Wyeth acquisition boosts Pfizer results
pharmafile | August 4, 2010 | News story | Sales and Marketing | 2010 financials, Pfizer, Q2
Pfizer’s second quarter results received a huge boost from the company’s multi-billion dollar acquisition of Wyeth last October.
Sales of former Wyeth products added $5.4 billion to Pfizer’s balance sheet, which recorded second-quarter revenues that increased by 58% to $17.3 billion compared to the same period in 2009.
Pfizer’s figures were also helped by the affects of favourable exchange rates and a strong performance by the company’s emerging markets unit.
Pfizer chief executive Jeff Kindler said: “During the quarter, Pfizer’s more balanced global portfolio, which includes small molecules, biologics and vaccines as well as off-patent pharmaceuticals and diversified products generated strong performance in a period of notable worldwide economic uncertainty.
“The emerging markets unit continued to benefit from our on-going investment, with year-over-year operational growth on a legacy Pfizer basis of 11%. Within that unit, revenues in our six key markets, led by China, increased a combined 19% on a legacy Pfizer operational basis to approximately $800 million.”
Kindler added: “We continue to make solid progress on the Wyeth integration while we remain focused on delivering strong business performance.”
Anti-cholesterol drug Lipitor remains Pfizer’s top seller, making $2.81 billion, up 5% on last year. The Lipitor patent, which is set to expire in 2012, was a key driver behind the company’s $68 billion acquisition of Wyeth last year, which Pfizer hopes will boost its long term revenue stream.
Pain medication Lyrica was Pfizer’s fastest growing product, rising 21% on an operational basis to $762 million.
The biggest loser was Norvasc, indicated for high blood pressure and chest pain related to angina, decreasing by 19% to $422 million.
Smoking cessation drug Champix also took a hit, with sales shrinking by 11% to $170 million.
Pneumococcal vaccine Prevnar 13, a Wyeth legacy product, has slotted into Pfizer’s top ten medicines, making $569 million for the quarter.
Pfizer reaffirmed its earnings forecasts for 2010 at between $65.2 and $67.7 billion.
Ben Adams
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