At year-end 2006, PFE had a good Phase II pipeline but there were only 8 indications being tested in Phase III.
At the July 2007 Analysts Day, management mentioned that the Phase III count was up to 11 and that they hoped to have 24 by the end of 2009.
The company is now well on its way towards that goal as counting the ENCY late-stage drug, there are now 17 indications being tested in Phase III.
So now, PFE not only has a good intermediate-stage pipeline but it has a good EARLY PHASE III pipeline as well.
Some of these drugs are no longer three or four years from market but more like two years.
However, you see little change by the media and the analysts in their terminology regarding Pfizer's pipeline - it's still classed as "lackluster" just because there won't be a lot of new drug introductions in 2008 or 2009.
You would certainly think that in going from 8 Phase III indications at year-end 2006 to 17 such indictions now that there would be mention of at least an IMPROVING pipeline. But old habits die hard and the media and analysts still call it "lackluster."