Key questions and answers from the fourth quarter fiscal 2008 earnings call conducted by Pfizer (PFE: chart) on January 26, 2009.

Catherine Arnold (Credit Suisse): Concerning the leadership of the combined company, the press is reporting that Bernard will not be staying with the company? What is your comment?

Jeff Kindler: Bernard and I have gotten to know each other quite well. I have enormous respect for his experience and talents and skills. We share similar values and similar views about where our healthcare environment is going and what we need to do as a company and I have been very gratified that he has agreed, after the closing, to continue to work with us to ensure a smooth transition and to see where we go from there. Obviously he is running Wyeth until the closing, but we are very grateful that he has agreed to stay on.

Catherine Arnold (Credit Suisse): How do you plan to integrate the expertise of Wyeth into the new Pfizer organization to prevent exodus of key employees?

Jeff Kindler: With regard to the rest of the management at Wyeth and the tremendously talented group of people there both in leadership and across the company, we are very excited about looking for the right opportunities for people. You are absolutely right that we have to focus on retention. We are not just buying assets and buildings and compounds, we are building an enterprise that was created by people, great people that have done a fabulous job creating a great company, and we are very mindful of that.

David Lessinger (Bank of America): Can you discuss the necessity for the dividend cut in light of the much stronger 2012 cash flow outlook and earnings?

Frank D’Amelio: On the dividend cut, let’s look at that from a couple of perspectives. One is clearly to assist in the financing of the transaction. Two, is to redeploy capital. We have talked about total shareholders return as the focus of how we deploy capital. It is not just about paying the dividend but also about redeploying some of that capital to get revenue and earnings expansion, price earnings multiple expansions, so clearly this is very consistent with what we have talked about before relative to shareholder return and redeploying capital opportunistically to get that.

David Lessinger (Bank of America): With respect to repatriation of XUS cash, can you discuss the negative impact on earnings per share?

Frank D’Amelio: In terms of the re-pad impact on EPS think about that as the effective tax rate going from what was about 22% in 2008 to 30% in 2009 and that having a negative impact on 2009 earnings relative to 2008 of 21 cents which we called out in the bridge trounce that I used in the deck.

David Lessinger (Bank of America): Can you discuss the interest rate on the debt that you expect to take on?

Frank D’Amelio: It will be at market rates.

Anthony Butler (Barclays Capital): You mention lower cost base and greater flexibility. Given the past two years and the cost cutting initiatives that you have undertaken, is Pfizer totally right sized?

Frank D’Amelio: That 15% was a combined company workforce number. If you think about it Wyeth has about 50,000 employees, slightly below that, we have about 80,000 employees, slightly above that and we were talking about 15% of that combined number which includes the 10% for the stand-alone Pfizer number which was the $2 billion net. You have to realize, as you know, there will be synergies above and beyond workforce related savings.

Anthony Butler (Barclays Capital): Looking at 2012 and beyond and the consolidated large revenue base, it strikes me as very difficult to see that growth coming from revenues. Could you incorporate some thoughts into revenue growth?

Frank D’Amelio: What we did is we put a target out there for 2012 that is comparable to 2008 and clearly we see a lot of opportunities for revenue growth. Quite frankly it is much like we have been talking about before as a leadership team, leveraging established products, leveraging emerging markets. We talked about complimentary space. We now have lots of that complimentary space as a result of this transaction with Wyeth.

Jami Rubin (Goldman Sachs): Is Wyeth allowed to pay their quarterly dividend up until the deal closes?

Frank D’Amelio: We expect Wyeth to continue to pays its dividend.

Jami Rubin (Goldman Sachs): Can you elaborate on whether or not there are any specific restrictions to spinning off assets to pay down debt?

Frank D’Amelio: Once the deal closes there is no restriction on anything relative to asset sales, relative to between now and where we are collaboratively with Wyeth based on certain terms and conditions in the contract.

Roopesh Patel (UBS): Could you address the risk the deal poses to R&D momentum and the steps the company plans to take to minimize this?