Pfizer revenues down, but above expectations
pharmafile | February 3, 2016 | News story | Research and Development, Sales and Marketing | Ian Read, Pfizer, financial results, income, profits, revenue, sales
Pfizer’s revenues took a hit from generic competition on former blockbusters, but the world’s new largest drugmaker still managed to outperform most Wall Street analyst expectations in 2015.
The pharma giant’s reported revenues in the further quarter of 2015 rose 7% to $14 billion, but this strong end-of-year sales performance did not prevent an overall decline in full-year revenues, which fell 2% to $48.9 billion.
The company pointed out that its 50% fall in profit (reported as net income) for Q4 was tied to its purchase of Hospira, and the resulting administration and restructuring costs. The figure of $613 million compares to $1.23 billion the year before.
The company faced Lyrica (pregabalin) patent challenges in certain European countries in 2015, and this was reflected in the fact that worldwide revenues from the drug fell 12% to $1.3 billion, however in locations where the patent is still upheld, sales rose 6%.
Pfizer also said revenues were affected by generic competition in the US for anti-inflammatory drug Celebrex (celecoxib) and antibiotic Zyvox (linezolid).
Chief executive Ian Read’s message was upbeat, with the 62 year-old commenting: “I believe that we are well positioned to deliver another strong year in 2016 as we expect that our key in-line products will continue to perform well while we expect to advance our product pipeline, notably our potential registrational programs in key therapeutic areas such as oncology, vaccines, cardiovascular and metabolic diseases, inflammation and rare diseases.
“The integration of Hospira is well underway and we now look forward to completing the combination with Allergan, which we still expect to occur during the second half of this year. We see this transaction as a very effective driver of accelerating the growth potential of our Innovative business, strengthening our Established business and more efficiently allocating our capital globally, all factors which remain consistent with our overarching strategy of value creation.”
Read has good reason to look to innovative products as a source of future growth, as revenues in established products were down 2%, while those in its new drugs segment, which includes vaccines, were up an impressive 15% to $7.64 billion.
The company said it anticipates full-year 2016 revenues in the range of $49 billion to $51 billion.
Joel Levy
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