NEW YORK (April 5, 2004) – Pfizer Inc., the nation’s largest drug maker, said it is “very pleased” that it was selected by Dow Jones & Co. to be included in the Dow Jones Industrial Average, widely regarded as the leading stock market barometer.
Last Thursday Pfizer, insurer American International Group Inc. and Verizon Communications Inc. were added to the stock index. Longtime components AT&T, Eastman Kodak Co. and International Paper were dropped.
“As the world’s largest company devoted to healthcare, the addition of Pfizer to the Dow Jones Industrial Average appropriately reflects the importance of this sector to investors, patients and the global healthcare community,” Hank McKinnell, Pfizer chairman and chief executive officer, said.
Pfizer first issued shares to the public in 1942. Since then, Pfizer stock has split 3,888 to one, the company said, adding that Pfizer is among the top five companies in the world in market capitalization. In the past 10 years, Pfizer stock has appreciated by 700 percent, the company said.
Since 1990, Pfizer has moved from fourteenth place to first place in the global pharmaceutical industry. The company currently markets 14 prescription medicines that are leaders in their categories, the company said.
For 2004, the company said it plans to invest approximately $7.9 billion in research and development to find new cures and treatments. Pfizer expects to generate 2004 revenues of approximately $54 billion. Worldwide, Pfizer employs 122,000 people. Pfizer began operations 155 years ago in Brooklyn, New York.
