1. Advancing Neuroscience
Analyst & Investor Briefing
July 28, 2008
1

2. Forward-Looking Statements and
Non-GAAP Financial Information
Discussions at this meeting will include forward-looking statements.
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 2007 Annual Report on Form 10-K
and in our reports on Form 10-Q and Form 8-K.
Also, discussions during this meeting may include certain financial
measures that were not prepared in accordance with generally
accepted accounting principles. Reconciliations 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
July 23, 2008.
These reports are available on our website at www.pfizer.com in the
“Investors—SEC Filings” section.
2

3. Agenda
An Introduction to Pfizer’s Neuroscience Portfolio
Pfizer’s Evolving Vision for In-line Products
Alpha-2 Delta Platform
“Invest to Win” Disease Areas
Alzheimer’s disease
Schizophrenia / Bipolar Disorder
Recap & Future Outlook
3

4. An Introduction
to Pfizer’s Neuroscience Portfolio
Steve Romano, MD
Vice President, Global Medical
4

5. Neuroscience Leadership
Pfizer Success Factors
Market Potential
Strong track record
+
Significant unmet needs
in neuroscience
Large market opportunities
Near-term growth
Limited approved therapeutic
Valuable in-line portfolio
approaches
Well-positioned to capitalize
on emerging science
Innovative Medicines
5

6. Pfizer Therapeutic Area Priorities
Invest to Win
Invest to Win
First or High Market High
Best in Class Growth Unmet Need
Alzheimer’s disease
Schizophrenia / Bipolar Disorder
Pain
Diabetes/Obesity
Immunology/Inflammation
Oncology
6

7. Pfizer Neuroscience Pipeline Overview
Platform Key
Alzheimer’s
Schizophrenia;
Bipolar disorder
Alpha-2-delta
9 compounds
for Schizophrenia,
Other
Bipolar disorder and
cognition
Geodon for
RAGE Inhibitor Adjunctive Use in
Bipolar Depression LYRICA
6 compounds
PDE 10-A Inhibitor
Geodon for Bipolar
for AD
Relapse Prevention CHANTIX
D2 Partial Agonist
2 compounds for
other indications PD-332,334 for GAD
a2d for Sleep GEODON
Lyrica for Epilepsy
2 compounds for Lyrica for RLS Monotherapy
Smoking Cessation ARICEPT
19 5 4 4
Pre-Clinical
Phase II Phase III Approved
and Phase I
Chantix is referred to as Champix outside the U.S.; Geodon is referred to as Zeldox outside the U.S.
7

8. An Evolving Vision for In-line Products
8

9. CHANTIX: Scope of the Worldwide
Smoking Epidemic 1.3 Billion Smokers
Canada Europe Region
5M 215M
Japan
30M
U.S.
China
45M
India >300M
>100M
Brazil
18M
Source: 2008 WHO Estimates
9

10. CHANTIX: For Smokers Motivated to Quit
45M Smokers 30M Smokers
in the U.S. Motivated to Quit
Control
Immature
Takers
Quitters
29%
12%
13.0M
Desire to Quit
Chantix
Target
MD/Rx-
Dependent
Defiant
Quitters
Smokers
37%
22%
16.7M
Openness to Medical Intervention
10

11. CHANTIX: Develop the Smoking
Cessation Market to Drive Growth
Consumer Professional
Communicate the full efficacy/
safety profile of Chantix
Educate doctors on the
difficulties patients face when
quitting smoking
Access & Reimbursement
Recently launched unbranded
ad campaign designed to Drive coverage for smoking
educate consumers about: cessation and CHANTIX with
payers, including:
Nicotine Addiction
Commercial plans
Role of their doctor
State Medicaid
Awareness of medication option
Employers
11

12. GEODON: Continues to Generate Growth
U.S. Geodon field force
Quarterly Sales ($ M)
realigned to focus on specialists
across treatment settings
300
FY 2007 U.S. sales up 11%
250
to $702 million vs. 2006
200
Total 1H08 sales of $473
150
million
100
50
0
6
6
6
6
7
7
7
7
8
8
10
20
30
40
10
20
30
40
10
20
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
US International
12

13. GEODON: Pfizer Is Committed to Further
Clinical Development
BIPOLAR DISORDER
PHASE 3 STUDIES
Monotherapy studies in Bipolar Depression: Completing
Adjunctive use in Bipolar Depression: Study initiated in 2008
Bipolar Relapse Prevention: Ongoing
PEDIATRIC EXCLUSIVITY
Bipolar Mania: Completed
Schizophrenia: Ongoing
13

14. ARICEPT Continues To Grow And Lead
Global Alzheimer’s (AD) Market
Total WW
MAT*/4/08
Sales Share
AD MARKET $6.0 B 100%
$7.0
ARICEPT $3.2 B 54%
OTHER $2.8 B 46%
$6.0
$5.0
$ Billions
$4.0
$3.0
$2.0
$1.0
$0.0
4/04 7/04 10/04 1/05 4/05 7/05 10/05 1/06 4/06 7/06 10/06 1/07 4/07 7/07 10/07 1/08 4/08
*Rolling Moving Annual Total - April ‘08
Source: IMS Alzheimers Monthly Sales - April 2008
14

15. ARICEPT: Major Initiatives Underway
Around Early AD Dx and Persistency
Mild AD Sufferers Globally Continuing Patients in US
Largely Undiagnosed and Untreated Represent Bulk of RX
Mild
88% of
72% Patients
Moderate
Persistent
22%
With Rx
7% New
6%
Severe 5% Other
In US, Germany, France, Italy, Spain, UK, Japan
Only 3.58m out of 9.41m total AD sufferers
are diagnosed; only 2.45m treated
Source: IMS Length of Therapy (July 2007); Omnicare LTC
Study (Aug 2006); Aricept Situation Analysis (Jun 2008)
Data Monitor 9/04, Skim Analytical Healthcare 2007,Caregiver Segmentation, Ziment 5/07
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16. ARICEPT: New U.S. Ad Campaigns Aim to
Improve Diagnosis, Treatment, Persistence
Unbranded DRTV Branded DTC
Launched Feb 2008 Launched June 2008
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17. LYRICA: A Young, Strong
and Growing Brand
2007 sales totaled $1.8B, +58% Y/Y
Quarterly Sales ($ M)
Strong global TRx growth
700 Global growth driven by NeP and
strong U.S. fibromyalgia launch
US Fibromyalgia
600 Approval
performance
500
Leadership in neuropathic pain
400
Market leader in DPN/PHN
Ranked by physicians to have the
300
highest treatment satisfaction2
200
Established first-line use
100
Robust U.S. launch in fibromyalgia
0
Approved by FDA as the first agent
for fibromyalgia in June 2007
6
6
6
6
7
7
7
7
8
8
10
20
30
40
10
20
30
40
10
20
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
EMEA review ongoing
US International
Source: 1. Q208 vs. Q207 reported sales; 2. US DPN/PHN ATU survey (6/2008)
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18. LYRICA Lifecycle Plan:
Strengthen Core Indications and Expand
2009+
2007
Planned Indications
Core Indications
Traditional NeP
Traditional NeP
• PHN/DPN
Epilepsy
• PHN/ DPN
• Additional indications
• Adjunct
GAD
Epilepsy
(EU) Post-Op
• Mono Pain
• Pediatric
Fibro
(US)
Fibromyalgia
(+EU)
RLS
GAD
(+US)
18

19. Alpha-2-Delta (a2d) Platform
19

20. 2 Mechanism of Action
*Does not greatly alter Ca++ influx in normal neurons
20

21. PD-332,334 May Offer a Unique Value
Proposition in GAD
Fast Sustained Somatic Psychic No Sexual Low Abuse Sleep
Onset Effect Symptoms Symptoms Dysfunction Potential Benefits
PD-332,334
+/-
Benzos
SSRI/
+/-
SNRIs
21

22. PD-200,390 a2d for Insomnia Including
Non-restorative Sleep in Phase II Studies
Core Components of Insomnia
Can occur alone
or in combination
Difficulty Difficulty
Initiating Maintaining NRS occurring independent
of DIS or DMS can lead to
Sleep Sleep
significant daytime functional
(DMS)
(DIS) impairment.2,3
Ongoing clinical
development plan includes
Non- studies for primary insomnia
and NRS
Restorative
Sleep
(NRS)
1DSM-IV TR. American Psychiatric Association, 2000
2Ohayon MM. Arch Intern Med 2005;165:35–41
3Roth T, et al. Biol Psychiatry 2006;60:1364–71
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23. NRS Methodology Study
(presented at APSS June 2008)
Study validated a population with NRS in the absence of DIS or DMS,
by objective PSG assessment
NRS-only subjects’ PSG-measured sleep parameters matched those
of healthy control subjects, but this group exhibited daytime functional
impairment similar to that seen in subjects with DIS and/or DMS
This study demonstrates the presence of a patient population
experiencing daytime functional impairment that cannot be attributed
to DIS and/or DMS, and shows that the daytime functional impairment
resulting from NRS alone is similar to that in patients with other
insomnia symptoms.
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24. 2 In Neuroscience Summary
Pfizer continues to lead innovation with alpha-2-deltas
PD-332,334 may offer improved treatment for GAD
PD-200,390 offers unique potential to treat NRS,
a key component of insomnia
24

25. Investing to Win in Alzheimer’s Disease
Liam Ratcliffe, MD, PhD
Senior Vice President and
Development Head for Pfizer Neuroscience
25

26. Alzheimer’s is a Large and Growing Market
By 2020…
Epidemiology, Diagnosis and
Treated Rates for the Major Markets
An aging population will
result in a ~30% increase
Prevalence, Dx, and Tx Prevalence in 7 Major
in prevalence
Growth in 7 Major Markets Markets and China
Improved tools will increase
27.1M
12.5M
diagnosis rates
2
9.41M 18.3M 7.4
New therapies will boost
8 1.2
treatment rates
3.3
4.2 5.6
2.5
1.5
In U.S. alone, AD now
1.2 14.4
9
3.7
accounts for more than
3.4
$148 billion in direct
2008 2020
2008 2020
and indirect costs
China JP
Undiagnosed
Diagnosed but Untreated with AD Drugs US EU5
Diagnosed and Treated with AD Drugs
Increased diagnosis and treatment rates
will nearly double the treated patient population
Source; Leerink Swann analysis. *Extrapolated from UN census and prevalence data from 2008 US Alzheimer's facts and figures, Alzheimer’s association, #
Internal Pfizer data, Source: Leerink Swann Analysis, Cowan 2008 TCO Report
26

27. Investment In Diagnostics Presents
Further Commercial Opportunities in AD
Emerging screening and diagnostic tools will allow for earlier
treatment of the prodromal population
Biochemical Markers Imaging
Currently Diagnosed
and Treated Patients
Currently
Undiagnosed Patients
Prodromal Mild Mod. Severe
Source: Leerink analysis; Yesavage J.A. Journal of Psychiatric Research 2002; 36:281-6; Graham J.E. Lancet 1997; 349:1793-6; Petersen R.C. Practice parameter:
Early detection of dementia: Mild cognitive impairment; CME course material; Collie A. Australian and New Zealand Journal of Psychiatry 2002; 36:133-40
27

28. New Theories of AD Mechanisms
Driving Current Research
Aβ Antibodies and RAGE Antagonists Secretase Inhibitors
Increase clearance of A decrease Amyloid Plaque Block production of A , decreasing
buildup in the brain and reduce inflammation Amyloid Plaque buildup in the brain
Tau Kinase Inhibitors
PDE9i
Block formation of tangles
Synaptic stabilization
in the brain
Pfizer exploring multiple Alzheimer’s
pathways and mechanisms
28

29. Pfizer Leading the Industry
in Studying RAGE
Pfizer is the only company studying RAGE in the clinic;
currently in Phase 2
29

30. Two RAGE Studies
Being Presented at ICAD
Pre-clinical Data Phase 2 Study Schematic
30

31. Larger Phase 2 RAGE Study
Now Underway
31

32. PF-04360365: Pfizer’s Anti-Amyloid
Monoclonal Antibody
m266 (LY 2062430)
Targets AA 16 24; IgG1
PF 04360365
Targets AA 33 40; IgG2 a
Bapineuzimab
Targets AA 1 5; IgG1
N Terminus C Terminus
Sources: Cowen and Company Dec 17, 2007; Siemers et al, International Conference on Alzheimer s disease; Madrid, Spain 2006; Natixis Bleichroeder; http://www.alzforum.org/new/detail.asp?id=1793
32

33. Preclinical Monoclonal Antibody Data
at ICAD Validates Proof of Concept
33

34. Phase 1 Monoclonal Antibody
Study Now Underway
34

35. Pfizer Driving Science of PDE9 Inhibition
Pfizer is the only company with a PDE-9 compound in the clinic;
currently in Phase 1
35

36. AD Summary
AD is an area with high unmet need resulting in
a significant commercial opportunity
A leading neuro-psychiatric cause of disability
World population of 20 million+ patients growing, with approximately
only one quarter currently being treated
Pfizer is in a strong position to accelerate development
of multiple compounds targeting various pathways to find
new diagnostic and treatment solutions for AD
Pfizer’s strategy:
Accelerate our internal development portfolio
Bolster our pipeline to include a larger, diversified portfolio
36

37. Investing to Win in Schizophrenia
and Bipolar Disorder
37

38. Schizophrenia Symptom Domains
Positive Affective
Delusions Dysphoria
Hallucinations Depression
Unusual behavior
Social and
Occupational
Dysfunction
Negative Cognitive
Flat affect Attention
Social withdrawal Memory
Emotional withdrawal Executive function
Decision making
Black DW et al. Introductory Textbook of Psychiatry. 2001;204-228.
Siris SG. Schizophrenia. 1995;128-145.
Harvey PD et al. Am J Psych. 2001;158:176-184.
Stahl SM. Essential Psychopharmacology. 2000:99-133, 135-197, 365-399, 401-458.
38

39. Severe Mental Illness a Leading Cause
of Global Disability with Significant Costs
Schizophrenia – U.S. Bipolar Disorder – U.S.
Total costs est. $63B (2002)2 Total economic costs est. $45B
(1991)3
Medical care utilization: $22.7B
Medical care utilization: $7B
Indirect costs due to loss
of productivity (mostly Indirect costs due to loss
unemployment): $32.4B of productivity: $38B
Schizophrenia is a leading cause of disability worldwide1
1Lopez AD, et al. eds. (2006) Global Burden of Disease & Risk Factors. NY: Oxford University Press/World Bank 2Wu et al 2005. 3 Wyatt et al. 1995
39

40. Management of Psychoses has Evolved;
Significant Unmet Need Remains
1990 –
1990 – 2007
<1950 >1960 2008-2017
2007
Conventional Atypical Antipsychotics
Sanitariums New MOAs
Antipsychotics Surpass conventionals Highly Valued
Clozapine 1st atypical
Prototype antipsychotic Atypicals LOEs
chlorpromazine Follow-up atypicals cleaner AE New mechanisms explored
profiles, metabolic awareness ↑
Haloperidol (1988) Focus on cognitive deficits
Expanded use in BP beyond mania
Unmet need remains –ve symptom
and cognition control
CIAS unassessed formally, no drugs
•Straight Jackets •Tranquilization and •Control of Positive and Negative •Improved Control of
Control of Symptoms Symptom Domains
•Shock Therapy
Positive Symptoms •Acute and Maintenance Therapies •Novel Mechanisms to
•Prefrontal
•Treatments Associated for Bipolar Disorder Target Cognition
Lobotomy
With Significant Motor •Treatments Minimize Motor
Disturbances Disorders Conventionals
Atypicals
Conventionals Mood
Mood Stabilizers Mood Stabilizers
Stabilizers
Generic
Atypicals
Conventionals Atypicals New Entrants
40

41. Pfizer’s Symptom Focused Strategy
Critical for Success
Bipolar Disorder
Schizophrenia
Treatment
Acute Adjunctive Adjunctive Bipolar
Maintenance Resistant
Mania Mania BP Depression
Depression
Gold Standard Mood Stabilizer
Gold Standard Mood Stabilizer
Monotherapy
Monotherapy
Treat acute mania
Treat acute mania
and prevent relapse for mania & depression
and prevent relapse for mania & depression
Bipolar Depression
Bipolar Depression
Monotherapy
Monotherapy
Treat acute depressive episode
Treat acute depressive episode
and prevent relapse into depression
and prevent relapse into depression
Antipsychosis Plus
Antipsychosis Plus
Schizophrenia Monotherapy Opportunity to Expand
Schizophrenia Monotherapy
Superior in one core domain (cognitive, affective)
Superior in one core domain (cognitive, affective)
BP depression and Maintenance
and best-in-class safety/tolerability profile
and best-in-class safety/tolerability profile
Include Mania (base)
Include Mania (base)
Cognitive Symptoms
Cognitive Symptoms
Adjunctive to Antipsychotics
Adjunctive to Antipsychotics
Improvement in cognitive domains
Improvement in cognitive domains
Translates to improved patient functionality
Translates to improved patient functionality
41

42. Schizophrenia Points of Intervention
5-HT2C agonists D2 antagonists
increase striatal increase striatal activity
activity by inhibiting by blocking dopamine
dopamine cell firing (DA) inhibition
Group II Glycine
metabotropic Transporters
glutamate (GlyT)
receptor increase synaptic
agonists levels of glycine
(mGluR2/3)
are involved in
presynaptic
inhibition
PDE10A inhibitors
directly activate the
striatum to increase
cortical feedback
42

43. Dopamine (D2) Partial Agonist –
Phase 2 Study Underway
43

44. Glycine Transport Inhibitor Targets
Cognition in Schizophrenia
LTP
44

45. mGluR2/3 Agonist Now in Phase 1
Metabotropic Glutamate
Receptors in the Synapse
mGluR2/3 Receptors are Presynaptic
and Directly Modulate Glutamate Release
SnyderEM, Murphy MR. Schizophrenia Therapy: beyond atypical antipsychotics. Nat Rev Drug Discov 2008;7:6:471-1.
45

46. Schizophrenia & Bipolar Disorder
Summary
Like Alzheimer’s, Schizophrenia and Bipolar disorder
remain areas of high unmet medical need
Schizophrenia is a leading cause of disability worldwide
Pfizer is strongly positioned with a rich portfolio of early
stage compounds that target novel as well as
unprecedented approaches
Potential for breakthrough products that are paradigm shifting
Pfizer’s strategy:
Target syndromal control as well as key symptom domains, including
cognition
Accelerate internal development portfolio
46

47. Recap & Future Outlook
Steve Romano, MD
Vice President, Global Medical
47

48. Pfizer in Neuroscience – Key Takeaways
Maximize value of marketed products
Aricept, Geodon, Lyrica, Chantix
27 assets in Clinical Development
Clinical Portfolio has almost doubled over the past 2 years
Number of patient studies has also doubled over the past 2 years
Keen focus on areas of value with heavy societal burden and high
unmet patient need
Alzheimer’s disease; Schizophrenia/Bipolar disorder
Expansion of potential alpha-2-delta applications in GAD and NRS
Pfizer committed to continued leadership
48

49. Q&A
49