Pfizer has posted net profit growth of 14 per cent during the first quarter ended March 2018 to US$ 3,561 million as against $3,121 million in the corresponding period of last year. Its revenues improved only by one per cent to $12,906 million from $12,779 million. The sales of innovative health (IH) products increased by 6 per cent to $7,829 million and that of essential health segment declined by 5 per cent to $5,077 million. EPS worked out to $0.77 as compare of $0.69 in the last period. Pfizer has returned $8.1 billion directly to shareholders through a combination of dividend and repurchases during the quarter. Its R&D expenditure increased marginally to $1,743 million from 1,716 million
Ian Read, chairman and CEO said, “Our first-quarter 2018 financial results were solid, driven by continued strength from our anchor brands, primarily Ibrance, Eliquis and Xelijanz. The Essential Health business delivered strong growth in emerging markets and biosimilars but was negatively impacted by continued legacy Hospira product supply shortages in t he US as well as product losses of exclusivity. We remain focused on executing our commercial strategies, managing expenses, advancing our pipeline and prudently allocating our capital to position Pfizer for sustainable success.”
“Our pipeline today, with a range of targeted compounds, biologics and vaccines, is a deep and focused as it has ever been. With several potential near-term opportunities in core therapeutic areas, I believe our pipeline presents an unprecedented opportunity to deliver a life-changing impact on a growing number of patients while creating enhanced value for all of our stakeholders,” he added.
The sales of Ibrance, Eliquis and Xeljanz improved by 35%, 30% and 29 % respectively. The loss of exclusivity of Viagra in the US during December 2017 impacted negatively. The lower revenues for Enbrel in most developed Europe markets due to continued biosimilar competition impacted sales. The global Prevnar13/Prevenar 13 revenues declined by 3 per cent. The sales of Prevenar 13 in international market improved by 16 per cent operationally, but declined in US by 12 per cent due to lower government purchases in first quarter 2018.