Pfizer says it is considering the future of its massive consumer health division, with options including a full or partial separation of the business through a spin-off, sale or other transaction, or keeping hold of the unit.
The move falls under the firm’s continuing efforts “to allocate resources and capital to best serve patients and maximise value for its shareholders,” according to the press release.
Pfizer’s Consumer Healthcare segment pulls in annual revenues of around $3.4 billion, making it one of the largest OTC healthcare products businesses in the world.
The business markets two of the ten top selling consumer healthcare brands globally – Centrum and Advil, and also has on its books ten brands that each exceeded $100 million in 2016 sales.
“Although there is a strong connection between Consumer Healthcare and elements of our core biopharmaceutical businesses, it is also distinct enough from our core business that there is potential for its value to be more fully realised outside the company,” said Ian Read, Pfizer’s chairman and chief executive.
“By exploring strategic options, we can evaluate how best to fuel the future success and expansion of Consumer Healthcare while simultaneously unlocking potential value for our shareholders.”
Last month Germany’s Merck also said it is considering a full or partial sale of its consumer health business, while earlier this year Sanofi sold off a batch of its OTC products to fellow French drugmaker Ipsen.