It was bad news, causing disappointment.

Earnings figures reported this week were generally good.

This will make Japan the laughingstock of the world. Mizuho and the Tokyo Stock Exchange have shown how weak their compliance and trading systems are.

It's hard to be optimistic so soon.

Though this news is clearly a disappointment, we believe that the damage is largely done and the 10 percent decline in the stock price fully compensates for the approximately 8 percent reduction in the earnings outlook for next year.

We share some of your disappointment in some of the news reported today, ... Beyond the quarterly numbers, we ask you to look at the greater picture of a Pfizer in transition.