Pfizer to Raise R&D Spending as Pipeline Focus Sha
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Posted On: 07/31/2018 1:45:07 PM
Pfizer to Raise R&D Spending as Pipeline Focus Sharpens
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Pfizer (NYSE
FE)
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Today : Tuesday 31 July 2018
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By Nishant Mohan
Pfizer Inc. plans to increase research and development spending for the remainder of the year in a bid to accelerate the delivery of potential blockbuster treatments to market.
The drugmaker on Tuesday raised projections for spending on research to $7.7 billion to $8.1 billion from $7.4 billion and $7.9 billion previously.
Pfizer affirmed its expectation of between 25 and 30 drugs from its pipeline to be approved through 2022. Pfizer said it expects its business to be less affected by losses of exclusivity after 2020.
The company increased its spending plans as its key branded treatments, including Eliquis, Ibrance and Xeljanz, continued to see strong growth in its latest quarter. Sales of blood-thinner Eliquis grew 42% in the second quarter from a year earlier to $889 million. Revenue from Pfizer's innovative-health business rose 8% to $8.27 billion.
Overall revenue rose 4% to $13.47 billion, though currency movements provided a 3% lift.
However, Pfizer expects foreign exchange to turn into a headwind for the remainder of the year. The company lowered its revenue target by $500 million at the midpoint to between $53 billion and $55 billion, citing recent unfavorable currency moves.
Pfizer's essential-health business, featuring off-patent brands and generics, continued to see sales fall in the latest quarter. Sales of fibromyalgia treatment Lyrica dipped 3% to $1.22 billion. The company lost exclusivity for Viagra at the end of last year, and now faces pressure from generic brands. Sales for Viagra fell 47% over the year to $185 million.
Pfizer's net income rose 26% to $3.87 billion, or 65 cents a share. Excluding one-time items, the company earned 81 cents a share, ahead of estimates of 74 cents a share from analysts polled by FactSet.
The company said in July it plans to reorganize into three businesses -- innovative medicines, consumer health-care and established medicines -- as it determines the future of its over-the-counter medicines business. Pfizer, which has been reviewing options for the unit that sells brands like Advil, Centrum and ChapStick, affirmed plans to make a decision regarding the business this year.
Shares, which have gained 16% over the last year, fell 0.6% to $38.35 in premarket trading.
Write to Nishant Mohan at nishant.mohan@wsj.com
(END) Dow Jones Newswires
July 31, 2018 08:36 ET (12:36 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Go IPIX!!!
Alert
Pfizer (NYSE
FE) Intraday Stock Chart
Today : Tuesday 31 July 2018
Click Here for more Pfizer Charts.
By Nishant Mohan
Pfizer Inc. plans to increase research and development spending for the remainder of the year in a bid to accelerate the delivery of potential blockbuster treatments to market.
The drugmaker on Tuesday raised projections for spending on research to $7.7 billion to $8.1 billion from $7.4 billion and $7.9 billion previously.
Pfizer affirmed its expectation of between 25 and 30 drugs from its pipeline to be approved through 2022. Pfizer said it expects its business to be less affected by losses of exclusivity after 2020.
The company increased its spending plans as its key branded treatments, including Eliquis, Ibrance and Xeljanz, continued to see strong growth in its latest quarter. Sales of blood-thinner Eliquis grew 42% in the second quarter from a year earlier to $889 million. Revenue from Pfizer's innovative-health business rose 8% to $8.27 billion.
Overall revenue rose 4% to $13.47 billion, though currency movements provided a 3% lift.
However, Pfizer expects foreign exchange to turn into a headwind for the remainder of the year. The company lowered its revenue target by $500 million at the midpoint to between $53 billion and $55 billion, citing recent unfavorable currency moves.
Pfizer's essential-health business, featuring off-patent brands and generics, continued to see sales fall in the latest quarter. Sales of fibromyalgia treatment Lyrica dipped 3% to $1.22 billion. The company lost exclusivity for Viagra at the end of last year, and now faces pressure from generic brands. Sales for Viagra fell 47% over the year to $185 million.
Pfizer's net income rose 26% to $3.87 billion, or 65 cents a share. Excluding one-time items, the company earned 81 cents a share, ahead of estimates of 74 cents a share from analysts polled by FactSet.
The company said in July it plans to reorganize into three businesses -- innovative medicines, consumer health-care and established medicines -- as it determines the future of its over-the-counter medicines business. Pfizer, which has been reviewing options for the unit that sells brands like Advil, Centrum and ChapStick, affirmed plans to make a decision regarding the business this year.
Shares, which have gained 16% over the last year, fell 0.6% to $38.35 in premarket trading.
Write to Nishant Mohan at nishant.mohan@wsj.com
(END) Dow Jones Newswires
July 31, 2018 08:36 ET (12:36 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Go IPIX!!!
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