseas sales represent faster growth
opportunities for the company than the domestic market in all business segments.
Pfizer’s goodwill on its balance sheet is way too high and its stock hit an all time low of
$25 in late 2005. But the company has some billion dollar drugs such as Viagra and
Lipitor.

B. Vision Statement (proposed)

We will become the world leader in pharmaceutical and biomedical research, production,
and marketing as we address significant unmet medical needs of mankind.

C. Mission Statement (actual)

We demand of ourselves and others the highest ethical standards, and our products and
processes will be of the highest quality. We recognize that people are the cornerstone of
Pfizer’s success. We value our diversity as a source of strength and we are proud of
Pfizer’s history of treating people with respect and dignity.

We are deeply committed to meeting the needs of our customers, and we constantly focus
on customer satisfaction.

We play an active role in making every country and community in which we operate a
better place to live and work, knowing that the ongoing vitality of our host nations and
local communities has a direct impact on the long-term health of our business.

Innovation is the key to improving health and sustaining Pfizer’s growth and profitability.

115
 We know that to be a successful company we must work together, frequently
transcending organizational and geographical boundaries to meet changing the needs of
our customers.

We strive for continuous improvement in our performance, measuring results carefully,

and ensuring that integrity and respect for people are never compromised.

We believe that leaders empower those around them by sharing knowledge and
rewarding outstanding individual effort. Leaders are those who step forward to achieve
difficult goals, envisioning what needs to happen and motivating others.

Since 1849, the Pfizer name has been synonymous with the trust and reliability inherent
in the word Quality. Quality is ingrained in the work of our colleagues and all our Values.
We are dedicated to the delivery of quality healthcare around the world. Our business
practices and processes are designed to achieve quality results that exceed the
expectations of patients, customers, colleagues, investors, business partners, and
regulators. We have a relentless passion for Quality in everything we do.

(proposed)

The mission of Pfizer, Inc., is to be the world’s (3) most valued company to patients,
customers, colleagues, investors, and business partners (1). We will provide society with
superior pharmaceutical products and services (2) by developing technologies (4) and
solutions that improve the quality of life and satisfy customer needs (1). We will also
provide employees with meaningful work and advancement opportunities (9), and
investors with a superior rate of return (5) while adhering to the highest standards of
ethics and integrity (6). We will strive to remain the largest pharmaceutical and
biomedical research (7) company worldwide. Pfizer will also contribute to the economic
strength of society and function as a good corporate citizen (8) on a local, state, and
national basis in all countries in which we do business (5).

1. Customer
2. Products or services
3. Markets
4. Technology
5. Concern for survival, profitability, growth
6. Philosophy
7. Self-concept
8. Concern for public image
9. Concern for employees
D. External Audit

Opportunities

1. Demand for drugs is relatively inelastic.

116
 2. Worldwide pharmaceutical sales continue to grow faster than most segments of the
world economy.
3. World pharmaceutical sales to exceed $570 billion in 2005, up 7.5 percent.
4. Advancements in technology.
5. Lengthening of average life expectancy with the population of those 65 and older
expanding by about 79 percent from 2002 to 2025.
6. Increased incidence of chronic diseases.
7. Barriers to entry are high.

Threats

1. Many major pharmaceutical companies are facing major patent expirations.

2. Food and Drug Administration (FDA) asks drug manufacturers to suspend sales of
certain prescription medicines in the US.
3. Adverse effect on drug prices due to threat of imported drugs.
4. Assets located overseas from global markets are subject to threat of expropriation
and terrorism.
5. Threats of global business in dealing with varied regulatory environments and
currency fluctuations.
6. The FDA is asking makers of NSAIDs to revise labels and include more information.
7. Increased competition from manufacturers of generic drugs in 2004 was 9.7 percent
higher.
8. Medicaid requires pharmacists to offer generic brands instead of name-brand drugs if
they are equally rated by the government.
9. Some laws and regulations are forcing pharmaceutical companies to give rebates or
discounts when products are purchased by certain federal and state programs or
agencies.
10. Increased consumption of natural supplements.
11. Increasing pricing pressures.
12. Negative publicity.
13. Increased cost of insurance.

CPM – Competitive Profile Matrix

Pfizer Merck Bayer

Critical Success Factors Weight Rating Weighted Rating Weighted Rating Weighted
Score Score Score

117
 Organizational Structure 0.05 2 0.10 4 0.20 1 0.05
Price Competitiveness 0.10 3 0.30 3 0.30 3 0.30
Advertising 0.04 1 0.04 1 0.04 4 0.16
Product Quality 0.10 3 0.30 3 0.30 3 0.30
Sales Distribution 0.10 4 0.40 3 0.30 2 0.20
Customer Loyalty 0.03 3 0.09 3 0.09 3 0.09
Market Share 0.11 4 0.44 3 0.33 2 0.22
Global Expansion 0.11 4 0.44 4 0.44 3 0.33
Demographics 0.03 3 0.09 3 0.09 3 0.09
Financial Position 0.15 4 0.60 3 0.45 2 0.30
Research and Development 0.13 4 0.52 4 0.52 3 0.39
Innovation 0.10 3 0.30 3 0.30 2 0.20
Total 1.00 3.52 3.16 2.58

External Factor Evaluation (EFE) Matrix

Critical Success Factors Weight Rating Weighted Score

Opportunities
1. Demand for drugs is relatively
inelastic. 0.08 4 0.32
2. Worldwide pharmaceutical sales
continue to grow faster than most segments
of the world economy. 0.06 3 0.18
3. World pharmaceutical sales to
exceed $570 billion in 2005, up 7.5 percent. 0.07 3 0.21
4. Advancements in technology. 0.05 3 0.15
5. Lengthening of average life
expectancy with the population of those 65
and older expanding by about
79 percent from 2002 to 2025. 0.07 3 0.21
6. Increased incidence of chronic
diseases. 0.07 2 0.14
7. Barriers to entry are high. 0.05 1 0.05
Threats
1. Many major pharmaceutical
companies are facing major patent
expirations. 0.06 3 0.18
2. Food and Drug Administration
(FDA) asks drug manufacturers to suspend
sales of
certain prescription medicines in the US. 0.05 2 0.10
3. Adverse effect on drug prices due
to threat of imported drugs. 0.03 3 0.09
4. Assets located overseas from global
markets are subject to threat of expropriation
and terrorism. 0.03 2 0.06
5. Threats of global business in
dealing with varied regulatory environments
and currency fluctuations. 0.07 2 0.14
6. The FDA is asking makers of
NSAIDs to revise labels and include more
information. 0.03 2 0.06
7. Increased competition from
manufacturers of generic drugs in 2004 was
9.7 percent higher. 0.05 3 0.15

118
 8. Medicaid requires pharmacists to
offer generic brands instead of name-brand
drugs if they are equally rated by the
government. 0.06 3 0.18
9. Some laws and regulations are
forcing pharmaceutical companies to give
rebates or discounts when products are
purchased by certain federal and state
programs or agencies. 0.04 2 0.08
10. Increased consumption of natural
supplements. 0.02 1 0.02
11. Increasing pricing pressures. 0.03 3 0.09
12. Negative publicity. 0.02 2 0.04
13. Increased cost of insurance. 0.06 4 0.24
Total 1.00 2.69

E. Internal Audit

Strengths

1. An international network that promotes good corporate citizenship.

2. Total stockholders’ equity more than tripled between 2002 and 2004.
3. Almost 50 percent of sales are generated internationally.
4. Largest human health sector in the world.
5. Consolidation taking place in the health care industry increases purchasing power
and shifts bargaining power in their favor.
6. Web site is well designed and useful.
7. Launched its own generic products through its subsidiary, Greenstone Ltd.
8. Lipitor sets new sales records and is the pharmaceutical industry's first $10 billion
product.
9. Introduction of first modified-live virus vaccine line in 2005, with the strength to
deliver fetal protection for one full year.
10. World’s largest drug company with leading global sales of $50.9 billion.
11. Largest animal health business in the world.
12. Holds 13.1 percent of market share making it the largest pharmaceutical firm.
13. Zoloft is the most prescribed anti-depressant in the U.S.

Weaknesses

1. Stock price has been losing value over the past five years and is below the S&P 500
average.
2. Lowest earnings per share ($1.23) among direct competitors.
3. Delays caused by regulations and the unsuccessful completion of clinical trials
reduce the potential recovery and returns of investments such as R&D.
4. Not serving African and Australian markets.
5. Unexpected side effects of drugs.
6. Lack of organizational structure.
7. Decreased amount of advertising.

119
Financial Ratio Analysis (January 2006)

Growth Rates % Pfizer Industry SP-500

Sales (Qtr vs year ago qtr) (5.00) 4.90 14.20
Net Income (YTD vs YTD) (37.30) (4.40) 15.90
Net Income (Qtr vs year ago qtr) (52.40) (9.50) 15.10
Sales (5-Year Annual Avg.) 14.86 2.09 4.78
Net Income (5-Year Annual Avg.) 7.25 2.87 11.04
Dividends (5-Year Annual Avg.) 15.37 7.96 4.61
Price Ratios
Current P/E Ratio 22.4 21.8 19.0
P/E Ratio 5-Year High 83.5 40.4 64.8
P/E Ratio 5-Year Low 14.8 16.1 17.4
Price/Sales Ratio 3.46 3.39 1.53
Price/Book Value 2.73 4.38 2.93
Price/Cash Flow Ratio 13.30 15.40 12.50
Profit Margins
Gross Margin 87.6 79.0 47.3
Pre-Tax Margin 22.2 23.3 12.1
Net Profit Margin 15.5 16.2 8.3
5Yr Gross Margin (5-Year Avg.) 87.0 74.7 47.3
5Yr PreTax Margin (5-Year Avg.) 23.5 23.2 9.4
5Yr Net Profit Margin (5-Year Avg.) 18.9 17.3 5.9
Financial Condition
Debt/Equity Ratio 0.08 0.22 1.07
Current Ratio 1.6 1.7 1.4
Quick Ratio 1.1 1.3 0.9
Interest Coverage 34.6 26.6 3.5
Leverage Ratio 1.7 2.0 5.8
Book Value/Share 9.04 9.05 13.21
Investment Returns %
Return On Equity 12.3 20.9 15.9
Return On Assets 7.4 10.5 2.8
Return On Capital 11.3 17.1 7.7
Return On Equity (5-Year Avg.) 19.4 26.2 12.0
Return On Assets (5-Year Avg.) 10.1 12.1 2.0
Return On Capital (5-Year Avg.) 16.2 20.6 5.7
Management Efficiency
Income/Employee 71,000 64,000 30,000
Revenue/Employee 458,000 395,000 366,000
Receivable Turnover 5.3 5.8 7.7
Inventory Turnover 1.0 2.0 7.8
Asset Turnover 0.5 0.7 0.4
Adapted from www.cnbc.com

Date Avg. P/E Price/Sales Price/Book Net Profit Margin (%)

12/04 20.50 3.83 2.95 21.6
12/03 147.30 5.97 4.14 3.6
12/02 23.00 5.82 9.44 28.4
12/01 33.10 7.75 13.69 24.0
12/00 67.20 9.83 18.04 12.6
Adapted from www.cnbc.com

120
 Date Book Value/ Share Debt/Equity ROE (%) ROA (%) Interest Coverage
12/04 $9.11 0.11 16.7 9.2 41.3
12/03 $8.54 0.09 6.0 3.4 13.1
12/02 $3.24 0.16 47.8 20.6 48.0
12/01 $2.91 0.14 42.6 19.9 39.8
12/00 $2.55 0.07 23.2 11.1 15.9
Adapted from www.cnbc.com

Net Worth Analysis (January 2006 in millions)

1. Stockholders’ Equity + Goodwill = 68,278 + 23,756 $ 92,034
2. Net income x 5 = $11,361 x 5= $ 56,805
3. Share price = $25.00/EPS 1.10 =$22.73 x Net Income $11,361= $ 25,820
4. Number of Shares Outstanding x Share Price = 7,371 x $25.00 = $ 184,275
Method Average $89,733

Internal Factor Evaluation (IFE) Matrix

Critical Success Factors Weight Rating Weighted Score

Strengths
1. An international network that
promotes good corporate citizenship. 0.06 4 0.24
2. Total stockholders’ equity more
than tripled between 2002 and 2004. 0.04 3 0.12
3. Almost 50 percent of sales are
generated internationally. 0.06 4 0.24
4. Largest human health sector in
the world. 0.05 4 0.20
5. Consolidation taking place in
the health care industry increases
purchasing power and shifts
bargaining power in their favor. 0.04 3 0.12
6. Web site is well designed and
useful. 0.03 3 0.09
7. Launched its own generic
products through its subsidiary,
Greenstone Ltd. 0.06 4 0.24
8. Lipitor sets new sales records
and is the pharmaceutical industry's first
$10 billion product. 0.07 4 0.28
9. Introduction of first modified-
live virus vaccine line in 2005, with the
strength to deliver fetal
protection for one full year. 0.02 3 0.06
10. World’s largest drug company
with leading global sales of $50.9
billion. 0.07 4 0.28
11. Largest animal health business
in the world. 0.03 4 0.12
12. Holds 13.1 percent of market
share making it the largest
pharmaceutical firm. 0.06 4 0.24
13. Zoloft is the most prescribed 0.06 4 0.24

121
 anti-depressant in the U.S.
Weaknesses
1. Stock price has been losing value over
the past five years and is below the S&P
500 average. 0.04 2 0.08
2. Lowest earnings per share ($1.23)
among direct competitors. 0.07 1 0.07
3. Delays caused by regulations and the
unsuccessful completion of clinical trials
reduce the potential recovery and returns
of investments such as R&D. 0.06 2 0.08
4. Not serving African and Australian
markets. 0.06 1 0.05
5. Unexpected side effects of drugs. 0.07 1 0.07
6. Lack of organizational structure. 0.02 2 0.04
7. Decreased amount of advertising. 0.03 2 0.06
TOTAL 1.00 2.92

F. SWOT Matrix
Strengths
1. An international network that
promotes good corporate
citizenship.
2. Total stockholders’ equity more
than tripled between 2002 and
2004.
3. Almost 50 percent of sales are
generated internationally.
4. Largest human health sector in
the world.
5. Consolidation taking place in
the health care industry
increases purchasing power
and shifts bargaining power in
their favor.
6. Web site is well designed and
useful.
7. Launched its own generic
products through its subsidiary,
Greenstone Ltd.
8. Lipitor sets new sales records
and is the pharmaceutical
industry's first $10 billion
product.
9. Introduction of first modified-
live virus vaccine line in 2005,
with the strength to
deliver fetal protection for one
full year.
10. World’s largest drug company
with leading global sales of
$50.9 billion.
Weaknesses
1. Stock price has been
losing value over the past five
years and is below the S&P
500 average.
2. Lowest earnings per
share ($1.23) among direct
competitors.
3. Delays caused by
regulations and the
unsuccessful completion of
clinical trials reduce the
potential recovery and returns
of investments such as R&D.
4. Not serving African
and Australian markets.
5. Unexpected side effects
of drugs.
6. Lack of organizational
structure.
7. Decreased amount of
advertising.

122
 11. Largest animal health business
in the world.
12. Holds 13.1 percent of market
share making it the largest
pharmaceutical firm.
13. Zoloft is the most prescribed
anti-depressant in the U.S.

Opportunities S-O Strategies W-O Strategies

1. Demand for drugs is 1. Expand human health 1. Use advancements in
relatively inelastic. sector into South Africa technology to increase
2. Worldwide pharmaceutical (S4,O2). effectiveness of R&D (W3,O4)
sales continue to grow faster 2. Expand animal health 2. Improve effectiveness of
than most segments of the world sector throughout the U.S. clinical trials to reduce
economy. (S11,02). unexpected side effects of
3. World pharmaceutical sales 3. Acquire a large drugs (W5,O4)
to exceed $570 billion in 2005, pharmaceutical company (S10,
up 7.5 percent. O2, O3).
4. Advancements in
technology.
5. Lengthening of average life
expectancy with the population
of those 65 and older
expanding by about 79 percent
from 2002 to 2025.
6. Increased incidence of
chronic diseases.
7. Barriers to entry are high.
Threats S-T Strategies W-T Strategies
1. Many major pharmaceutical 1. Increase production of 1. Increase print and TV ads to
companies are facing major generic products (S7,T7,T8). appeal to those 65 and older
patent expirations. 2. Offer special discounts and (Viagra, Lipitor) (W7,T12).
2. Food and Drug Administration rebates (S10,T9). 2. Increase advertisement for animal
(FDA) asks drug manufacturers and consumer health sectors
to suspend sales of (W7,T12).
certain prescription medicines in
the US.
3. Adverse effect on drug prices
due to threat of imported drugs.
4. Assets located overseas from
global markets are subject to
threat of expropriation and
terrorism.
5. Threats of global business in
dealing with varied regulatory
environments and currency
fluctuations.
6. The FDA is asking makers of
NSAIDs to revise labels and
include more information.
7. Increased competition from
manufacturers of generic drugs
in 2004 was 9.7 percent higher.
8. Medicaid requires pharmacists
to offer generic brands instead

123
 of name-brand drugs if they are
equally rated by the
government.
9. Some laws and regulations are
forcing pharmaceutical
companies to give rebates or
discounts when products are
purchased by certain federal and
state programs or agencies.
10. Increased consumption of
natural supplements.
11. Increasing pricing pressures.
12. Negative publicity.
13. Increased cost of insurance.

G. SPACE Matrix

Co

124
 Financial Strength (F
Return on Investment
Leverage
Liquidity
y-axis = FS + ES = 4.8 + (-3.4) = 1.4
x-axis = CA + IS = -2.0 + (+5.2) = 3.2
H. Grand Strategy Matrix

Working Capital
Cash Flow

Financial Strength (F

1. Market development
2. Market penetration

Competitive Advanta 125

 3. Product development
4. Forward integration
5. Backward integration
6. Horizontal integration
7. Related diversification

I. The Internal-External (IE) Matrix

The IFE Total Weighted Score

Strong Average Weak

3.0 to 4.0 2.0 to 2.99 1.0 to 1.99
High I II III
3.0 to 3.99

Medium IV V VI
The EFE Total 2.0 to 2.99
Weighted Score
Pfizer
2

Low VII VIII IX

1.0 to 1.99

126
Grow and Build

Region Revenue
USA (1) $29,539
Global (2) $22,977

J. QSPM
Strategic Alternatives
Acquire a large Improve R&D to
pharmaceutical help reduce side
Key Internal Factors Weight company effects in drugs.
Strengths AS TAS AS TAS
1. An international network that promotes
good corporate citizenship. 0.06 1 0.06 2 0.12

2. Total stockholders’ equity more than

tripled between 2002 and 2004. 0.04 4 0.16 3 0.12
3. Almost 50 percent of sales are generated
internationally. 0.06 --- --- --- ---
4. Largest human health sector in the world. 0.05 --- --- --- ---
5. Consolidation taking place in the health
care industry increases purchasing power and shifts
bargaining power in their favor. 0.04 --- --- ---- ---
6. Web site is well designed and useful. 0.03 --- --- --- ---
7. Launched its own generic products
through its subsidiary, Greenstone Ltd. 0.06 --- --- --- ---
8. Lipitor sets new sales records and is the
pharmaceutical industry's first $10 billion product. 0.07 2 0.14 3 0.21
9. Introduction of first modified-live virus
vaccine line in 2005, with the strength to
deliver fetal protection for one full year. 0.02 1 0.02 3 0.06
10. World’s largest drug company with
leading global sales of $50.9 billion. 0.07 4 0.28 3 0.21
11. Largest animal health business in the --- --- --- ---
world. 0.03
12. Holds 13.1 percent of market share 4 0.24 3 0.18
making it the largest pharmaceutical firm. 0.06
13. Zoloft is the most prescribed anti-
depressant in the U.S. 0.06 2 0.12 4 0.24
Weaknesses
1. Stock price has been losing value over the past five
years and is below the S&P 500 average. 0.04 --- --- --- ---
2. Lowest earnings per share ($1.23) among direct
competitors. 0.07 --- --- --- ---
3. Delays caused by regulations and the unsuccessful
completion of clinical trials reduce the potential
recovery and returns of investments such as R&D.
0.06 1 0.06 3 0.18
4. Not serving African and Australian markets. 0.06 2 0.12 1 0.06
5. Unexpected side effects of drugs. 0.07 1 0.07 4 0.28
6. Lack of organizational structure. 0.02 --- --- --- ---

127
7. Decreased amount of advertising. 0.03 --- --- --- ---
SUBTOTAL 1.27 1.66

Acquire a large Improve R&D to

pharmaceutical help reduce side
Key External Factors Weight company effects in drugs.
Opportunities AS TAS AS TAS
1. Demand for drugs is relatively inelastic. 0.08 --- --- --- ---
2. Worldwide pharmaceutical sales continue to
grow faster than most segments of the world 3 0.18 2 0.12
economy. 0.06
3. World pharmaceutical sales to exceed $570
billion in 2005, up 7.5 percent. 0.07 3 0.21 2 0.14
4. Advancements in technology. 0.05 --- --- --- ---
5. Lengthening of average life expectancy with the
population of those 65 and older expanding by about
79 percent from 2002 to 2025. 0.07 --- --- --- ---
5. Increased incidence of chronic diseases. 0.07 --- --- --- ---
6. Barriers to entry are high. 0.05 --- --- --- ---
Threats
1. Many major pharmaceutical companies are
facing major patent expirations. 0.06 3 0.18 1 0.06
2. Food and Drug Administration (FDA) asks
drug manufacturers to suspend sales of
certain prescription medicines in the US. 0.05 1 0.05 4 0.20
3. Adverse effect on drug prices due to threat
of imported drugs. 0.03 --- --- --- ---
4. Assets located overseas from global markets
are subject to threat of expropriation and terrorism. 0.03 --- --- --- ---
5. Threats of global business in dealing with
varied regulatory environments and currency --- --- --- ---
fluctuations. 0.07
6. The FDA is asking makers of NSAIDs to
revise labels and include more information. 0.03 --- --- --- ---
7. Increased competition from manufacturers
of generic drugs in 2004 was 9.7 percent higher. 0.05 3 0.15 1 0.05
8. Medicaid requires pharmacists to offer
generic brands instead of name-brand drugs if they
are equally rated by the government. 0.06 --- --- --- ---
9. Some laws and regulations are forcing
pharmaceutical companies to give rebates or
discounts when products are purchased by certain
federal and state programs or agencies. 0.04 --- --- --- ---
10. Increased consumption of natural --- --- --- ---
supplements. 0.02
11. Increasing pricing pressures. 0.03 3 0.03 1 0.03
12. Negative publicity. 0.02 1 0.02 4 0.08
13. Increased cost of insurance. 0.06 1 0.06 3 0.18
SUBTOTAL 0.88 0.66
TOTAL ATTRACTIVNESS SCORE 2.15 2.32

K. Recommendations

128
 • Increase R&D budget to help reduce potential negative side effects from drugs.
This would also likely lower the high insurance, be viewed by the public as
responsible, and reduce lawsuits. Total cost estimated at $2B.
• Acquire a major competitor in the industry at an estimated cost of $25B.

L. EPS/EBIT Analysis
$ Amount Needed: 27,000M
Stock Price: $25
Tax Rate: 19%
Interest Rate: 7%
# Shares Outstanding: 7,371M

Reces
EBIT 7
$5,000,0
Interest Reces
0
M. Epilogue

EBIT
EBT $5,000,0
In January 2006, Pfizer paid $1.3 billion to Sanofi-Aventis Group to obtain full

5,000,0
worldwide rights to inhaled insulin (Exubera is the diabetes drug). U.S. regulators are
expected to rule upon the drug soon. The world's largest drug company with blockbusters
such as the cholesterol drug Lipitor, Pfizer now owns the Exubera production plant in
Germany that the two companies jointly held.

Interest
Taxes 567,00
Although there is a diabetes epidemic in the United States, doctors may be wary

950,00
of prescribing Exubera since the long-term effects of inhaling insulin won't be known for
several years. Merck’s withdrawal of its pain reliever Vioxx has caused doctors to
become cautious of prescribing new drugs. Pfizer has pledged to continue studying
Exubera’s safety after its approval.

EBT
EAT 4,433,0
4,050,0
129

Taxes 842,27