Pfizer has posted a solid set of fourth-quarter results, with sales driven by its oncology unit and decent showings from Lyrica and Enbrel.
Net income came in at $2.57 billion, down 59% on the like, year-earlier period (which included a gain from the sale of nutritional products business to Nestle), while group turnover slipped 2% to $13.56 billion.
Pfizer's best-selling drug, Lyrica (pregabalin) for epilepsy, fibromyalgia and neuropathic pain, increased 11% to $1.26 billion, while the Prevnar pneumococcal disease vaccine franchise was up 3% to $1.12 billion. The arthritis and psoriasis therapy Enbrel (etanercept) brought in just over $81.00 billion outside North America (+5%) and the COX-2 inhibitor Celebrex (celecoxib) rose 6% to $798 million.
Sales of the off-patent cholesterol lowerer Lipitor (atorvastatin) rose 5% to $611 million, while the blood pressure treatment Norvasc (amlodipine) fell 10% to $312 million. The erectile dysfunction blockbuster Viagra (sildenafil) declined 14% to $476 million.
Kidney cancer treatment Sutent (sunitinib) slipped 3% to $312 million, while the Premarin (conjugated oestrogens) range of hormone replacement therapies contributed $299 million to Pfizer’s coffers, an increase of 8%. In terms of new products, Inlyta (axitinib) for advanced renal cell carcinoma brought more than doubled to $102 million, while sales of Xalkori (critzotinib) for advanced non-small cell lung cancer reached $89 million, up 98%.
Chief executive Ian Read said that during 2014, "we expect to report on several, important clinical data readouts". we expect to report on several, important clinical data readouts for our mid- and late-stage pipeline compounds". They include top-line results for the Phase II study for palbociclib in breast cancer patients and a trial of Prevnar 13 in adults aged 65 and older.
He also highlighted Phase II data for bococizumab, a PCSK9 inhibitor for LDL cholesterol reduction, and on the firm's staphylococcus aureus vaccine. The second quarter should see top-line results for two Phase III studies for Xeljanz (tofacitinib) in psoriasis; the JAK inhibitor is already approved for rheumatoid arthritis and had fourth-quarter sales of $46 million.
Pfizer's chief financial officer Frank D’Amelio added that 2014 adjusted revenue will be in the $49.2-$51.2 billion range, reflecting a shortfall of $3 billion as a result of patent expiries and the termination of certain collaboration agreements that will hit alliance revenues.