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Pfizer Fights Patent Losses With Divestments

110Pfizer Inc (PFE), the world’s biggest pharmaceutical company, posted an enormous increase in quarterly profits from $1.4 billion in Q4-2011 to $6.3 billion in Q4-2012 because of the $11.85 billion cash sale of its infant nutrition unit to Nestle. Pfizer completed the sale in November and booked the whole gain of $4.83 billion. The company was also able to lower its costs and expenses and as a result performed better than analysts’ estimates. Excluding one-off items, Pfizer’s adjusted quarterly earnings were $3.52 billion or $0.47 per share which off 6.9% year over year. The company is still recuperating from the loss of patent of some of its best drugs such as Geodon, Xalatan and, of course, Lipitor.

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Eliquis Cannot Alter Patent and Demographic Losses for Pfizer

110Following the loss of patent protection on Lipitor in November last year, Pfizer (NYSE:$PFE) has decided to slash its primary-care drugs sales staff by 20% (600 jobs out of 3,000). Lipitor was the crown jewel of Pfizer’s drug portfolio for years contributing as much as $10 billion to annual revenues. But following the expiration of its patent, several cheaper alternatives are now available in the market that are eating away Pfizer’s market share. The cost cutting, which was reported by Bloomberg although not officially announced by Pfizer, comes then as no surprise. The layoffs are expected to start any time now.  

The primary care drug unit forms the core operation of Pfizer and includes popular names such as Viagra (erectile dysfunction), Lyrica (fibromyalgia and diabetic nerve pain) and Celebrex (arthritis).

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Peter Pham is an author, international fund manager, and a registered financial director by the Cayman Monetary Authority (CIMA). In 2013 he published his first book entitled, The Big Trade: Simple Strategies for Maximum Market Returns. He currently manages the portfolio of a global hedge fund and runs an asset management company, Phoenix Capital.  (read more)

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