Pfizer chief critical of invention record

New York: The world’s largest drug company, Pfizer, has handled mergers badly, invented too few drugs and left its reputation in disrepair after two criminal cases.

And that is the assessment of its own chief executive.

But Jeffrey B Kindler, Pfizer’s chief since 2006, says the pharmaceutical giant is poised to enter a new period of growth from its $68 billion (€50.4bn) purchase of Wyeth six months ago – the largest acquisition in the US last year.

“The key to all this,” Mr Kindler said in a rare interview, “is speed and decisiveness.”

Business analysts say tests are looming, such as whether Pfizer can capitalise on new customers from the healthcare overhaul in the US and emerging markets overseas and whether the company will fall into a sales trough after the 2011 patent expiration for Lipitor, the world’s top-selling drug.