SECTION: FINANCIAL NEWS

DISTRIBUTION: TO BUSINESS EDITOR

LENGTH: 848 words

HEADLINE: Pfizer Announces Major Expansion in New York City, With 1,000 New Jobs in the Next Year and Approximately $400 Million Investment in Real Estate, Including Purchase of Manhattan Office Building;
Total Pfizer Capital Investment Expected To Be $1 Billion Over 15 Years; Pfizer And Employees' City, State Tax Payments To Exceed $100 Million Annually;
Governor Pataki, Mayor Bloomberg, Congressman Towns Underscore Importance of Public-Private Partnerships to Maintaining New York City's Leadership in Global Economy

DATELINE: NEW YORK, May 5

BODY:
Expanding its role as a major employer in New York, Pfizer said today that it will bring an additional 1,000 professional jobs to Manhattan in the next year and spend approximately $400 million to acquire a Manhattan office building and renovate Pfizer real estate in New York City. 
    Pfizer, which has maintained its global headquarters in New York since its founding in 1849, said it expects to invest a total of $1 billion in these projects over the next 15 years. 
    The announcement was made at Pfizer today by Pfizer Chairman and Chief Executive Officer Hank McKinnell with New York Governor George Pataki, New York City Mayor Michael Bloomberg and Congressman Edolphus Towns, who represents the Williamsburg section of Brooklyn where Pfizer maintains a manufacturing plant.  The Pfizer New York City expansion is the largest corporate expansion in the city in the last two years and the largest expansion project in the state since November, 2000. 
    On April 16th Pfizer began operating on a combined basis with Pharmacia Corporation, expanding its position of global leadership in pharmaceuticals. The 1,000 professional jobs to be created in the next 12 months will be filled largely by Pfizer colleagues transferring from other Pfizer locations around the country, as well as new positions to be filled locally. 
    Pfizer's New York City headquarters expansion is part of the company's overall growth in the tri-state region.  Last week, Pfizer announced that its $3.4 billion Consumer Healthcare business would expand its headquarters in New Jersey, where the company plans to invest approximately $400 million to expand the company's diverse operations in the state over the next five years. Pfizer's Global Research and Development organization, headquartered in New London, Connecticut, is the largest privately funded biomedical research organization in the world. 
    The addition of 1,000 Pfizer jobs over the next 12 months is expected to result in net new Pfizer payroll of about $150 million in the first year of the expansion and support about 6,000 direct and indirect jobs throughout the New York metropolitan region.  In addition, Pfizer expects to create an additional 1,000 jobs from 2004 to 2009. 
    "Today's announcement marks another important milestone in our 154 years of operations in New York City," said Dr. McKinnell. "During a time of economic uncertainty, as New York City continues to recover from the aftermath of September 11, we are pleased to add good jobs in New York and launch a capital investment program that will bring substantial returns to both the City and State. I salute the efforts of New York's leaders to work in partnership with Pfizer, and we share their commitment to maintaining and enhancing New York's leadership in the global economy." 
    Pfizer's initial capital investment of almost $400 million will cover the acquisition of a major office building at 685 Third Avenue and the renovation of new and existing real estate in Manhattan.  Pfizer and its employees' combined tax payments to New York City and New York State currently exceed $100 million annually. 
    Over the past 10 years, Pfizer's revenues have increased from approximately $8 billion to nearly $50 billion, and it is now the world's third largest company based on market capitalization as of May 2.  The company has discovered and developed many medical innovations around the world. Pfizer employees in Brooklyn produced penicillin on a large-scale basis for Allied forces during World War II.  Today, Pfizer has 14 medicines that are leaders in their therapeutic categories and the company invests more than $100 million a week in research and development, well ahead of its nearest competitor. 
    Pfizer and the Pfizer Foundation donate $2 million every working day to provide medicine, medical care and community service to people who need help. In New York, more than 18,000 low-income, uninsured patients received $5 million worth of free medicine in 2002.  An additional $12 million was donated by the company, colleagues and the Pfizer Foundation to various non-profit organizations in New York, including the United Way. 
    "Pfizer and the entire life science industry are entering an era of enormous opportunity to discover and develop innovative medicines to produce better lives for millions of patients," said Hank McKinnell. "But the future success of Pfizer and our industry depends on public policies that support high-risk and long-term pharmaceutical research and development and provide fair reimbursement for innovative medical products. 
    "We believe that our company and New York can continue to be global leaders in the exciting quest for future cures.  By working together we can bring sustained economic benefits to New York and all the communities where Pfizer is located."

SOURCE Pfizer Inc
 
CONTACT: Andy McCormick, Pfizer, +1-212-573-1226