Pfizer says that net income soared to just under $14.10 billion from $3.25 billion, thanks to the spin-off of its animal health unit Zoetis and cash from a litigation settlement with Teva and Sun Pharmaceutical Industries for patent infringement of Protonix (pantoprazole).
Revenue fell 7% to $12.97 billion, as sales of the cholesterol lowerer Lipitor (atorvastatin) sank 55% to $545 million, while the pneumococcal disease vaccine Prevnar slipped 3% to $969 million. The blood pressure treatment Norvasc (amlodipine) fell 10% to $313 million, while sales of the erectile dysfunction blockbuster Viagra (sildenafil), which has just gone off-patent in Europe, were flat at $484 million, down 7%.
Lyrica (pregabalin), for epilepsy, fibromyalgia and neuropathic pain, increased 10% to $1.13 billion, while the kidney cancer treatment Sutent (sunitinib) slipped 2% to $312 million. The COX-2 inhibitor Celebrex (celecoxib) rose 8% to $715 million.
As for its new products, the rheumatoid arthritis therapy Xeljanz (tofacitinib) contributed $22 million, while Inlyta (axitinib) for advanced renal cell carcinoma brought in $71 million, up from $17 million in the like, year-earlier period. Sales of Xalkori (critzotinib) for advanced non-small cell lung cancer soared 191% to $67 million.
Chief executive Ian Read said “we continue to expect our emerging markets business growth to accelerate in the second half of the year, led by China”. The results came out as Pfizer announced plans to split into three units (see link) and he said “this new model represents the next step in Pfizer’s journey to further revitalise our innovative core, enhance the value of our consumer and off-patent established brands and maximise the use of our capital”.
