In an investment review of Pfizer (NYSE: PFE), Goldman Sachs said sales in emerging growth markets would become a significant factor in the company's revenues, a fact that it considers underappreciated by stock market investors. China is the major emerging market for Pfizer.

Goldman expects emerging growth markets to produce $3.5 billion of revenue for Pfizer in 2012, and $3 billion of that will come from China.

In its annual business review for investment professionals held earlier this year, Pfizer said it wants to increase its share of China's biopharma market to 6% in 2012 from its present 4%.

Goldman considers Pfizer to be the best positioned of any western big pharma in China. The company also said it expects the emerging markets growth to manifest itself over the next three to five years.

In 2008, about 58% of Pfizer's revenues came from outside the US and 13% of its net sales were in Asia. Its current annual revenues total about $4.5 billion. Even as it cuts back to save expenses elsewhere in the world, the company has increased its sales force in China, maintained its R&D operation in Shanghai, and built relationships with China CROs and higher education institutes. Pfizer recently completed its acquisition of Wyeth.

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Disclosure: none.