Pfizer considers consumer business sale

October 10, 2017
Pfizer considers consumer business sale
This April 6, 2016, file photo shows the Pfizer logo appearing on a screen above its trading post on the floor of the New York Stock Exchange. Pfizer said Tuesday, Oct. 10, 2017, it may sell its consumer health care business, which includes the Advil brand, as part of a strategic review. (AP Photo/Richard Drew, File)

Pfizer may be done selling ChapStick, Advil, Robitussin and other brands that people can buy without a prescription.

The pharmaceutical giant is weighing options for its consumer health care business. It may spin off or sell the unit, which also produces Advil, Preparation H and the Centrum brand of vitamins. Pfizer may also leave the business as is, with no sale.

The New York drugmaker expects any decisions on the business to be made next year.

Chairman and CEO Ian Read said Tuesday that consumer health products are distinct enough from the company's main biopharmaceutical business that its value might be "more fully realized" outside the company.

The consumer health care unit had revenue of about $3.4 billion last year, while the company as a whole recorded $52.8 billion.

Centerview Partners, Guggenheim Securities and Morgan Stanly are working as financial advisers for the review.

Pfizer's larger prescription drug business includes the erectile dysfunction treatment Viagra, the breast cancer drug Ibrance and the cholesterol fighter Lipitor. The company booked a $3.07 billion profit in the in the second quarter on $12.9 billion in revenue. The company will report third-quarter results later this month.

Pfizer said in August that it expects to gain regulatory approvals over the next five years for up to 18 new drugs and a half-dozen "biosimilars," or near-generic versions of complex injected drugs manufactured inside cells. But the drugmaker also faces competition from cheaper, generic versions of key products like Lipitor, which was the world's top selling drug for a decade.

Pfizer shares edged up 28 cents to close at $36.42. The stock price has climbed about 12 percent so far this year, while the Standard & Poor's 500 index has risen more than 13 percent.

Explore further: Key drug sales push Pfizer profit up 50 percent

Related Stories

Key drug sales push Pfizer profit up 50 percent

August 1, 2017
Rising sales of most key drugs, lower one-time charges and reduced manufacturing costs helped drive Pfizer's second-quarter profit up 50 percent.

Pfizer's 4Q net plunges on charges, sales decline

January 28, 2014
Drugmaker Pfizer said Tuesday that fourth-quarter profit plunged 59 percent because of discontinued operations, restructuring and other charges, and generic competition continuing to siphon off revenue from former blockbuster ...

Pfizer Q4 net jumps on sale of nutrition business

January 29, 2013
Pfizer Inc.'s fourth-quarter profit more than quadrupled, despite competition from generic drugs hurting sales of Lipitor and other medicines, because of a $4.8 billion gain from selling its nutrition business. The drugmaker's ...

Pfizer 2Q mixed, maintains 2013 outlook

July 30, 2013
Pfizer's second-quarter net income more than quadrupled, helped by the sale of its animal health business. The world's second-largest drugmaker beat Wall Street's earnings expectations, though revenue continued to decline ...

Pfizer 3Q net falls due to generics, higher costs

October 29, 2013
Pfizer Inc.'s third-quarter profit dropped 19 percent as competition from generic drugs continued to cut sales, while lower operating expenses failed to offset higher taxes and charges.

Pfizer's 2Q profit sinks 79 pct but tops forecasts

July 29, 2014
Pfizer's second-quarter earnings plunged 79 percent from last year, when the world's second-largest drugmaker booked a $10 billion-plus gain from a business spinoff.

Recommended for you

Best of Last Year—The top Medical Xpress articles of 2017

December 20, 2017
It was a good year for medical research as a team at the German center for Neurodegenerative Diseases, Magdeburg, found that dancing can reverse the signs of aging in the brain. Any exercise helps, the team found, but dancing ...

Pickled in 'cognac', Chopin's heart gives up its secrets

November 26, 2017
The heart of Frederic Chopin, among the world's most cherished musical virtuosos, may finally have given up the cause of his untimely death.

Sugar industry withheld evidence of sucrose's health effects nearly 50 years ago

November 21, 2017
A U.S. sugar industry trade group appears to have pulled the plug on a study that was producing animal evidence linking sucrose to disease nearly 50 years ago, researchers argue in a paper publishing on November 21 in the ...

Female researchers pay more attention to sex and gender in medicine

November 7, 2017
When women participate in a medical research paper, that research is more likely to take into account the differences between the way men and women react to diseases and treatments, according to a new study by Stanford researchers.

Drug therapy from lethal bacteria could reduce kidney transplant rejection

August 3, 2017
An experimental treatment derived from a potentially deadly microorganism may provide lifesaving help for kidney transplant patients, according to an international study led by investigators at Cedars-Sinai.

Exploring the potential of human echolocation

June 25, 2017
People who are visually impaired will often use a cane to feel out their surroundings. With training and practice, people can learn to use the pitch, loudness and timbre of echoes from the cane or other sounds to navigate ...


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.