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One will be devoted to products that have lost patent protection, or will through 2015. Those include Viagra, Celebrex, Lyrica and antibiotic Zyvox — but only in some countries. Another division will handle drugs with years of patent protection remaining. The third that will sell vaccines, cancer medicines and consumer products such as Centrum vitamins.
Leerink Swan analyst Seamus Fernandez said the restructuring "offers greater flexibility to continue the current shareholder friendly strategy of further focusing the business on its core operating businesses."
Pfizer also announced plans to repurchase $10 billion in company shares, on top of $3.1 billion remaining under its previous buyback program.
Revenue from Prevnar 13, a vaccine for ear infections, meningitis and other pneumococcal infections, fell 3 percent to $969 million. Prevnar is the biggest-selling vaccine in history, with nearly $4 billion in yearly revenue.
Sales of Lyrica, for fibromyalgia and other pain, grew 10 percent to $1.13 billion, and anti-inflammatory pain reliever Celebrex rose 8 percent to $715 million.
Sales of impotence drug Viagra were nearly flat at $484 million despite a precedent-setting move in May to start selling it online to counteract massive counterfeiting on the Internet.