These companies are very resilient.

It strikes me as being unique that a company can see half a billion dollars in income go away and see it as a relatively small impact on earnings per share.

While the specific product revenues of the Consumer Healthcare business are largely unknown, we note that the PCH [Pfizer Consumer Health] business operates at generally lower margins than the company's pharmaceuticals business.

There's no evidence that the amount of payment will ever exceed the amount of cash, ... Nobody's had to cut their dividend because of liability.

The entire drug group is not exactly having a stellar performance and may not until the second half of 2002 when we expect a number of positive catalysts, in the form of drug approvals, to emerge within the sector.

Thus, if the consumer business were to be sold, or perhaps restructured into a JV contributing below Pfizer's operating line, it would likely have the effect of increasing gross margins and operating margins.

Does it increase the amount of money for which Merck is liable? ... I would say no, because Merck hasn't been proven to be liable for anything.

It's certainly not a shock to me, and I don't think it would be a shock to anyone on Wall Street that the number of lawsuits has increased.