Profits drop for Pfizer
pharmafile | January 29, 2014 | News story | Sales and Marketing | Enbrel, Lipitor, Pfizer, Spiriva, Zoetis, q4
Pfizer’s turnover fell to $54.6 billion in 2013, a 6% drop year-on-year from $54.7 billion in 2012, but the group deemed this a ‘solid’ performance overall.
Results for the fourth quarter of last year are also down, by 2% this time, from $13.9 billion to $13.6 billion, but Pfizer is setting great store by what it sees as the strength of its pipeline going forward.
The loss of patent in the US and Europe on its statin Lipitor has not helped, although getting rid of animal health business Zoetis in June generated more than $17 billion.
The company’s restructure this month, splitting commercial operations into three segments, is focussing on drugs which are in patent and those which have lost, or will soon lose, market exclusivity.
Total revenues for the year for biopharma products fell 3% to $12.5 billion, but there were bright spots during 2013, with sales of Lyrica (up 11%), Inlyta (117%) and Xalkori (105%) standing out.
But as well as the erosion of Lipitor’s standing, the end of collaboration agreements for Enbrel and Spiriva in various countries – and decreased government purchases of pneumococcal conjugate vaccine Prevnar in emerging markets – put pressure on sales.
Despite this, chairman and chief executive Ian Read insists: “We enter 2014 with confidence in the competitive positioning of our commercial businesses, the prospects for our recently launched products and the strength of our research pipeline.”
During the year Pfizer expects to issue top-line results for a Phase II study for palbociclib in patients with post-menopausal, ER-positive, advanced breast cancer, and for the CAPiTA study for Prevnar 13 in patients aged 65 and older.
It will also have Phase IIb data on PCSK9 inhibitor bococizumab for LDL cholesterol reduction, Phase IIa results for the company’s staphylococcus aureus vaccine and Phase III studies looking at Xeljanz in psoriasis.
Phase III activity in late 2013 and the early part of this year means R&D expenses will be adjusted to between $6.4 billion and $6.9 billion.
In common with many other large pharma groups, Pfizer has also been creating value for shareholders through share buybacks, repurchasing $16.3 billion of our common stock in 2013.
Adam Hill
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