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Over the past year, Read has narrowed the focus of Pfizer's huge research operations to diseases with big sales potential or few existing treatment options, trimming the research budget significantly in the process. He has been exploring options for selling or spinning off two of Pfizer's smaller businesses, nutrition and animal health. And he's boosted sales in emerging markets seen as the best hope for growth, with European government health programs and insurance plans in the U.S. pushing ever harder for lower prices. Last year, Pfizer won U.S. approval for lung cancer drug Xalkori and for use of blockbuster pneumococcal vaccine Prevnar 13 in adults. A few other new drugs are awaiting approval and could add significant revenue. The biggest likely will be anti-clotting drug Eliquis, or apixaban, which could get U.S. approval at the end of June. Pfizer would have to split that revenue with partner Bristol-Myers Squibb Co. Pfizer's compensation committee noted that under Read the company had set a course "to redefine and strengthen Pfizer," restructuring the research operations, maximizing use of capital, improving the company's reputation and returning more than $15 billion to shareholders through dividends and stock repurchases. Read and Pfizer's other 13 board members will face re-election at the company's annual meeting on April 26. Stockholders also will vote on several shareholder proposals, all opposed by Pfizer's board. Those include publicizing all company political contributions, allowing shareholders to have written votes on issues between the annual meetings, allowing shareholders with 10 percent of common stock to call special shareholder meetings and giving shareholders an annual, non-binding vote on pay for board members. Pfizer noted in the proxy that the shareholders' advisory vote on executive pay passed by only 56 percent at last year's annual meeting, well below the 96.8 percent approval voted at the 2010 meeting. The proxy blamed the decline in approval on the big payout given to Kindler when he left. He got nearly $29 million, between 2010 compensation and accumulated retirement benefits.
[Associated
Press;
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