Pfizer Inc has received setback during the third quarter ended September 2015 and its net profit declined sharply by 20 per cent to US$ 2,130 million from $2,666 million in the corresponding period of last year. Its revenues also declined by 2.2 per cent to $12,087 million from $12,361 million due to lower sales of established products. With fall in profit, its EPS declined to $0.34 from $0.42 in the last period.

Ian Read, chairman and CEO, said, “Our business continues to demonstrate strength across key product lines and geographies which has resulted in another quarter of strong financial performance. We have been intently focused on seeking to generate a greater portion of our earnings from increased revenues and I see our product portfolio, product pipeline and recent business development activity as supporting this objective. Importantly, our research pipeline continues to advance with a focus on therapeutic areas of high unmet need where we also have seen advances in biology which could support the development of potential important new therapies to further strengthen our innovative products business.”

The company manages its commercial operations through two distinct businesses viz., an innovative products business and an established products business. The innovative product business is composed of two operating segments i.e. the global innovative pharmaceuticals segment (GIP) and the global vaccines, oncology and consumer healthcare segment (VOC). The established products business consists of the global established pharmaceutical segment (GEP), which includes all legacy Hospira commercial operations

The sales of Innovative products increased by 12.5 per cent to $6,752 million from $6,001 million basically due to higher sales by global vaccines of $1,629 million as against $1,140 million, a growth of 43 per cent. Similarly, the sales of global oncology went up by 43 per cent to $786 from $551 million in the corresponding quarter of last year. GIP sales remained flat at $3,521 million as compared to $3,490 million. Its R&D expenditure declined by 3.5 per cent to $1,725 million from $1,788 million.

Pfizer's sales of Enbrel (outside the US and Canada) declined by 11.6 per cent to $844 million during the quarter under review from $955 million in the same period of last year. Similarly, its sales of Lipitor, Lyrica GEP, Norvasc, Zyvox and Celebrex declined sharply by 7 per cent, 41 per cent, 11 per cent, 51 per cent and 72 per cent respectively.

For the nine months ended September 2015, Pfizer's revenue declined by 4.6 per cent to $34.8 billion from $36.5 billion in the corresponding period of last year. Its net income declined by 9.8 per cent to $7.1 billion from $7.9 billion. Though the sales of innovative products improved by 10 per cent to $19.1 billion from $17.4 billion, its sales of established products declined sharply by 18 per cent to $15.3 billion from 18.7 billion in the last period.

As per guidance provided by the company, it  expects revenues in the range of $47.5 billion to $48.5 billion with adjusted diluted EPS of $2.16 to $2.20 for the full year 2016.