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Financial Report: Pfizer

Enbrel collaboration expiry, continued erosion of Lipitor hurt results

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By: Kristin Brooks

Managing Editor, Contract Pharma

Pfizer
 
4Q Revenues: $13.6 billion (-2%)

4Q Earnings: $2.6 billion (-59%)

FY Revenues: $51.6 billion (-6%)

FY Earnings: $22.0 billion (+51%)

Comments: Primary Care and Specialty Care revenues were $3.4 billion in the quarter, down 10% and 7%, respectively. Emerging Markets revenue was $2.7 billion, up 4%. Established Products revenue was $2.4 billion, up 2%. Consumer Healthcare sales were $943 million, up 1%. Oncology sales were up 26% to $468 million. Revenues in the quarter reflect an operational growth of 1%, and the unfavorable impact of foreign exchange of 3%. Sales were up for Lyrica (+11%), Inlyta (+117%) and Xalkori (+98%), Enbrel outside of North America (+5%), as well as Celebrex (+6%), primarily in the U.S. Revenues were impacted by the expiration of the collaboration agreement for Enbrel in North America, and continued erosion of Lipitor, the ongoing expiration of the Spiriva collaboration in certain countries, as well as other product losses of exclusivity in certain markets. In June Pfizer completed the disposition of its Animal Health business (Zoetis). Revenues in the quarter included $65 million from the transitional manufacturing and supply agreements with Zoetis.

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