Pfizer has posted profit before tax and adjustments of US$ 953 million during the fourth quarter ended December 2017 as against $777 million in the corresponding period of last year. Its net profit, after tax gain of $11,335 million on account of new tax law, worked out to $12,274 million as compared to $780 million. Its revenues remained almost same at $13,703 million as against $13,627 million, a growth of 0.6 per cent after divestiture of Hospira Infusion Systems (HIS). Its EPS worked out to $2.02 as compared to $0.13 in the last period.
The sales of Innovative Health segment moved up by 6 per cent to $8,218 million from $7,726 million in the similar quarter of last year. However, the sales from Essential Health segment decline by 7 per cent to $5,484 million from $5,902 million.
For the full year ended December 2017, Pfizer's revenues declined by one per cent to $52,546 million from $52,824 million in the previous year. Its net income after tax adjustments increased to $21,308 million from $7,215 million as its tax gain amounted to $9,049 million as compared to tax provision of $1,123 million with change in US tax law. Its profit before tax adjustments improved by 47.3 per cent to $12,305 million from $8,351 million. EPS for full year worked out to $3.52 as against $1.17 in the last year. Its R&D expenditure declined by 3 per cent to $7,657 million from $7,872 million.
The sales of Innovative Health division increased by 8 per cent to $31,422 million from $29,197 million in the previous year and that of Essential Health division declined by 11 per cent to $21,124 million from $23,627 million.
Ian Read, chairman and CEO, said, “Pfizer had a strong year in 2017, delivering solid financial results, advancing several significant pipeline programs and enhancing shareholder value with prudent capital allocation decisions. Regarding our revenue performance in 2017, Pfizer Innovative Health was driven by continued strength from several anchor brands, including Ibrance, Eliquis and Xeljanz – all of which currently have market-leading positions with many years of patent protection remaining. Pfizer Essential Health generated strong operational revenue growth in emerging markets and in our Biosimilars portfolio but was negatively impacted by the HIS divestiture, the expected impact of product losses of exclusivity and legacy Hospira product shortages in the US.”
“In 2017, we received ten approvals from the FDA, significantly more than Pfizer has achieved in any year in the past decade. Building on these achievements, during 2018 we look forward to important regulatory decisions and clinical data readouts across our pipeline that will drive the next wave of innovation at Pfizer,” he added.
“Our 2018 financial guidance at the midpoint of our ranges implies revenue growth of 4 per cent and adjusted diluted EPS growth of 11 per cent compared to 2017 results,” he added further.
The sales of Prevnar13 vaccine declined by 2 per cent to $5,601 million from $5,718 million in the previous year. However, sales of Lyrica IH improved by 8 per cent to $ 4,511 million from $4,165 million and that of Eliquis alliance revenues and direct sales went up sharply by 47 per cent to $2,523 million from $1,713 million. Similarly, sales of Ibrance went up by 46 per cent to $3,126 million from $2,135 million. Enbrel (outside the US and Canada) declined by 16 per cent to $2,452 million from $2,909 million. Lipitor sales increased by 9 per cent to $1,915 million from $1,758 million and that of Viagra declined by 23 per cent to $1,204 million from $1,564 million in the previous year.
Its sales in US declined by one per cent to $26,026 million during the year ended December 2017 from $26,369 million. Its sales in emerging markets increased by 9 per cent to $11,399 million from $10,420 million, but declined by 9 per cent in developed Europe to $8,508 million from $9,306 million. Similarly, sales in developed rest of world declined by 2 per cent to $6,612 million from $6,729 million.