Unassociated Document

EXHIBIT 99

PFIZER REPORTS SECOND-QUARTER 2010 RESULTS

§	Second-Quarter 2010 Revenues of $17.3 Billion

§	Second-Quarter 2010 Reported Diluted EPS(1) of $0.31, Adjusted Diluted EPS(2) of $0.62

§	Reaffirms 2010 Financial Guidance and 2012 Financial Targets

§	Strong Quarterly Performance Reflects More Balanced Business Mix and Product Portfolio

($ in millions, except per share amounts)

	Second-Quarter							Year-to-Date
	2010		2009		Change			2010		2009		Change
Reported Revenues	$	17,327	$	10,984		58	%	$	34,077	$	21,851		56	%
Reported Net Income(1)		2,475		2,261		9	%		4,501		4,990		(10	%)
Reported Diluted EPS(1)		0.31		0.34		(9	%)		0.56		0.74		(24	%)
Adjusted Income(2)		4,959		3,249		53	%		9,841		6,916		42	%
Adjusted Diluted EPS(2)		0.62		0.48		29	%		1.22		1.03		18	%

See end of text prior to tables for notes.

NEW YORK, N.Y., Tuesday, August 3, 2010 – Pfizer Inc. (NYSE: PFE) today reported financial results for second-quarter 2010. Since the acquisition of Wyeth was completed on October 15, 2009, legacy Wyeth products and operations are reflected in the first two quarters of 2010, but not reflected in the first two quarters of 2009. Second-quarter 2010 revenues were $17.3 billion, an increase of 58% compared with $11.0 billion in the year-ago quarter. Revenues for second-quarter 2010 compared with the year-ago quarter were favorably impacted by $5.4 billion, or 50%, due to the addition of the legacy Wyeth products, by $315 million, or 3%, due to legacy Pfizer products, and by $584 million, or 5%, due to foreign exchange. For second-quarter 2010, U.S. revenues were $7.4 billion, an increase of 63% compared with the year-ago quarter. International revenues were $9.9 billion, an increase of 54% compared with the prior-year quarter, which reflected 45% operational growth and a 9% favorable impact of foreign exchange. U.S. revenues represented 43% of total revenues in second-quarter 2010 compared with 41% in the year-ago quarter, while international revenues represented 57% of total revenues in second-quarter 2010 compared with 59% in the year-ago quarter.

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For first-half 2010, revenues were $34.1 billion, an increase of 56% compared with $21.9 billion in the same period in 2009. Revenues for first-half 2010 compared with the year-ago period were favorably impacted by $10.7 billion, or 49%, due to the addition of the legacy Wyeth products, by $173 million, or 1%, due to legacy Pfizer products, and by $1.3 billion, or 6%, due to foreign exchange. U.S. revenues were $14.7 billion, an increase of 55% compared with first-half 2009. International revenues were $19.4 billion, an increase of 57% compared with the same period last year, which reflected 46% operational growth and an 11% favorable impact of foreign exchange. U.S. revenues represented 43% and international revenues represented 57% of the total in first-half 2010, both comparable with first-half 2009.

Business Revenues

Pfizer operates two distinct commercial organizations: Biopharmaceutical and Diversified. Biopharmaceutical includes the Primary Care, Specialty Care, Established Products, Emerging Markets and Oncology customer-focused units, while Diversified includes Animal Health, Consumer Healthcare, Nutrition and Capsugel.

	Second-Quarter(13)
									Operational
($ in millions)	2010		2009(13)		Change		Foreign Exchange		Total		Legacy Pfizer

Primary Care(3)	$	5,923	$	5,160		15%		3%		12%		5%
Specialty Care(4)		3,769		1,423		165%		5%		160%		8%
Established Products(5)		2,730		1,670		63%		5%		58%		(10%)
Emerging Markets(6)		2,250		1,455		55%		11%		44%		11%
Oncology(7)		349		355		(2%)		2%		(4%)		(14%)

Biopharmaceutical		15,021		10,063		49%		5%		44%		3%

Animal Health(8)		893		648		38%		7%		31%		2%
Consumer Healthcare(9)		678		—		N/A		N/A		N/A		N/A
Nutrition(10)		476		—		N/A		N/A		N/A		N/A
Capsugel(11)		195		185		5%		1%		4%		4%

Diversified		2,242		833		169%		12%		157%		3%

Other(12)		64		88		(27%)		(3%)		(24%)		(24%)

Total	$	17,327	$	10,984		58%		5%		53%		3%

See end of text prior to tables for notes.

N/A – Not applicable

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For second-quarter 2010, revenues from Biopharmaceutical were $15.0 billion, an increase of 49% compared with $10.1 billion in the year-ago quarter. Operationally, revenues increased $4.5 billion, or 44%, which included $4.2 billion, or 41%, attributable to legacy Wyeth products, primarily Premarin in the Primary Care unit, Enbrel and the Prevnar/Prevenar franchise in the Specialty Care unit, Effexor in the Established Products unit as well as Enbrel and Prevenar in the Emerging Markets unit, and $313 million, or 3%, due to legacy Pfizer products. In addition, foreign exchange favorably impacted Biopharmaceutical revenues by 5% or $485 million.

Within the Biopharmaceutical units, legacy Pfizer operational performance was impacted in second-quarter 2010 compared with the year-ago quarter by the loss of exclusivity of certain products and by the resulting reclassification of Camptosar revenues among the units. Legacy Pfizer Oncology unit revenues no longer include Camptosar’s European revenues due to its loss of exclusivity in July 2009. Camptosar’s European revenues are included in the Established Products unit beginning in first-quarter 2010. This reclassification of revenues negatively impacted the Oncology unit’s performance by 20% in second-quarter 2010 compared with the prior-year quarter. Further, legacy Pfizer Established Products unit revenues in second-quarter 2010 were adversely impacted by 5% due to the loss of exclusivity for Norvasc in Canada in July 2009, partially offset by the favorable impact of 1% due to the addition of Camptosar’s European revenues.

For second-quarter 2010, revenues from Diversified were $2.2 billion, an increase of 169% compared with $833 million in the year-ago quarter. Operationally, revenues increased $1.3 billion, or 157%, which was primarily attributable to legacy Wyeth products, principally Centrum, Advil and Caltrate in Consumer Healthcare and infant and toddler Nutrition products. Additionally, foreign exchange favorably impacted Diversified revenues by 12% or $102 million.

Reported Net Income(1) and Reported Diluted EPS(1)

For second-quarter 2010, Pfizer posted reported net income(1) of $2.5 billion, an increase of 9% compared with $2.3 billion in the prior-year quarter, and reported diluted EPS(1) of $0.31, a decrease of 9% compared with $0.34 in the prior-year quarter. For first-half 2010, Pfizer posted reported net income(1) of $4.5 billion, a decrease of 10% compared with $5.0 billion in first-half 2009, and reported diluted EPS(1) of $0.56, a decline of 24% compared with $0.74 in the prior-year period. Results were favorably impacted by revenues from legacy Wyeth products and foreign exchange, and negatively impacted by the expenses associated with the legacy Wyeth operations as well as purchase accounting adjustments, integration charges and restructuring charges associated with the Wyeth acquisition, higher net interest expense primarily due to the borrowings used to partially fund the Wyeth acquisition and an increase in the effective tax rate.

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The effective tax rate on reported results increased to approximately 37% in second-quarter 2010 from approximately 26% in second-quarter 2009, and approximately 37% in first-half 2010 compared with approximately 27% in first-half 2009. These increases were primarily the result of higher charges incurred as a result of the acquisition of Wyeth and the mix of jurisdictions in which those charges were incurred.

Additionally, reported diluted EPS(1) in second-quarter 2010 and first-half 2010 was impacted by the increased number of shares outstanding in comparison with the corresponding periods in 2009 resulting from shares issued to partially fund the Wyeth acquisition.

Adjusted Income(2) and Adjusted Diluted EPS(2)

Second-quarter 2010 adjusted income(2) was $5.0 billion, an increase of 53% compared with $3.2 billion in the year-ago quarter, and adjusted diluted EPS(2) was $0.62, an increase of 29% compared with $0.48 in the year-ago quarter. For first-half 2010, Pfizer posted adjusted income(2) of $9.8 billion, an increase of 42% compared with $6.9 billion in first-half 2009, and adjusted diluted EPS(2) of $1.22, an increase of 18% compared with $1.03 in the prior-year period. Results were favorably impacted by revenues from legacy Wyeth products and foreign exchange, which were partially offset by the expenses associated with the legacy Wyeth operations as well as higher net interest expense primarily due to the borrowings used to partially fund the acquisition of Wyeth and an increase in the effective tax rate.

The effective tax rate on adjusted income(2) increased to approximately 32% in second-quarter 2010 compared with approximately 28% in second-quarter 2009, and approximately 31% in first-half 2010 compared with approximately 29% in first-half 2009. These increases were primarily the result of certain business decisions made in connection with the acquisition of Wyeth and the change in the jurisdictional mix of earnings.

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Additionally, adjusted diluted EPS(2) in second-quarter 2010 and first-half 2010 was impacted by the increased number of shares outstanding in comparison with the corresponding periods in 2009 resulting from shares issued to partially fund the Wyeth acquisition.

In second-quarter 2010, adjusted cost of sales(2) as a percentage of revenues was 17.0% compared with 15.4% in second-quarter 2009. This increase primarily reflects the change in the mix of products and businesses as a result of the Wyeth acquisition. Excluding the impact of foreign exchange, adjusted cost of sales(2) as a percentage of revenues was 18.2% in second-quarter 2010.

Adjusted SI&A expenses(2) were $4.7 billion in second-quarter 2010, an increase of 45% compared with $3.3 billion in the prior-year quarter. This increase was attributable primarily to the addition of the legacy Wyeth operations. Foreign exchange increased second-quarter 2010 adjusted SI&A expenses(2) by $126 million compared with the year-ago quarter.

Adjusted R&D expenses(2) were $2.2 billion in second-quarter 2010, an increase of 32% compared with $1.7 billion in the prior-year period. This increase was attributable primarily to the addition of the legacy Wyeth operations and continued investment in the late-stage development portfolio. Foreign exchange increased second-quarter 2010 adjusted R&D expenses(2) by $21 million compared with the year-ago quarter.

Overall, foreign exchange increased adjusted total costs(14) by $48 million, or 1%, in second-quarter 2010 compared with the prior-year period.

Executive Commentary

Jeff Kindler, Chairman and Chief Executive Officer, stated, “During the quarter, Pfizer’s more balanced global portfolio, which includes small molecules, biologics and vaccines as well as off-patent pharmaceuticals and diversified products generated strong performance in a period of notable worldwide economic uncertainty. Within our Biopharmaceutical businesses, our recently launched vaccine for the prevention of pneumococcal disease in children, Prevnar/Prevenar 13, was a strong contributor, while many key products in our Primary Care, Specialty Care and Oncology units also performed well on a global basis. The Emerging Markets unit continued to benefit from our on-going investment, with year-over-year operational growth on a legacy Pfizer basis of 11%(13). Within that unit, revenues in our six key markets, led by China, increased a combined 19% on a legacy Pfizer operational basis to approximately $800 million.”

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“We continue to make solid progress on the Wyeth integration while we remain focused on delivering strong business performance. We expect to receive phase three clinical data for tasocitinib in rheumatoid arthritis, Sutent in lung cancer, Prevnar 13 for the prevention of pneumococcal disease in adults, axitinib in renal cell carcinoma and bosutinib in chronic myelogenous leukemia during the balance of this year. Within the Established Products unit, we anticipate continued new product launches, and within the Emerging Markets unit, we plan to continue our expansion in China and other key markets. Within our Diversified businesses, we plan to continue launching new innovations in markets around the world to grow and strengthen our product offerings, such as in our vitamin and infant formula product lines. We believe that these actions, in addition to a modest level of business development, will continue to support consistent, solid financial results,” continued Mr. Kindler.

Frank D’Amelio, Chief Financial Officer, stated, “Based on our year-to-date performance, continued confidence in the business, progress on both our cost-reduction initiatives and the Wyeth integration as well as our future outlook, we are reaffirming our 2010 financial guidance and our 2012 financial targets. At this point, we anticipate that 2010 adjusted diluted EPS(2) will be at the upper-end of our guidance range, with expenses at the lower-end of our ranges. Given the continued strength of our balance sheet and significant operating cash flow, we remain confident that we have the financial wherewithal to successfully execute our strategies and continue to meet our financial objectives. Additionally, during the second quarter, we repurchased approximately $500 million, or 31 million shares, of our common stock.”

2010 Financial Guidance(16)

For full-year 2010, Pfizer’s financial guidance, at current exchange rates(15), is summarized below.

Reported Revenues	$67.0 to $69.0 billion
Adjusted Cost of Sales(2) as a Percentage of Revenues	19.0% to 20.0%
Adjusted SI&A Expenses(2)	$19.0 to $20.0 billion
Adjusted R&D Expenses(2)	$9.1 to $9.6 billion
Adjusted Other (Income)/Deductions(2)	$1.2 to $1.4 billion
Effective Tax Rate on Adjusted Income(2)	Approximately 30%
Reported Diluted EPS(1)	$0.95 to $1.10
Adjusted Diluted EPS(2)	$2.10 to $2.20

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2012 Financial Targets

The Company is reaffirming all elements of its 2012 financial targets. As previously stated, given the longer-term nature of these targets, they are subject to greater variability and less certainty as a result of potential material impacts related to foreign exchange fluctuations, macroeconomic activity including inflation, and industry-specific challenges including changes to government healthcare policy, among others.

For 2012, at current exchange rates(15), Pfizer is targeting reported revenues between $65.2 and $67.7 billion, reported diluted EPS(1) between $1.58 and $1.73, adjusted diluted EPS(2) between $2.25 and $2.35, adjusted R&D expenses(2) between $8.0 and $8.5 billion, adjusted operating margin(2) in a range of the high 30%s to low 40%s and adjusted other (income)/deductions(2) between $1.0 and $1.2 billion in deductions. The effective tax rate on adjusted income(2) is targeted at approximately 30%, while operating cash flow is expected to be at least $19.0 billion.

Additionally, the Company remains on-track to achieve the cost-reduction target of approximately $4 to $5 billion, by the end of 2012, at 2008 average foreign exchange rates, in comparison with the 2008 pro-forma adjusted total costs(14) of Pfizer and the legacy Wyeth operations.

For additional details, please see the attached financial schedules, product revenue tables, supplemental information and disclosure notice.

(1)

“Reported Net Income” is defined as net income attributable to Pfizer Inc. in accordance with U.S. generally accepted accounting principles. “Reported Diluted EPS” is defined as reported diluted EPS attributable to Pfizer Inc. common shareholders in accordance with U.S. generally accepted accounting principles.

(2)

"Adjusted Income" and its components and "Adjusted Diluted Earnings Per Share (EPS)" are defined as reported net income(1) and its components and reported diluted EPS(1) excluding purchase accounting adjustments, acquisition-related costs, discontinued operations and certain significant items. Adjusted Cost of Sales, Adjusted SI&A expenses, Adjusted R&D expenses and Adjusted Other (Income)/Deductions are income statement line items prepared on the same basis, and therefore, components of the overall adjusted income measure. As described under Adjusted Income in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of Pfizer's Form 10-Q for the fiscal quarter ended April 4, 2010, management uses adjusted income, among other factors, to set performance goals and to measure the performance of the overall company. We believe that investors' understanding of our performance is enhanced by disclosing this measure. Reconciliations of second-quarter 2010 and 2009 and first-half 2010 and 2009 adjusted income and its components and adjusted diluted EPS to reported net income(1) and its components and reported diluted EPS(1), as well as reconciliations of full-year 2010 guidance and 2012 targets for adjusted income and adjusted diluted EPS to full-year 2010 guidance and 2012 targets for reported net income(1) and reported diluted EPS(1), are provided in the materials accompanying this report. The adjusted income and its components and adjusted diluted EPS measures are not, and should not be viewed as, substitutes for U.S. GAAP net income and its components and diluted EPS.

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(3)

The Primary Care unit includes revenues from human pharmaceutical products primarily prescribed by primary-care physicians, and may include, but are not limited to, products in the following therapeutic and disease areas: Alzheimer’s disease, anxiety, cardiovascular (excluding pulmonary arterial hypertension), diabetes, pain, genitourinary, obesity, osteoporosis and respiratory. Examples of products in this unit include, but are not limited to, Celebrex, Lipitor, Lyrica, Premarin, Pristiq and Viagra. All revenues for such products are allocated to the Primary Care unit, except those generated in emerging markets(6) and those that are managed by the Established Products(5) unit.

(4)

The Specialty Care unit includes revenues from human pharmaceutical products primarily prescribed by physicians who are specialists, and may include, but are not limited to, products in the following therapeutic and disease areas: antibacterials, antifungals, antivirals, bone, inflammation, gastrointestinal, growth hormones, multiple sclerosis, ophthalmology, pulmonary arterial hypertension and psychosis. Examples of products in this unit include, but are not limited to, Enbrel, Genotropin, Geodon, the Prevnar/Prevenar franchise, Xalatan and Zyvox. All revenues for such products are allocated to the Specialty Care unit, except those generated in emerging markets(6) and those that are managed by the Established Products(5) unit.

(5)

The Established Products unit generally includes revenues from human prescription pharmaceutical products that have lost patent protection or marketing exclusivity in certain countries and/or regions. In certain situations, products may be transferred to this unit before losing patent protection or marketing exclusivity in order to maximize their value. This unit also excludes revenues generated in emerging markets(6). Examples of products in this unit include, but are not limited to, Arthrotec, Effexor, Medrol, Norvasc and Relpax.

(6)	The Emerging Markets unit includes revenues from all human prescription pharmaceutical products sold in emerging markets, including, but not limited to, Asia (excluding Japan and South Korea), Latin America, Middle East, Africa, Central and Eastern Europe, Russia and Turkey.

(7)

The Oncology unit includes revenues from human oncology and oncology-related products. Examples of products in this unit include, but are not limited to, Aromasin, Sutent and Torisel. All revenues for such products are allocated to the Oncology unit, except those generated in emerging markets(6) and those that are managed by the Established Products(5) unit.

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(8)	Animal Health includes worldwide revenues from products to prevent and treat disease in livestock and companion animals, including vaccines, paraciticides and anti-infectives.

(9)

Consumer Healthcare generally includes worldwide revenues from non-prescription medicines and vitamins and may include, but are not limited to, products in the following therapeutic categories: pain management, nutritionals, respiratory and GI-topicals. Examples of products in Consumer Healthcare include, but are not limited to, Advil, Centrum, Caltrate, ChapStick and Robitussin.

(10)	Nutrition generally includes revenues from a full line of infant and toddler nutritional products sold outside of North America. Examples of products in Nutrition include, but are not limited to, the S-26 and SMA product lines as well as formula for infants with special nutritional needs.

(11)	Capsugel generally includes worldwide revenues from capsule products and services for the pharmaceutical and associated healthcare industries.

(12)	Includes revenues generated primarily from Pfizer Centersource.

(13)

In Biopharmaceutical, revenues from South Korea in 2009 have been reclassified from the Emerging Markets unit to the appropriate developed market units to conform to the current-year presentation, which reflects the fact that the commercial operations of South Korea, effective January 1, 2010, are managed within the appropriate developed market units.

(14)	Represents the total of Adjusted Cost of Sales(2), Adjusted SI&A expenses(2) and Adjusted R&D expenses(2).

(15)

The current exchange rates assumed in connection with the 2010 financial guidance are a blend of the average of the actual exchange rates in effect during first-half 2010 and the mid-July 2010 exchange rates for the remainder of the year. The current exchanges rates assumed in connection with the 2012 financial targets are the mid-July 2010 exchange rates.

(16)	This guidance does not assume the completion of any business-development transactions not completed as of July 4, 2010. This guidance also excludes the potential effects of the resolution of litigation-related matters not substantially resolved as of July 4, 2010.

Contacts:
	Media	Investors
	Joan Campion 212.733.2798	Suzanne Harnett 212.733.8009

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PFIZER INC. AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(millions, except per common share data)

	Second Quarter					% Incr. /			Six Months				% Incr. /
	2010			2009		(Decr.)			2010		2009		(Decr.)
Revenues	$	17,327		$	10,984		58		$	34,077	$	21,851		56
Costs and expenses:
Cost of sales (a)		3,795			1,756		116			8,101		3,164		156
Selling, informational and administrative expenses (a)		4,807			3,350		43			9,243		6,226		48
Research and development expenses (a)		2,187			1,695		29			4,413		3,400		30
Amortization of intangible assets		1,407			583		141			2,816		1,161		143
Acquisition-related in-process research and development charges		-			20		*			74		20		270
Restructuring charges and certain acquisition-related costs		886			459		93			1,592		1,013		57
Other (income)/deductions--net		271			72		276			685		15		*
Income from continuing operations before provision
for taxes on income		3,974			3,049		30			7,153		6,852		4
Provision for taxes on income		1,488			786		89			2,634		1,860		42
Income from continuing operations		2,486			2,263		10			4,519		4,992		(9	)
Discontinued operations--net of tax		(1	)		3		(133	)		1		4		(75	)
Net income before allocation to noncontrolling interests		2,485			2,266		10			4,520		4,996		(10	)
Less: Net income attributable to noncontrolling interests		10			5		100			19		6		217
Net income attributable to Pfizer Inc.	$	2,475		$	2,261		9		$	4,501	$	4,990		(10	)
Earnings per share - basic:
Income from continuing operations attributable to Pfizer Inc. common shareholders	$	0.31		$	0.34		(9	)	$	0.56	$	0.74		(24	)
Discontinued operations--net of tax		-			-		--			-		-		--
Net income attributable to Pfizer Inc. common shareholders	$	0.31		$	0.34		(9	)	$	0.56	$	0.74		(24	)
Earnings per share - diluted:
Income from continuing operations attributable to Pfizer Inc. common shareholders	$	0.31		$	0.34		(9	)	$	0.56	$	0.74		(24	)
Discontinued operations--net of tax		-			-		--			-		-		--
Net income attributable to Pfizer Inc. common shareholders	$	0.31		$	0.34		(9	)	$	0.56	$	0.74		(24	)
Weighted-average shares used to calculate earnings per common share:
Basic		8,046			6,728					8,053		6,726
Diluted		8,072			6,752					8,085		6,752

(a)	Exclusive of amortization of intangible assets, except as discussed in footnote 5 below.

Calculation not meaningful.

Certain amounts and percentages may reflect rounding adjustments.

The above financial statements present the three-month and six-month periods ended July 4, 2010 and June 28, 2009. Subsidiaries operating outside the United States are included for the three-month and six-month periods ended May 31, 2010 and May 24, 2009. Wyeth's results are included in our consolidated financial statements commencing from the acquisition date of October 15, 2009, in accordance with Pfizer's domestic and international year-ends. Therefore, our results of operations for the three-month and six-month periods ended June 28, 2009 do not include Wyeth's results of operations. Cost of sales for 2010 includes the significant impacts of purchase accounting adjustments associated with inventory acquired from Wyeth that was sold in 2010. Amortization of intangible assets for 2010 includes the amortization of intangible assets acquired from Wyeth.

2.	The financial results for the three-month and six-month periods ended July 4, 2010, are not necessarily indicative of the results which could ultimately be achieved for the current year.

Included in Restructuring charges and certain acquisition-related costs for the three-month and six-month periods ended June 28, 2009 are $184 million and $553 million, respectively, of transaction costs, such as banking, legal, accounting and other similar costs, directly related to our acquisition of Wyeth.

In the first six months of 2010, we recorded $74 million of Acquisition-related in-process research and development charges (IPR&D) due to the resolution of contingencies associated with our 2008 acquisition of CovX. In the second quarter of 2009, we recorded $20 million of IPR&D due to the resolution of contingencies associated with our 2008 acquisition of CovX.

Amortization expense related to acquired intangible assets that contribute to our ability to sell, manufacture, research, market and distribute our products is included in Amortization of intangible assets as these intangible assets benefit multiple business functions. Amortization expense related to acquired intangible assets that are associated with a single function is included in Cost of sales, Selling, informational and administrative expenses or Research and development expenses, as appropriate.

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PFIZER INC. AND SUBSIDIARY COMPANIES

RECONCILIATION OF REPORTED NET INCOME ATTRIBUTABLE TO PFIZER INC. AND ITS COMPONENTS

AND REPORTED DILUTED EPS ATTRIBUTABLE TO PFIZER INC. COMMON SHAREHOLDERS

TO ADJUSTED INCOME AND ITS COMPONENTS AND ADJUSTED DILUTED EPS (a)

(UNAUDITED)

(millions of dollars, except per common share data)

	Quarter Ended July 4, 2010
				Purchase			Acquisition-					Certain
				Accounting			Related			Discontinued		Significant
	Reported			Adjustments			Costs(2)			Operations		Items(3)			Adjusted
Revenues	$	17,327		$	-		$	-		$	-	$	(6	)	$	17,321
Costs and expenses:
Cost of sales (b)		3,795			(727	)		(113	)		-		(4	)		2,951
Selling, informational and administrative expenses (b)		4,807			10			(102	)		-		12			4,727
Research and development expenses (b)		2,187			(5	)		-			-		-			2,182
Amortization of intangible assets		1,407			(1,373	)		-			-		-			34
Acquisition-related in-process research and development charges		-			-			-			-		-			-
Restructuring charges and certain acquisition-related costs		886			-			(886	)		-		-			-
Other (income)/deductions--net		271			(3	)		-			-		(111	)		157
Income from continuing operations before provision
for taxes on income		3,974			2,098			1,101			-		97			7,270
Provision for taxes on income		1,488			540			237			-		36			2,301
Income from continuing operations		2,486			1,558			864			-		61			4,969
Discontinued operations--net of tax		(1	)		-			-			1		-			-
Net income before allocation to noncontrolling interests		2,485			1,558			864			1		61			4,969
Less: Net income attributable to noncontrolling interests		10			-			-			-		-			10
Net income attributable to Pfizer Inc.	$	2,475		$	1,558		$	864		$	1	$	61		$	4,959
Earnings per common share - diluted:
Income from continuing operations attributable to
Pfizer Inc. common shareholders	$	0.31		$	0.19		$	0.11		$	-	$	0.01		$	0.62
Discontinued operations--net of tax		-			-			-			-		-			-
Net income attributable to Pfizer Inc. common shareholders	$	0.31		$	0.19		$	0.11		$	-	$	0.01		$	0.62

	Six Months Ended July 4, 2010
			Purchase			Acquisition-						Certain
			Accounting			Related			Discontinued			Significant
	Reported		Adjustments			Costs(2)			Operations			Items(3)			Adjusted
Revenues	$	34,077	$	-		$	-		$	-		$	(13	)	$	34,064
Costs and expenses:
Cost of sales (b)		8,101		(2,077	)		(126	)		-			(12	)		5,886
Selling, informational and administrative expenses (b)		9,243		9			(162	)		-			12			9,102
Research and development expenses (b)		4,413		(15	)		(20	)		-			-			4,378
Amortization of intangible assets		2,816		(2,756	)		-			-			-			60
Acquisition-related in-process research and development charges		74		(74	)		-			-			-			-
Restructuring charges and certain acquisition-related costs		1,592		-			(1,592	)		-			-			-
Other (income)/deductions--net		685		(26	)		-			-			(292	)		367
Income from continuing operations before provision
for taxes on income		7,153		4,939			1,900			-			279			14,271
Provision for taxes on income		2,634		1,252			463			-			62			4,411
Income from continuing operations		4,519		3,687			1,437			-			217			9,860
Discontinued operations--net of tax		1		-			-			(1	)		-			-
Net income before allocation to noncontrolling interests		4,520		3,687			1,437			(1	)		217			9,860
Less: Net income attributable to noncontrolling interests		19		-			-			-			-			19
Net income attributable to Pfizer Inc.	$	4,501	$	3,687		$	1,437		$	(1	)	$	217		$	9,841
Earnings per common share - diluted:
Income from continuing operations attributable to
Pfizer Inc. common shareholders	$	0.56	$	0.45		$	0.18		$	-		$	0.03		$	1.22
Discontinued operations--net of tax		-		-			-			-			-			-
Net income attributable to Pfizer Inc. common shareholders	$	0.56	$	0.45		$	0.18		$	-		$	0.03		$	1.22

(a)	Adjusted income and its components and adjusted diluted EPS are not, and should not be viewed as, substitutes for U.S. GAAP net income and its components and diluted EPS.

(b)	Exclusive of amortization of intangible assets, except as discussed in note 1.

See end of tables for notes.

Certain amounts may reflect rounding adjustments.

- 11 -

PFIZER INC. AND SUBSIDIARY COMPANIES

RECONCILIATION OF REPORTED NET INCOME ATTRIBUTABLE TO PFIZER INC. AND ITS COMPONENTS

AND REPORTED DILUTED EPS ATTRIBUTABLE TO PFIZER INC. COMMON SHAREHOLDERS

TO ADJUSTED INCOME AND ITS COMPONENTS AND ADJUSTED DILUTED EPS (a)

(UNAUDITED)

(millions of dollars, except per common share data)

	Quarter Ended June 28, 2009
			Purchase			Acquisition-						Certain
			Accounting			Related			Discontinued			Significant
	Reported		Adjustments			Costs(2)			Operations			Items(3)			Adjusted
Revenues	$	10,984	$	-		$	-		$	-		$	(18	)	$	10,966
Costs and expenses:
Cost of sales (b)		1,756		-			-			-			(70	)		1,686
Selling, informational and administrative expenses (b)		3,350		3			-			-			(89	)		3,264
Research and development expenses (b)		1,695		(7	)		-			-			(32	)		1,656
Amortization of intangible assets		583		(556	)		-			-			-			27
Acquisition-related in-process research and development charges		20		(20	)		-			-			-			-
Restructuring charges and certain acquisition-related costs		459		-			(285	)		-			(174	)		-
Other (income)/deductions--net		72		(1	)		-			-			(263	)		(192	)
Income from continuing operations before provision
for taxes on income		3,049		581			285			-			610			4,525
Provision for taxes on income		786		165			100			-			220			1,271
Income from continuing operations		2,263		416			185			-			390			3,254
Discontinued operations--net of tax		3		-			-			(3	)		-			-
Net income before allocation to noncontrolling interests		2,266		416			185			(3	)		390			3,254
Less: Net income attributable to noncontrolling interests		5		-			-			-			-			5
Net income attributable to Pfizer Inc.	$	2,261	$	416		$	185		$	(3	)	$	390		$	3,249
Earnings per common share - diluted:
Income from continuing operations attributable to
Pfizer Inc. common shareholders	$	0.34	$	0.06		$	0.02		$	-		$	0.06		$	0.48
Discontinued operations--net of tax		-		-			-			-			-			-
Net income attributable to Pfizer Inc. common shareholders	$	0.34	$	0.06		$	0.02		$	-		$	0.06		$	0.48

	Six Months Ended June 28, 2009
			Purchase			Acquisition-						Certain
			Accounting			Related			Discontinued			Significant
	Reported		Adjustments			Costs(2)			Operations			Items(3)			Adjusted
Revenues	$	21,851	$	-		$	-		$	-		$	(40	)	$	21,811
Costs and expenses:
Cost of sales (b)		3,164		-			-			-			(164	)		3,000
Selling, informational and administrative expenses (b)		6,226		6			-			-			(135	)		6,097
Research and development expenses (b)		3,400		(14	)		-			-			(65	)		3,321
Amortization of intangible assets		1,161		(1,096	)		-			-			-			65
Acquisition-related in-process research and development charges		20		(20	)		-			-			-			-
Restructuring charges and certain acquisition-related costs		1,013		-			(682	)		-			(331	)		-
Other (income)/deductions--net		15		(3	)		-			-			(428	)		(416	)
Income from continuing operations before provision
for taxes on income		6,852		1,127			682			-			1,083			9,744
Provision for taxes on income		1,860		357			245			-			360			2,822
Income from continuing operations		4,992		770			437			-			723			6,922
Discontinued operations--net of tax		4		-			-			(4	)		-			-
Net income before allocation to noncontrolling interests		4,996		770			437			(4	)		723			6,922
Less: Net income attributable to noncontrolling interests		6		-			-			-			-			6
Net income attributable to Pfizer Inc.	$	4,990	$	770		$	437		$	(4	)	$	723		$	6,916
Earnings per common share - diluted:
Income from continuing operations attributable to
Pfizer Inc. common shareholders	$	0.74	$	0.11		$	0.07		$	-		$	0.11		$	1.03
Discontinued operations--net of tax		-		-			-			-			-			-
Net income attributable to Pfizer Inc. common shareholders	$	0.74	$	0.11		$	0.07		$	-		$	0.11		$	1.03

(a)	Adjusted income and its components and adjusted diluted EPS are not, and should not be viewed as, substitutes for U.S. GAAP net income and its components and diluted EPS.

(b)	Exclusive of amortization of intangible assets, except as discussed in note 1.

See end of tables for notes.

Certain amounts may reflect rounding adjustments.

- 12 -

PFIZER INC. AND SUBSIDIARY COMPANIES

RECONCILIATION OF REPORTED NET INCOME ATTRIBUTABLE TO PFIZER INC. AND ITS COMPONENTS

AND REPORTED DILUTED EPS ATTRIBUTABLE TO PFIZER INC. COMMON SHAREHOLDERS

TO ADJUSTED INCOME AND ITS COMPONENTS AND ADJUSTED DILUTED EPS

(UNAUDITED)

2)	Acquisition-related costs includes the following:

	Second Quarter						Six Months
(millions of dollars)	2010			2009			2010			2009

Transaction costs (a)	$	4		$	184		$	13		$	553
Integration costs (a)		211			101			419			129
Restructuring charges (a)		671			-			1,160			-
Additional depreciation - asset restructuring (b)		215			-			308			-
Total acquisition-related costs -- pre-tax		1,101			285			1,900			682
Income taxes (c)		(237	)		(100	)		(463	)		(245	)
Total acquisition-related costs -- net of tax	$	864		$	185		$	1,437		$	437

(a)

Transaction costs include costs directly related to our acquisition of Wyeth, such as banking, legal, accounting and other similar costs. Integration costs represent external, incremental costs directly related to integrating Wyeth and primarily include expenditures for consulting and systems integration. Restructuring charges relate to our acquisition of Wyeth and include employee termination costs, asset impairments and exit costs.

(b)

Represents the impact of changes in the estimated useful lives of assets involved in restructuring actions related to our acquisition of Wyeth. Included in Cost of Sales ($113 million) and Selling, informational and administrative expenses ($102 million) for the three months ended July 4, 2010. Included in Cost of Sales ($126 million), Selling, informational and administrative expenses ($162 million) and Research and development expenses ($20 million) for the six months ended July 4, 2010.

(c)

Included in Provision for taxes on income.

3)	Certain significant items includes the following:

	Second Quarter						Six Months
(millions of dollars)	2010			2009			2010			2009

Restructuring charges - Cost-reduction initiatives (a)	$	-		$	174		$	-		$	331
Implementation costs - Cost-reduction initiatives (b)		-			156			-			330
Certain legal matters (c)		-			(2	)		142			130
Net interest expense (d)		-			206			-			229
Asset impairment charges (e)		207			66			207			66
Other (f)		(110	)		10			(70	)		(3	)
Total certain significant items -- pre-tax		97			610			279			1,083
Income taxes (g)		(36	)		(220	)		(62	)		(360	)
Total certain significant items -- net of tax	$	61		$	390		$	217		$	723

(a)

Included in Restructuring charges and certain acquisition-related costs.

(b)

Included in Cost of sales ($45 million), Selling, informational and administrative expenses ($85 million), Research and development expenses ($32 million), and Other (income)/deductions - net ($6 million income) for the three months ended June 28, 2009. Included in Cost of sales ($121 million), Selling, informational and administrative expenses ($131 million), Research and development expenses ($73 million), and Other (income)/deductions - net ($5 million) for the six months ended June 28, 2009.

(c)

Included in Other (income)/deductions - net.

(d)

Included in Other (income)/deductions - net. Includes interest expense on the senior unsecured notes issued in connection with our acquisition of Wyeth less interest income earned on the proceeds of those notes.

(e)

Included in Other (income)/deductions - net. Primarily represents impairment charges related to in-process research and development (“IPR&D”) intangible assets which were acquired in connection with our acquisition of Wyeth.

(f)

Included in Other (income)/deductions - net. 2010 primarily represents gain on sale of certain Pfizer Animal Health products.

(g)

Included in Provision for taxes on income.

- 13 -

PFIZER INC.

BUSINESS REVENUES(1),(2)

FIRST SIX MONTHS OF 2010 and 2009

(UNAUDITED)

(millions of dollars)

											Operational
	2010		2009(2)		Change			Foreign Exchange			Total			Legacy Pfizer
Primary Care	$	11,789	$	10,500		12	%		4	%		8	%		2	%
Specialty Care		7,292		2,888		152	%		7	%		145	%		3	%
Established Products		5,514		3,329		66	%		6	%		60	%		-11	%
Emerging Markets		4,222		2,741		54	%		10	%		44	%		9	%
Oncology		710		707		-			3	%		-3	%		-14	%
Biopharmaceutical		29,527		20,165		46	%		5	%		41	%		-

Animal Health		1,739		1,185		47	%		9	%		38	%		8	%
Consumer Healthcare		1,341		-		*			*			*			*
Nutrition		934		-		*			*			*			*
Capsugel		369		339		9	%		3	%		6	%		6	%
Diversified		4,383		1,524		188	%		14	%		174	%		8	%

Other		167		162		3	%		1	%		2	%		2	%

TOTAL	$	34,077	$	21,851		56	%		6	%		50	%		1	%

* -	Calculation not meaningful

(1)	See notes 3-12 in the accompanying earnings release for a description of each business unit and of "Other".

(2)

- 14 -

PFIZER INC.

REVENUES

SECOND QUARTER 2010

(UNAUDITED)

(millions of dollars)

	WORLDWIDE										UNITED STATES							TOTAL INTERNATIONAL(1)

	2010		2009		% Change						2010		2009		% Change			2010		2009		% Change
					Total			Oper.							Total							Total			Oper.
TOTAL REVENUES	$	17,327	$	10,984		58	%		52	%	$	7,381	$	4,524		63	%	$	9,946	$	6,460		54	%		45	%
TOTAL BIOPHARMACEUTICAL:	$	15,021	$	10,063		49	%		44	%	$	6,649	$	4,190		59	%	$	8,372	$	5,873		43	%		34	%
Lipitor		2,813		2,685		5	%		-			1,313		1,314		-			1,500		1,371		9	%		1	%
Enbrel (Outside the U.S. and Canada)***		808		-		*			*			-		-		*			808		-		*			*
Lyrica		762		629		21	%		19	%		365		324		13	%		397		305		30	%		25	%
Effexor***		621		-		*			*			492		-		*			129		-		*			*
Celebrex		604		548		10	%		7	%		398		390		2	%		206		158		30	%		21	%
Viagra		491		423		16	%		12	%		234		207		13	%		257		216		19	%		11	%
Xalatan / Xalacom		449		395		14	%		10	%		151		118		28	%		298		277		8	%		2	%
Prevnar / Prevenar 13***		569		-		*			*			483		-		*			86		-		*			*
Prevnar / Prevenar 7***		331		-		*			*			33		-		*			298		-		*			*
Norvasc		422		518		(19	%)		(23	%)		11		16		(31	%)		411		502		(18	%)		(23	%)
Zyvox		299		257		16	%		14	%		154		138		12	%		145		119		22	%		18	%
Detrol / Detrol LA		260		273		(5	%)		(7	%)		176		192		(8	%)		84		81		4	%		(3	%)
Premarin Family***		260		-		*			*			238		-		*			22		-		*			*
Sutent		255		223		14	%		11	%		62		56		11	%		193		167		16	%		11	%
Geodon / Zeldox		247		231		7	%		6	%		205		192		7	%		42		39		8	%		2	%
Zosyn / Tazocin***		230		-		*			*			150		-		*			80		-		*			*
Genotropin		233		207		13	%		10	%		60		50		20	%		173		157		10	%		6	%
Vfend		207		180		15	%		12	%		63		54		17	%		144		126		14	%		10	%
Chantix / Champix		170		192		(11	%)		(16	%)		72		116		(38	%)		98		76		29	%		19	%
Benefix***		164		-		*			*			77		-		*			87		-		*			*
Zoloft		144		125		15	%		9	%		19		22		(14	%)		125		103		21	%		14	%
Caduet		126		128		(2	%)		(6	%)		84		99		(15	%)		42		29		45	%		23	%
Aromasin		122		114		7	%		4	%		41		39		5	%		81		75		8	%		3	%
Revatio		122		94		30	%		27	%		75		59		27	%		47		35		34	%		26	%
Pristiq***		113		-		*			*			99		-		*			14		-		*			*
Medrol		113		110		3	%		1	%		30		35		(14	%)		83		75		11	%		8	%
Cardura		110		114		(4	%)		(7	%)		2		2		-			108		112		(4	%)		(8	%)
Zithromax / Zmax		110		100		10	%		5	%		2		4		(50	%)		108		96		13	%		6	%
Aricept**		103		108		(5	%)		(11	%)		-		-		*			103		108		(5	%)		(11	%)
Refacto / Xyntha***		98		-		*			*			18		-		*			80		-		*			*
Alliance Revenue		1,061		598		77	%		75	%		750		352		113	%		311		246		26	%		19	%
(Enbrel (in the U.S. and Canada)***, Aricept, Rebif, and Exforge)
All Other Biopharmaceutical		2,604		1,811		44	%		38	%		792		411		93	%		1,812		1,400		29	%		22	%
All Other Established Products		2,022		1,524		33	%		27	%		540		373		45	%		1,482		1,151		29	%		22	%
Legacy Pfizer Other Established Products		1,590		1,524		4	%		-			359		373		(4	%)		1,231		1,151		7	%		-
TOTAL DIVERSIFIED:	$	2,242	$	833		169	%		157	%	$	713	$	316		126	%	$	1,529	$	517		196	%		175	%
ANIMAL HEALTH***		893		648		38	%		31	%		338		261		30	%		555		387		43	%		32	%
CONSUMER HEALTHCARE***		678		-		*			*			327		-		*			351		-		*			*
NUTRITION***		476		-		*			*			-		-		*			476		-		*			*
CAPSUGEL		195		185		5	%		4	%		48		55		(13	%)		147		130		13	%		10	%
OTHER****	$	64	$	88		(27	%)		(24	%)	$	19	$	18		6	%	$	45	$	70		(36	%)		(33	%)

*	- Calculation not meaningful.

**	- Includes direct sales under license agreement with Eisai Co., Ltd.

***	- Legacy Wyeth products and operations. Animal Health results for the second quarter of 2010 also reflect the addition of legacy Wyeth products.

Wyeth's results are included in our financial statements commencing from the acquisition date of October 15, 2009, in accordance with Pfizer's domestic and international year-ends.

Therefore, our results for the second quarter of 2009 do not include Wyeth's results of operations.

****	- Includes revenues generated primarily from Pfizer Centersource.

Certain amounts and percentages may reflect rounding adjustments.

(1)	Total International represents Developed Europe region + Developed Rest of World region + Emerging Markets region.

Details for these regions are located on the following page.

- 15 -

PFIZER INC.

REVENUES

DETAIL OF INTERNATIONAL REVENUES BY GEOGRAPHIC REGION

SECOND QUARTER 2010

(UNAUDITED)

(millions of dollars)

	DEVELOPED EUROPE(1)										DEVELOPED REST OF WORLD(2)										EMERGING MARKETS(3)

	2010		2009		% Change						2010		2009		% Change						2010		2009		% Change
					Total			Oper.							Total			Oper.							Total			Oper.
TOTAL INTERNATIONAL REVENUES	$	4,142	$	2,909		42	%		41	%	$	2,709	$	1,910		42	%		25	%	$	3,095	$	1,641		89	%		76	%
TOTAL INTERNATIONAL BIOPHARMACEUTICAL:	$	3,670	$	2,621		40	%		38	%	$	2,452	$	1,797		36	%		25	%	$	2,250	$	1,455		55	%		44	%
Lipitor		664		675		(2	%)		(3	%)		571		475		20	%		2	%		265		221		20	%		11	%
Enbrel (Outside the U.S. and Canada)***		547		-		*			*			106		-		*			*			155		-		*			*
Lyrica		268		221		21	%		20	%		51		34		50	%		25	%		78		50		56	%		47	%
Effexor***		63		-		*			*			41		-		*			*			25		-		*			*
Celebrex		43		49		(12	%)		(9	%)		84		55		53	%		35	%		79		54		46	%		34	%
Viagra		97		100		(3	%)		(5	%)		49		38		29	%		11	%		111		78		42	%		30	%
Xalatan / Xalacom		146		141		4	%		2	%		102		92		11	%		1	%		50		44		14	%		3	%
Prevnar / Prevenar 13***		69		-		*			*			2		-		*			*			15		-		*			*
Prevnar / Prevenar 7***		101		-		*			*			61		-		*			*			136		-		*			*
Norvasc		55		58		(5	%)		(8	%)		232		327		(29	%)		(34	%)		124		117		6	%		3	%
Zyvox		73		64		14	%		14	%		35		29		21	%		15	%		37		26		42	%		30	%
Detrol / Detrol LA		43		47		(9	%)		(12	%)		25		21		19	%		8	%		16		13		23	%		12	%
Premarin Family***		3		-		*			*			4		-		*			*			15		-		*			*
Sutent		103		108		(5	%)		(5	%)		36		21		71	%		56	%		54		38		42	%		33	%
Geodon / Zeldox		23		23		-			(3	%)		4		3		33	%		16	%		15		13		15	%		8	%
Zosyn / Tazocin***		28		-		*			*			3		-		*			*			49		-		*			*
Genotropin		92		86		7	%		6	%		52		45		16	%		6	%		29		26		12	%		5	%
Vfend		72		69		4	%		3	%		34		27		26	%		15	%		38		30		27	%		21	%
Chantix / Champix		44		38		16	%		13	%		46		31		48	%		28	%		8		7		14	%		11	%
Benefix***		62		-		*			*			22		-		*			*			3		-		*			*
Zoloft		21		22		(5	%)		(6	%)		72		52		38	%		27	%		32		29		10	%		4	%
Caduet		5		3		67	%		108	%		24		15		60	%		17	%		13		11		18	%		12	%
Aromasin		50		49		2	%		-			18		14		29	%		15	%		13		12		8	%		-
Revatio		32		26		23	%		19	%		9		5		80	%		51	%		6		4		50	%		42	%
Pristiq***		-		-		*			*			10		-		*			*			4		-		*			*
Medrol		26		25		4	%		1	%		12		13		(8	%)		(5	%)		45		37		22	%		18	%
Cardura		37		42		(12	%)		(11	%)		45		45		-			(8	%)		26		25		4	%		(1	%)
Zithromax / Zmax		21		26		(19	%)		(20	%)		48		37		30	%		20	%		39		33		18	%		11	%
Aricept**		58		64		(9	%)		(12	%)		36		31		16	%		1	%		9		13		(31	%)		(37	%)
Refacto / Xyntha***		73		-		*			*			7		-		*			*			-		-		*			*
Alliance Revenue		133		127		5	%		2	%		160		105		52	%		40	%		18		14		29	%		44	%
(Enbrel (in the U.S. and Canada)***, Aricept, Rebif, and Exforge)
All Other Biopharmaceutical		618		558		11	%		10	%		451		282		60	%		45	%		743		560		33	%		24	%
All Other Established Products		464		388		20	%		18	%		395		244		62	%		45	%		623		519		20	%		13	%
Legacy Pfizer Other Established Products		383		388		(1	%)		(3	%)		277		244		14	%		1	%		571		519		10	%		4	%
TOTAL INTERNATIONAL DIVERSIFIED:	$	444	$	246		80	%		79	%	$	251	$	104		141	%		98	%	$	834	$	167		*			*
OTHER INTERNATIONAL****	$	28	$	42		(33	%)		11	%	$	6	$	9		(33	%)		3	%	$	11	$	19		(42	%)		4	%

*	- Calculation not meaningful.

**	- Includes direct sales under license agreement with Eisai Co., Ltd.

***	- Legacy Wyeth products and operations. Animal Health results for the second quarter of 2010 also reflect the addition of legacy Wyeth products.

Wyeth's results are included in our financial statements commencing from the acquisition date of October 15, 2009, in accordance with Pfizer's domestic and international year-ends.

Therefore, our results for the second quarter of 2009 do not do not include Wyeth's results of operations.

****	- Includes revenues generated primarily from Pfizer Centersource.

Certain amounts and percentages may reflect rounding adjustments.

(1)	Developed Europe region includes the following markets: Western Europe and the Scandinavian countries.

(2)	Developed Rest of World region includes the following markets: Australia, Canada, Japan, New Zealand, and South Korea.

(3)

Emerging Markets region includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, Middle East, Africa, Central and Eastern Europe, Russia and Turkey. In Biopharmaceutical, revenues from South Korea in 2009 have been reclassified from the Emerging Markets unit to the appropriate developed market units to conform to the current-year presentation, which reflects the fact that the commercial operations of South Korea, effective January 1, 2010, are managed within the appropriate developed market units.

- 16 -

PFIZER INC.

REVENUES

FIRST SIX MONTHS OF 2010 and 2009

(UNAUDITED)

(millions of dollars)

	WORLDWIDE										UNITED STATES							TOTAL INTERNATIONAL(1)

	2010		2009		% Change						2010		2009		% Change			2010		2009		% Change
					Total			Oper.							Total							Total			Oper.
TOTAL REVENUES	$	34,077	$	21,851		56	%		50	%	$	14,695	$	9,493		55	%	$	19,382	$	12,358		57	%		46	%
TOTAL BIOPHARMACEUTICAL:	$	29,527	$	20,165		46	%		41	%	$	13,256	$	8,899		49	%	$	16,271	$	11,266		44	%		35	%
Lipitor		5,570		5,406		3	%		(2	%)		2,623		2,766		(5	%)		2,947		2,640		12	%		2	%
Enbrel (Outside the U.S. and Canada)***		1,610		-		*			*			-		-		*			1,610		-		*			*
Lyrica		1,485		1,312		13	%		10	%		717		742		(3	%)		768		570		35	%		26	%
Effexor***		1,337		-		*			*			1,084		-		*			253		-		*			*
Celebrex		1,174		1,112		6	%		3	%		786		809		(3	%)		388		303		28	%		18	%
Viagra		970		877		11	%		6	%		487		465		5	%		483		412		17	%		8	%
Xalatan / Xalacom		871		802		9	%		4	%		296		271		9	%		575		531		8	%		1	%
Prevnar / Prevenar 13***		855		-		*			*			691		-		*			164		-		*			*
Prevnar / Prevenar 7***		851		-		*			*			214		-		*			637		-		*			*
Norvasc		790		999		(21	%)		(24	%)		24		35		(31	%)		766		964		(21	%)		(24	%)
Zyvox		591		540		9	%		7	%		315		313		1	%		276		227		22	%		16	%
Detrol / Detrol LA		521		562		(7	%)		(10	%)		352		403		(13	%)		169		159		6	%		(2	%)
Premarin Family***		516		-		*			*			472		-		*			44		-		*			*
Sutent		514		425		21	%		16	%		131		123		7	%		383		302		27	%		20	%
Geodon / Zeldox		501		461		9	%		7	%		418		387		8	%		83		74		12	%		5	%
Zosyn / Tazocin***		494		-		*			*			328		-		*			166		-		*			*
Genotropin		439		404		9	%		4	%		105		104		1	%		334		300		11	%		6	%
Vfend		395		359		10	%		6	%		123		116		6	%		272		243		12	%		6	%
Chantix / Champix		359		369		(3	%)		(7	%)		178		228		(22	%)		181		141		28	%		16	%
Benefix***		318		-		*			*			144		-		*			174		-		*			*
Zoloft		264		240		10	%		5	%		36		43		(16	%)		228		197		16	%		9	%
Caduet		261		262		-			(5	%)		170		203		(16	%)		91		59		54	%		31	%
Aromasin		250		224		12	%		8	%		83		81		2	%		167		143		17	%		10	%
Revatio		236		208		13	%		11	%		144		141		2	%		92		67		37	%		29	%
Pristiq***		223		-		*			*			199		-		*			24		-		*			*
Medrol		222		228		(3	%)		(6	%)		55		76		(28	%)		167		152		10	%		6	%
Cardura		217		221		(2	%)		(6	%)		10		3		233	%		207		218		(5	%)		(10	%)
Zithromax / Zmax		213		214		-			(5	%)		6		8		(25	%)		207		206		-			(4	%)
Aricept**		210		203		3	%		(6	%)		-		-		*			210		203		3	%		(6	%)
Refacto / Xyntha***		188		-		*			*			39		-		*			149		-		*			*
Alliance Revenue		2,065		1,180		75	%		72	%		1,470		711		107	%		595		469		27	%		19	%
(Enbrel (in the U.S. and Canada)***, Aricept, Rebif, and Exforge)
All Other Biopharmaceutical		5,017		3,557		41	%		35	%		1,556		871		79	%		3,461		2,686		29	%		21	%
All Other Established Products		3,904		2,983		31	%		27	%		1,084		778		39	%		2,820		2,205		28	%		20	%
Legacy Pfizer Other Established Products		3,083		2,983		3	%		(2	%)		743		778		(4	%)		2,340		2,205		6	%		-
TOTAL DIVERSIFIED:	$	4,383	$	1,524		188	%		174	%	$	1,376	$	554		148	%	$	3,007	$	970		210	%		188	%
ANIMAL HEALTH***		1,739		1,185		47	%		38	%		637		455		40	%		1,102		730		51	%		37	%
CONSUMER HEALTHCARE***		1,341		-		*			*			642		-		*			699		-		*			*
NUTRITION***		934		-		*			*			-		-		*			934		-		*			*
CAPSUGEL		369		339		9	%		6	%		97		99		(2	%)		272		240		13	%		9	%
OTHER****	$	167	$	162		3	%		2	%	$	63	$	40		58	%	$	104	$	122		(15	%)		(3	%)

*	- Calculation not meaningful.

**	- Includes direct sales under license agreement with Eisai Co., Ltd.

***	- Legacy Wyeth products and operations. Animal Health results for the first six months of 2010 also reflect the addition of legacy Wyeth products.

Wyeth's results are included in our financial statements commencing from the acquisition date of October 15, 2009, in accordance with Pfizer's domestic and international year-ends.

Therefore, our results for the first six months of 2009 do not include Wyeth's results of operations.

****	- Includes revenues generated primarily from Pfizer Centersource.

Certain amounts and percentages may reflect rounding adjustments.

(1)	Total International represents Developed Europe region + Developed Rest of World region + Emerging Markets region.

Details for these regions are located on the following page.

- 17 -

PFIZER INC.

REVENUES

DETAIL OF INTERNATIONAL REVENUES BY GEOGRAPHIC REGION

FIRST SIX MONTHS OF 2010 and 2009

(UNAUDITED)

(millions of dollars)

	DEVELOPED EUROPE(1)										DEVELOPED REST OF WORLD(2)										EMERGING MARKETS(3)

	2010		2009		% Change						2010		2009		% Change						2010		2009		% Change
					Total			Oper.							Total			Oper.							Total			Oper.
TOTAL INTERNATIONAL REVENUES	$	8,473	$	5,591		52	%		45	%	$	5,024	$	3,688		36	%		21	%	$	5,885	$	3,079		91	%		79	%
TOTAL INTERNATIONAL BIOPHARMACEUTICAL:	$	7,508	$	5,041		49	%		43	%	$	4,541	$	3,484		30	%		17	%	$	4,222	$	2,741		54	%		44	%
Lipitor		1,359		1,297		5	%		-			1,108		938		18	%		-			480		405		19	%		9	%
Enbrel (Outside the U.S. and Canada)***		1,128		-		*			*			191		-		*			*			291		-		*			*
Lyrica		534		410		30	%		24	%		99		65		52	%		27	%		135		95		42	%		34	%
Effexor***		129		-		*			*			76		-		*			*			48		-		*			*
Celebrex		90		89		1	%		(2	%)		159		106		50	%		34	%		139		108		29	%		18	%
Viagra		204		190		7	%		2	%		96		77		25	%		8	%		183		145		26	%		17	%
Xalatan / Xalacom		296		269		10	%		5	%		184		180		2	%		(7	%)		95		82		16	%		6	%
Prevnar / Prevenar 13***		145		-		*			*			2		-		*			*			17		-		*			*
Prevnar / Prevenar 7***		207		-		*			*			116		-		*			*			314		-		*			*
Norvasc		109		113		(4	%)		(8	%)		423		629		(33	%)		(36	%)		234		222		5	%		2	%
Zyvox		146		123		19	%		15	%		61		56		9	%		4	%		69		48		44	%		31	%
Detrol / Detrol LA		90		93		(3	%)		(8	%)		49		40		23	%		7	%		30		26		15	%		9	%
Premarin Family***		5		-		*			*			14		-		*			*			25		-		*			*
Sutent		218		196		11	%		7	%		64		35		83	%		63	%		101		71		42	%		33	%
Geodon / Zeldox		47		42		12	%		8	%		8		6		33	%		25	%		28		26		8	%		(6	%)
Zosyn / Tazocin***		61		-		*			*			7		-		*			*			98		-		*			*
Genotropin		187		166		13	%		7	%		91		86		6	%		-			56		48		17	%		8	%
Vfend		149		135		10	%		6	%		62		53		17	%		7	%		61		55		11	%		3	%
Chantix / Champix		88		71		24	%		17	%		78		56		39	%		18	%		15		14		7	%		3	%
Benefix***		125		-		*			*			41		-		*			*			8		-		*			*
Zoloft		45		45		-			(3	%)		124		97		28	%		19	%		59		55		7	%		3	%
Caduet		10		8		25	%		23	%		57		31		84	%		43	%		24		20		20	%		15	%
Aromasin		102		93		10	%		5	%		30		26		15	%		5	%		35		24		46	%		36	%
Revatio		64		50		28	%		22	%		16		10		60	%		53	%		12		7		71	%		50	%
Pristiq***		-		-		*			*			17		-		*			*			7		-		*			*
Medrol		52		49		6	%		1	%		22		25		(12	%)		(12	%)		93		78		19	%		14	%
Cardura		78		81		(4	%)		(8	%)		80		89		(10	%)		(14	%)		49		48		2	%		(4	%)
Zithromax / Zmax		46		64		(28	%)		(32	%)		81		76		7	%		2	%		80		66		21	%		16	%
Aricept**		119		125		(5	%)		(9	%)		72		56		29	%		6	%		19		22		(14	%)		(20	%)
Refacto / Xyntha***		136		-		*			*			13		-		*			*			-		-		*			*
Alliance Revenue		269		240		12	%		7	%		289		201		44	%		34	%		37		28		32	%		29	%
(Enbrel (in the U.S. and Canada)***, Aricept, Rebif, and Exforge)
All Other Biopharmaceutical		1,270		1,092		16	%		12	%		811		546		49	%		36	%		1,380		1,048		32	%		23	%
All Other Established Products		960		766		25	%		20	%		711		472		51	%		37	%		1,149		967		19	%		12	%
Legacy Pfizer Other Established Products		793		766		4	%		(1	%)		499		472		6	%		(5	%)		1,048		967		8	%		2	%
TOTAL INTERNATIONAL DIVERSIFIED:	$	902	$	480		88	%		80	%	$	468	$	184		154	%		112	%	$	1,637	$	306		*			*
OTHER INTERNATIONAL****	$	63	$	70		(10	%)		15	%	$	15	$	20		(25	%)		3	%	$	26	$	32		(19	%)		12	%

*	- Calculation not meaningful.

**	- Includes direct sales under license agreement with Eisai Co., Ltd.

***	- Legacy Wyeth products and operations. Animal Health results for the first six months of 2010 also reflect the addition of legacy Wyeth products.

Wyeth's results are included in our financial statements commencing from the acquisition date of October 15, 2009, in accordance with Pfizer's domestic and international year-ends.

Therefore, our results for the first six months of 2009 do not include Wyeth's results of operations.

****	- Includes revenues generated primarily from Pfizer Centersource.

Certain amounts and percentages may reflect rounding adjustments.

(1)	Developed Europe region includes the following markets: Western Europe and the Scandinavian countries.

(2)	Developed Rest of World region includes the following markets: Australia, Canada, Japan, New Zealand, and South Korea.

(3)

- 18 -

PFIZER INC.

SUPPLEMENTAL INFORMATION

1. Change in Reported Cost of Sales

Reported cost of sales increased 116% in the second quarter of 2010, compared to the same period in 2009, and increased 156% in the first six months of 2010, compared to the same period in 2009. The increases primarily reflect purchase accounting adjustments associated with the Wyeth acquisition, the addition of Wyeth manufacturing costs, as well as the change in the mix of products and businesses as a result of the Wyeth acquisition. In addition, the impact of foreign exchange had a favorable impact on reported cost of sales in the second quarter of 2010 and an unfavorable impact for the first six months of 2010.

Reported cost of sales as a percentage of revenues increased 5.9 percentage points to 21.9% in second-quarter 2010, compared to the same period in 2009, reflecting the aforementioned factors.

2. Change in Reported Selling, Informational & Administrative (SI&A) Expenses and Reported Research & Development (R&D) Expenses and Reported In-Process R&D (IPR&D) Charges

Reported SI&A expenses increased 43% in the second quarter of 2010, compared to the same period in 2009, and increased 48% in the first six months of 2010, compared to the same period in 2009. The increases primarily reflect the addition of Wyeth operating costs and the unfavorable impact of foreign exchange.

Reported R&D expenses increased 29% in the second quarter of 2010, compared to the same period in 2009, and increased 30% in the first six months of 2010, compared to the same period in 2009. The increases are primarily due to the addition of legacy Wyeth operations, continued investment in the late-stage development portfolio and the unfavorable impact of foreign exchange.

Reported IPR&D charges of $74 million recorded in the first six months of 2010 relate to the resolution of contingencies associated with our 2008 acquisition of CovX.

3. Other (Income)/Deductions - Net

($ in millions)	Second Quarter						Six Months
	2010			2009			2010			2009
Interest income (a)	$	(85	)	$	(204	)	$	(197	)	$	(449	)
Interest expense (a)		389			270			911			400
Net interest (income)/expense		304			66			714			(49	)
Royalty-related income		(95	)		(50	)		(237	)		(107	)
Net gain on asset disposals		(185	)		(29	)		(230	)		(41	)
Legal matters, net		37			(19	)		174			77
Asset impairment charges		196			71			232			89
Other, net		14			33			32			46
Other (income)/deductions-net	$	271		$	72		$	685		$	15

(a)

Interest expense increased in 2010 due to our issuance of $13.5 billion of senior unsecured notes on March 24, 2009 and $10.5 billion of senior unsecured notes on June 3, 2009, primarily related to the acquisition of Wyeth. Interest income decreased in 2010 due to lower interest rates coupled with lower average cash balances.

4. Effective Tax Rate

The effective tax rate on reported Income from continuing operations before provision for taxes on income for second-quarter 2010 was 37.4% compared to 25.8% in the second quarter of 2009, and in the first six months of 2010 was 36.8% compared to 27.1% in the first six months of 2009. The increases in the effective tax rate primarily are the result of higher charges, incurred as a result of our acquisition of Wyeth, and the mix of jurisdictions in which those charges were incurred. In addition, the increases in the effective tax rate were impacted by the expiration of the U.S. research tax credit and, in the first six months of 2010 compared to the first six months of 2009, the write-off of the deferred tax asset of approximately $270 million related the Medicare Part D subsidy for retiree prescription drug coverage resulting from changes in the recently enacted U.S. healthcare legislation concerning the tax treatment of that subsidy effective for tax years beginning after December 31, 2012, partially offset by $410 million in tax benefits for the resolution of certain tax positions pertaining to prior years with various foreign tax authorities.

- 19 -

The effective tax rate on adjusted income(1) was 31.7% in second-quarter 2010 compared to 28.1% in second-quarter 2009, and in the first six months of 2010 was 30.9% compared to 29.0% in the first six months of 2009. The increases in the tax rate on adjusted income(1) primarily are the result of certain business decisions made in connection with the acquisition of Wyeth and the change in jurisdictional mix of earnings. In addition, the increases in the effective tax rate were impacted by the expiration of the U.S. research tax credit and, in the first six months of 2010 compared to the first six months of 2009, the write-off of the deferred tax asset of approximately $270 million related the Medicare Part D subsidy for retiree prescription drug coverage resulting from changes in the recently enacted U.S. healthcare legislation concerning the tax treatment of that subsidy effective for tax years beginning after December 31, 2012, largely offset by $410 million in tax benefits for the resolution of certain tax positions pertaining to prior years with various foreign tax authorities.

5. Reconciliation of 2010 Adjusted Income(1) and Adjusted Diluted EPS(1) Guidance to 2010 Reported Net Income Attributable to Pfizer Inc. and Reported Diluted EPS Attributable to Pfizer Inc. Common Shareholders Guidance (a)

	Full-Year 2010 Guidance
($ billions, except per-share amounts)	Net Income (b)		Diluted EPS (b)
Income/(Expense)
Adjusted Income/Diluted EPS(1) Guidance	~$17.0 - $17.8		~$2.10 - $2.20
Purchase Accounting Impacts of Transactions Completed as of 7/4/10		(6.3)		(0.78)
Acquisition-Related Costs		(2.4 – 2.8)		(0.29 – 0.34)
Certain Significant Items		(0.2)		(0.03)
Reported Net Income Attributable to Pfizer Inc./Diluted EPS Guidance	~$7.7 - $8.9		~$0.95 - $1.10

(a)

(b)

Does not assume the completion of any business-development transactions not completed as of July 4, 2010. Amounts exclude the potential effects of the resolution of litigation-related matters not substantially resolved as of July 4, 2010.

- 20 -

6. Reconciliation of 2012 Adjusted Income(1) and Adjusted Diluted EPS(1) Targets to 2012 Reported Net Income Attributable to Pfizer Inc. and Reported Diluted EPS Attributable to Pfizer Inc. Common Shareholders Targets (a)

	Full-Year 2012 Targets
($ billions, except per-share amounts)	Net Income (b)		Diluted EPS (b)
Income/(Expense)
Adjusted Income/Diluted EPS(1) Targets	~$18.3 - $19.1		~$2.25 - $2.35
Purchase Accounting Impacts of Transactions Completed as of 7/4/10		(3.8)		(0.47)
Acquisition-Related Costs		(1.2 – 1.6)		(0.15 – 0.20)
Reported Net Income Attributable to Pfizer Inc./Diluted EPS Targets	~$12.9 - $14.1		~$1.58 - $1.73

(a)

The current exchange rates assumed in connection with the 2012 financial targets are the mid-July 2010 exchange rates.

(b)

Given the longer-term nature of these targets, they are subject to greater variability and less certainty as a result of potential material impacts related to foreign exchange fluctuations, macroeconomic activity including inflation, and industry-specific challenges including changes to government healthcare policy, among others.

(1) “Adjusted income” and “adjusted diluted earnings per share (EPS)” are defined as reported net income attributable to Pfizer Inc. and reported diluted EPS attributable to Pfizer Inc. common shareholders excluding purchase accounting adjustments, acquisition-related costs, discontinued operations and certain significant items. As described under Adjusted Income in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of Pfizer’s Form 10-Q for the fiscal quarter ended April 4, 2010, management uses adjusted income, among other factors, to set performance goals and to measure the performance of the overall company. We believe that investors’ understanding of our performance is enhanced by disclosing this measure. The adjusted income and adjusted diluted EPS measures are not, and should not be viewed as, substitutes for U.S. GAAP net income and diluted EPS.

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DISCLOSURE NOTICE: The information contained in this earnings release and the attachments is as of August 3, 2010. The Company assumes no obligation to update forward-looking statements contained in this earnings release or the attachments as a result of new information or future events or developments.

This earnings release and the attachments contain forward-looking information about the Company’s financial results and estimates, business plans and prospects, in-line products and product candidates that involves substantial risks and uncertainties. You can identify these statements by the fact that they use words such as “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “target,” “forecast” and other words and terms of similar meaning in connection with any discussion of future operating or financial performance or business plans and prospects. Among the factors that could cause actual results to differ materially are the following: the success of research and development activities; decisions by regulatory authorities regarding whether and when to approve our drug applications as well as their decisions regarding labeling, ingredients and other matters that could affect the availability or commercial potential of our products; the speed with which regulatory authorizations, pricing approvals and product launches may be achieved; the success of external business-development activities; competitive developments, including the impact on our competitive position of new product entrants, in-line branded products, generic products, private label products and product candidates that treat diseases and conditions similar to those treated by our in-line drugs and drug candidates; the ability to meet generic and branded competition after the loss of patent protection for our products or competitor products; the ability to successfully market both new and existing products domestically and internationally; difficulties or delays in manufacturing; trade buying patterns; the impact of existing and future legislation and regulatory provisions on product exclusivity; trends toward managed care and healthcare cost containment; the impact of U.S. healthcare legislation enacted in 2010 – the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act; U.S. legislation or regulatory action affecting, among other things, pharmaceutical product pricing, reimbursement or access, including under Medicaid, Medicare and other publicly funded or subsidized health programs, the importation of prescription drugs from outside the U.S. at prices that are regulated by governments of various foreign countries, direct-to-consumer advertising and interactions with healthcare professionals, and the use of comparative effectiveness methodologies that could be implemented in a manner that focuses primarily on the cost differences and minimizes the therapeutic differences among pharmaceutical products and restricts access to innovative medicines; legislation or regulatory action in markets outside the U.S. affecting pharmaceutical product pricing, reimbursement or access; contingencies related to actual or alleged environmental contamination; claims and concerns that may arise regarding the safety or efficacy of in-line products and product candidates; significant breakdown, infiltration, or interruption of our information technology systems and infrastructure; legal defense costs, insurance expenses, settlement costs and the risk of an adverse decision or settlement related to product liability, patent protection, governmental investigations, ongoing efforts to explore various means for resolving asbestos litigation, and other legal proceedings; the Company’s ability to protect its patents and other intellectual property both domestically and internationally; interest rate and foreign currency exchange rate fluctuations; governmental laws and regulations affecting domestic and foreign operations, including tax obligations and changes affecting the taxation by the U.S. of income earned outside of the U.S. that may result from pending and possible future proposals; changes in U.S. generally accepted accounting principles; uncertainties related to general economic, political, business, industry, regulatory and market conditions including, without limitation, uncertainties related to the impact on us, our lenders, our customers, our suppliers and counterparties to our foreign-exchange and interest-rate agreements of weak global economic conditions and recent and possible future changes in global financial markets; any changes in business, political and economic conditions due to actual or threatened terrorist activity in the U.S. and other parts of the world, and related U.S. military action overseas; growth in costs and expenses; changes in our product, segment and geographic mix; and the impact of acquisitions, divestitures, restructurings, product withdrawals and other unusual items, including our ability to realize the projected benefits of our acquisition of Wyeth and of our cost-reduction initiatives. A further list and description of risks, uncertainties and other matters can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and in its reports on Forms 10-Q and 8-K.

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This earnings release may include discussion of certain clinical studies relating to various in-line products and/or product candidates. These studies typically are part of a larger body of clinical data relating to such products or product candidates, and the discussion herein should be considered in the context of the larger body of data.

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