11:08
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TRENTON, N.J. – Pfizer Inc., which reports second quarter results before the stock market opens Tuesday, will discuss some recent drug approvals, new data on some experimental drugs and intends to divest some of its non-core assets.
What to Watch for: drugmaker Pfizer, the world's largest by revenue, it needs some new great salesmen to compensate for intensifying competition. The cholesterol fighter 11 billion dollars annually, Lipitor, loses patent protection the U.S. 30 November — the largest ever drug patent expiration.
The creator of impotence pill Viagra and treat pain Lyrica also had some recent setbacks in drug development, and analysts can ask about those.
CEO Ian Read, who took over in December, will discuss his ongoing review of the business of New York-based Pfizer, including plans to spin off or sell its divisions of animal health and nutrition. The company also is selling their business, manufacture of medicine capsule for 2.4 billion dollars, in a deal set to close soon.
Reading will probably give an update on the integration of King Pharmaceuticals Inc., a manufacturer of pain medications and other products that Pfizer bought for $ 3.6 billion in March. He probably will discuss progress of Pfizer in increase sales in emerging markets, plus the ongoing cost cuts.
By buying Wyeth for $ 68 billion in October 2009, the company has worked to reduce annual costs by $ 4 billion to 5 billion. Plans to cut spending by about 20 percent next year, to about $8,25 billion.
Managers can see recent approvals of drugs, including a new use of cancer drug, Sutent for treating advanced pancreatic cancer. Tampering with amazing Painkiller Oxecta, an immediate-release drug containing Oxycodone, the active ingredient in OxyContin, was approved in the United States in June.
And blood clots that eliquis thinner has been approved in the European Union in May to prevent the blood in patients who have undergone surgery for hip replacement or knee. Pfizer and partner Bristol-Myers Squibb plan to seek U.S. approval this year. The companies also will seek approvals for much larger groups of patients at risk of fatal blood clots. That gives the blockbuster drug potential.
Pfizer also has recently applied for approval of lung cancer treatment crizotinib and axitinib, for treatment of most common type of kidney cancer and is revise the research data on them.
Down, the Food and Drug Administration on Friday said it would delay for 90 days a decision on the approval of sales of the pneumococcal vaccine Prevnar 13 children for adults aged 50 and over. The FDA called Pfizer presented new data from two studies of a major change to the application.
Prevnar 13, which protects against 13 common pneumococcal strains of bacteria and the original version, seven-strain, had combined sales of about 3.7 billion dollars last year, most of the sales generated by a vaccine. The delay could mean a loss of hundreds of millions of dollars.
Why it matters: Pfizer had four big-selling drugs get generic competition since last July, including Blockbuster Effexor for depression, Protonix for severe heartburn and Aricept for Alzheimer's disease symptoms. Sales were falling fast, and the same thing will happen to Lipitor from five months.
Despite an annual budget approaching search 10 billion, Pfizer has repeatedly had promising drugs fail in testing human in recent years. That problem and delayed price Pfizer stock, led the Council last December to oust predecessor Read, Jeffrey Kindler, who had temporarily shored up the company with the acquisition of Wyeth and intense cost cutting ever since. Reading must prove that a better strategy, one for the long term.
What is expected: analysts surveyed by FactSet expect, on average, earnings of 59 cents and 17.02 billion.
The year-ago quarter: Pfizer posted earnings of 31 cents, or 62 cents, excluding charges, on 17.33 billion.
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