We further advanced our environmental stewardship in 2011 by making continued progress in energy efficiency, greenhouse-gas reduction, water conservation and the management of waste. A review of our environmental record and progress is available in this report.
Pfizer engages vigorously in public policy discussion to help make certain that our innovation serves patients today—and tomorrow. You can learn more about our public policy approach, including information about our U.S. Political Action Committee here.
We also continue to assess and update our internal standards for a variety of business practices to help ensure compliance with all relevant laws and regulations in the markets in which we operate.
Creating an Ownership Culture
During the past year, the diverse talents, experiences and abilities of our colleagues allowed us to navigate multiple forces of change while keeping a focus on our commitment to create consistent and steady growth in revenues and earnings over time.
Ongoing success in our industry requires us to be faster as we become more innovative and entrepreneurial. It requires colleagues who understand the business, seize opportunities to make an impact and take personal accountability for their actions and a set of behaviors that will drive value throughout the company.
In 2011, we thoroughly explored what our culture is and how it needs to evolve. We engaged with leaders across the business and sought the candid input of approximately 11,000 colleagues globally. We concluded that we need a culture where colleagues behave like they are owners of the business, are not afraid to take thoughtful risks, deliver on their commitments, treat each other with trust and respect and work with integrity each and every day. Developing this ownership culture will be key to our success.
I am personally proud of Pfizer's colleagues. Pfizer people care. They embody our humanity and innovative spirit, and are determined to tackle some of the most pressing health care challenges of our time. We are committed to creating an ownership culture that unleashes the creativity of our colleagues around the world.
Looking Ahead
In 2012, we will stay the course. We will work to increase our momentum by continuing to maximize the value of our in-line portfolio, accelerate our R&D strategy, advance our pipeline, effectively allocate our capital, operate efficiently to create a more flexible cost base, meet our financial commitments and maintain high standards of corporate governance and business ethics—all while embracing an ownership culture.
After the potential separation of our Animal Health and Nutrition businesses, Pfizer will be a global biopharmaceutical company with a core of innovative products that address unmet medical needs sustained by a productive R&D engine, a portfolio of unpatented products that help meet the global need for less-expensive, quality medicines, and a complementary Consumer Healthcare business with several well-known brands. Together, I believe that these elements will position Pfizer to generate strong cash flow and steady growth in earnings per share over time.
I remain confident that we are taking the right actions to create value for you, our shareholders. Thank you for your continued trust in us. We respect it, and with determination and perseverance, we will continue to earn it, every day.
Sincerely,
Ian C. Read
Chairman and CEO
