resources among projects, candidates and/or targets in any therapeutic area and in most phases of development, allowing us to react quickly in response to evolving needs.

Generally, we do not disaggregate total R&D expense by development phase or by therapeutic area since, as described above, we do not manage a significant portion of our R&D operations by development phase or by therapeutic area. Further, as we are able to adjust a significant portion of our spending quickly, as conditions change, also as described above, we believe that any prior-period information about R&D expense by development phase or by therapeutic area would not necessarily be representative of future spending.

Product Developments—Biopharmaceutical

We continue to invest in R&D to provide potential future sources of revenues through the development of new products, as well as through additional uses for in-line and alliance products. We have achieved our previously announced goal of 15 to 20 regulatory submissions in the 2010-to-2012 period. Notwithstanding our efforts, there are no assurances as to when, or if, we will receive regulatory approval for additional indications for existing products or any of our other products in development.

We continue to closely evaluate our global research and development function and to pursue strategies to improve innovation and overall productivity by prioritizing areas with the greatest scientific and commercial promise, utilizing appropriate risk/return profiles and focusing on areas with the highest potential to deliver value in the near term and over time. To that end, our research primarily focuses on five high-priority areas that have a mix of small and large molecules –– immunology and inflammation; oncology; cardiovascular, metabolic and endocrine diseases; neuroscience and pain; and vaccines.

Our development pipeline, which is updated quarterly, can be found at www.pfizer.com/pipeline. It includes an overview of our research and a list of compounds in development with targeted indication, phase of development and, for late-stage programs, mechanism of action. The information currently in our development pipeline is accurate as of February 28, 2012.

Below are significant regulatory actions by, and filings pending with, the FDA and regulatory authorities in the EU and Japan, as well as new drug candidates and additional indications in late-stage development:

  Recent FDA approvals:

  PRODUCT INDICATION DATE APPROVED

   INLYTA (Axitinib) Treatment of advanced renal cell carcinoma after failure of one prior systemic January 2012 therapy

   Prevnar 13 Adult Prevention of pneumococcal pneumonia and invasive disease in adults 50 years of December 2011 age and older

   Xalkori (Crizotinib) Treatment of ALK-positive advanced non-small cell lung cancer August 2011

   Oxecta––Immediate release oxycodone with Aversion technology (formerly

Acurox) (without niacin)(a)

Management of moderate-to-severe pain where the use of an opioid analgesic is appropriate

June 2011

   Sutent Treatment of unresectable pancreatic neuroendocrine tumor May 2011

 (a) In early 2011, we acquired King, which has an exclusive license from