Pfizer Reports 2Q Revenue Declines
Pfizer reported revenue declines for the second quarter and first six months of 2015, in part due to the impact of foreign currency exchange and sales declines in its established products business. In the second quarter, Pfizer reported revenues of $11.85 billion, down 7% from $12.77 billion from the year-ago period. For the first six months of 2015, revenues declined 6% from $24.13 billion in 2014 to $22.72 billion in 2014.
Pfizer manages its commercial operations through two distinct businesses: an Innovative Products business and an Established Products business. The Innovative Products business is composed of two operating segments: the Global Innovative Pharmaceutical segment (GIP)( and the Global Vaccines, Oncology and Consumer Healthcare segment (VOC) The Established Products business consists of the Global Established Pharmaceutical segment (GEP). Second-quarter revenues for the Innovator Products business increased 8% from $6.13 billion to $6.63 billion, and for the first six months of 2015, revenues increased 9% from $11.38 billion in 2014 to $12.37 billion in 2015. Revenues from its Established Products business decreased 22% from $6.51 billion to $5.09 billion in the second quarter and by 19% in the first six months of 2015 to $10.10 billion from $12.50 billion in 2014.
Excluding the impact of foreign currency change, Pfizer increased revenues by 1%, which reflected the negative impact from product losses of exclusivity, primarily from its anti-arthritis drug, Celebrex (celecoxib), and the anti-infective drug, Zyvox (linezolidi) n the US and Lyrica (pregabalin) in certain developed Europe markets.