Pfizer has suffered setback during the first quarter ended March 2017 and its net profit improved marginally to $4,192 million from $4,177 million in the corresponding period of last year. The figures for the first quarter included acquisition of Anacor Pharmaceuticals, Inc and Medivation Inc, and sale of its global infusion therapy net assets, Hospira Infusion Systems.
Its net sales declined by 2 per cent to $12,779 million during quarter under review from $13,005 million in the last period. The sales of Innovative health segment improved by 5 per cent to $7,415 million from $7,033 million. However, sales of essential health segment declined by 10 per cent to $5,364 million from $5,972 million. Its R&D expenditure declined marginally to $1,708 million from $1,731 million.
Ian Rea, chairman and CEO, said, “I was pleased with our first-quarter 2017 financial performance, which was in line with our expectations, and it reinforces our confidence in the business going forward. Innovative health's core franchises – Prevnar 13, Lyrica, Ibrance, Eliquis, Xeljanz and Xtandi – have strong leadership positions in their respective therapeutic categories and are complemented by new product launches. Finally, we will continue to allocate our capital to initiatives that we believe will maximize value creation.”
During February, Pfizer announced that it entered into an accelerated share repurchase agreement with Citibank N.A. To repurchase $5 billion of its common stock. Pfizer paid $5 billion to Citibank and received an initial delivery of approximately 126 million shares of Pfizer common stock from Citibank. Further, the company completed the sale of HIS to ICU Medical Inc for up to approximately $900 million composed of ash and contingent cash consideration, ICU Medical common stock and seller financing.
Frank D'Amelio, executive vice president, business operations and CFO, said, “Today we are reaffirming our 2017 financial guidance, reflecting our performance to date as well as our confidence in the business going forward. Excluding the negative impact of the divestiture of HIS and foreign exchange, the midpoints of our 2017 revenue and adjusted diluted EPS guidance ranges reflect 4 per cent and 10 per cent operational growth, respectively.”