Company News: Pfizer
Pfizer CEO Jeff Kindler told shareholders that no one Pfizer product "is expected to account for more than 10% of our annual revenue, once Lipitor loses US exclusivity" late next year. Lipitor accounted for 23%, or $11 billion, of the company's annual revenue in 2009. Preliminary voting results on a handful of topics -- excluding stockholders from advising on executive pay, confirming the company's public accounting firm of record (KPMG), confirming company directors and a shrinking of the percent of shares required to hold special shareholder meetings were all passed by large margins. Only one initiative was rejected -- a proposal put forth by Evelyn Y. Davis -- that would have halted the practice of offering executives stock options. The annual shareholders meeting was held in Cleveland.