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I thought that I'd share with everyone here this e-mail correspondence that I sent to Pfizer this morning. (I apologize if you've already read this on the Pfizer Companies Board.)

I wanted to let you know that since our phone conversation last week, I have published 3 additional columns on Pfizer. The main focus of these columns was on cash flow, Pfizer's focus on managing its bottom line income over managing its cash flow and its balance sheet and the company's lengthy cash conversion cycle. My overall conclusion is that while Pfizer is a good company, it really needs to keep a more careful eye on its cash flow and its balance sheet. Particularly telling to me was the data that I compiled in preparing last night's column on the cash conversion cycle, which also has shed some additional light on the collection period related to the alliance revenue. As you'll see from looking at the data put together from the 10Q's and 10K's, Pfizer does not fair too well in this comparison.

When we spoke last week, you said that you'd get back to me about the free cash flow issue that Matt and I raised. I'd appreciate hearing your comments on that as well as the other points raised in these columns. I'd also appreciate it if the columns could be passed on to the company's management as well. I think it's important that it be communicated to them that the company does have long-term shareholders that are more interested in the company's ability to generate cash as a means of adding value over the long haul than its ability to meet or beat earnings expectations.

This column appeared last night:
Warner-Lambert vs. Pfizer: Who Has the Upper Hand

This column appeared last Tuesday:
Pfizer's Approach to Its Business Part 1

This column appeared last Wednesday:
Pfizer's Approach to Its Business Part 2

You've already read this column from Thursday of the week before last, but I've included the link for you anyway:
Questionable Results at Pfizer?

I look forward to hearing your comments.

Phil Weiss

Here's the short response that I got back as well:

"I believe you will be getting a response from the company. Your columns have been read by several members of senior management."

Fool On!

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