Wyeth acquisition yet to shake Pfizer’s Lipitor dependence
pharmafile | February 4, 2010 | News story | Sales and Marketing | 2009 financials, Lipitor, Pfizer
Pfizer’s profits rose by 7% last year on the back of a 4% increase in revenue driven by cholesterol treatment Lipitor and pain drug Lyrica.
Lipitor is still Pfizer’s biggest product by some way, making $11.4 billion in 2009, but sales were down 8% from the previous year and a steeper decline is expected when it loses patent protection in 2011.
Its next best-selling product was Lyrica, which increased its 2009 sales by 10% to $2.8bn, followed by arthritis pain drug Celebrex, which slipped back 4% on the previous 12 months to make $2.4bn.
Revenue reached $50bn for the year with net income totaling $8.6bn and the figures were lifted by its acquisition of Wyeth last year.
This was most noticeable in the fourth quarter when revenue increased 34% to $16.5 billion as sales from Wyeth legacy products were counted for the first time.
Pfizer hopes its $68bn Wyeth acquisition will see no drug accounting for more than 10% of its combined revenue by 2012 – in contrast to last year when Lipitor brought in 23% of the company’s sales.
Chief executive Jeff Kindler said: “During the fourth quarter, we closed the Wyeth acquisition and immediately began the integration of our operations, advancing the transformation of the company.”
“We are pleased with the rapid pace of the integration and our ability to quickly realise the benefits of our combined organisation.”
Kindler continued: “We remain excited about our more diverse in-line product and pipeline portfolio, which we expect will result in improved opportunities for the company in 2010 and beyond.”
Pfizer has 30 new compounds in development for oncology and 10 in development for Alzheimer’s. One of these – PF-5236806 ACC-001 – is a possible vaccine for Alzheimer’s dementia and currently in phase II clinical trials.
For 2010 Pfizer is expected to generate revenue of between $67-69bn, a sum lower than expected by some analysts.
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