Pfizer on track for greater shareholder value, says CEO

At the annual shareholder meeting of global drugs giant Pfizer, its chief executive, Jeffrey Kindler, detailed his plan to build on the company's foundation to drive greater shareholder return. The firm also recently posted first-quarter 2008 results, which saw income slump 18%, due to generic competition and acquisition costs, such as those for CovX and Coley Pharmaceuticals (Marketletters passim).

"Operationally, in 2007, we took a series of significant actions to better position Pfizer to meet our challenges and to seize the many opportunities before us in the growing global marketplace for better healthcare," Mr Kindler told shareholders, adding: "of course, we are far from done - and our progress is not yet reflected in the share price."