Pfizer sales fall after key patents expire
Wednesday 04 May 2011
Falling sales of Pfizer's key cholesterol drug, Lipitor, in the face of generic competition hit sales at the American pharmaceuticals giants in the first quarter.
Pfizer reported a 13 per cent fall in sales of Lipitor yesterday as it posted $16.5bn (£10bn) in overall revenues for the first three months of the year, slightly below the figures for last year and missing the $16.6bn expected by analysts. But net income was higher, rising to $2.2bn – against $2bn last year.
Worldwide sales of Lipitor, the company's biggest drug, fell to $2.4bn, down from $2.8bn in 2010.
The cholesterol treatment, which is set to face generic competition in the US from November, lost patent protection in the Canadian and Spanish markets in May and July last year.
Along with the loss of US exclusivity of the company's Alzheimer's treatment, Aricept, in November 2010, Pfizer said the expiries had hit revenues at its primary-care arm by about $590m, or 10 per cent, compared with the same period in 2010.
The impact on key drugs underscores the challenge faced by the new chief executive Ian Read, who is looking to turn Pfizer into a leaner business with plans to cut the company's 2012 research budget by up to $2bn and close the group's long-standing UK research centre in Sandwich.
The results saw Pfizer shares fall by almost 3 per cent in early afternoon trade on Wall Street.
- 1 Tourist films plane's descent just metres above packed Caribbean beach
- 2 Kate Moss: Previously unpublished nude photo revealed by Mert and Marcus
- 3 Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
- 4 World Book Day: Boy 'excluded' from school after dressing up as Fifty Shades' Christian Grey
- 5 Bad Jews poster 'censored' on London Tube
Tourist films plane's descent just metres above packed Caribbean beach
Indian woman creates 'Marriage CV' after parents put her on dating site: 'Definitely not marriage material. Won’t grow long hair, ever'
Becky Watts: Four appear in court charged with hiding body parts after teenager's death
Isis 'bulldozes' Nimrud: UNESCO condemns destruction of ancient Assyrian site as a 'war crime'
Professor Brian Cox brands astrology-believing Tory MP David Tredinnick an 'outlier on the spectrum of reason'
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Durham Free School: 'Creationism taught at' free school facing closure
End of the licence fee: BBC to back radical overhaul of how it is funded
Elif Shafak: Turkish author warns against rise of British nationalism
Most people think legal tax avoidance is just as wrong as illegal tax evasion, poll suggests
Nigel Farage promises Ukip will not 'stigmatise' would-be migrants – and says he wants 'everyone to speak the same language'
iJobs Money & Business
£13000 per annum: Recruitment Genius: This is an exciting opportunity to join ...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£12 - £15 Hourly Rate: Jemma Gent: In this role you will report to the Head of...
£8 per hour: Recruitment Genius: This Pension Specialist was established early...