On December $2,2006,$ Pfizer announced it would halt clinical trials of Torcetrapib, a once very promising drug in the fight against coronary heart disease. Statistical results showed the drug caused increased rates of mortality and cardiovascular events in patients. Out of a group of approximately $15,000$ patients participating in the trials, $82$ deaths were reported in the group of $7,500$ patients taking a combination of Torcetrapib and Lipitor versus $51$ deaths in the second group of $7,500$ taking only Lipitor.$$

At the same time, Pfizer announced its initial plans of layoffs and cost reductions would be expedited as a result of the Torcetrapib ILLUMINATE trials. Pfizer had originally announced on April $5,2005$ that it planned to cut costs by $$4$ billion by year $2008$ and it would lay off more than $2,200$ employees. Pfizer later revised those figures announcing it would lay off $7,800$employees and close several research centers, mostly in Europe. Pfizer also announced that by $2008,$ it would have reduced its manufacturing plants around the world from $93$ to $48.$

On December $4,2006,$ Pfizer$$s stock price dropped by more than $11$ percent as trade volume reached $235$ million, more than seven times its normal trading volume. Since then the stock has been hovering around $$25$ per share, lower than the $$28$ per share that it reached back in $2002.$

Making matters worse, Pfizer is losing patent protection on a series of drugs that have performed very well in the market. The most important of those drugs is Lipitor, which totaled $$12\mathrm{.}2$ billion in sales last year and is slated to go generic in $2011.$ Analysts have raised a series of questions about Pfizer$$s strategy with some even claiming that cost cutting is not a strategy.

Directions

View$$Pfizer Case Study$(.$pdf Download Pfizer Case Study$(.$pdf$)$ and$$additional support information$$for case $(.$pdf$)$ Download additional support information$$for case $(.$pdf$).$

For this assignment, you're assuming the persona of a member of the Pfizer, Inc. public relations team. Note: On May $21,2019,$ the Eugene D$.$ Fanning Center for Business Communication, which is located in the Mendoza College of Business at the University of Notre Dame gave verbal permission to upload this case study and its$$ supplemental materials in this online course, so long as the material is used for instructional purposes.

After reading the case, prepare an$$informative speech$($view$$Speech Preparation SecretsLinks to an external site.$)$ for Dr$.$ John L$.$ LaMattina, President, Global Research and Development, that will be delivered telephonically to shareholders at the quarterly earnings call. The shareholders will be looking to the President to present a$$brighter outlook for the company that will include improved cash flows, future profit projections, and moderate growth.

The speech should be between $8$ and $10$ minutes and$$align with the $$Sample Speech Guidelines$$located in Table $13\mathrm{.}3$ of the$$Business Communication for Success$$textbook $($page $419).$

You may want to consider the$$most desired outcomes$$when considering the content for possible inclusion in the President$$s speech.

Find suitable replacement revenue for Lipitor.

Focus on building better brand image by showing continued dedication to consumer health.

Continue research on Celebrex to better understand its risk$/$benefit profile.

Go through its cost restructuring without losing the values that the company was founded upon and hope that transparency helps with investor confidence.

You may also want to take into consideration the Page Principles when preparing the speech. The Page Principles, which are outlined in the Pfizer, Inc. case study include:

Tell the truth

Prove it with action

Listen to the customer

Manage for tomorrow

Conduct public relations as if the entire company depends on it

Remain calm, patient, and good humored

The informative speech for Dr$.$ LaMattina is to be between $8$ and $10$ minutes. This translates into $4$ to $8$