Financial Report: Pfizer

Pfizer

4Q Revenues: $13.1 billion (-3%)

4Q Earnings: $1.2 billion (-52%)

FY Revenues: $49.6 billion (-4%)

FY Earnings: $9.1 billion (-58%)

Comments: Global vaccine sales were up 22% in the quarter to $1.3 billion. Consumer healthcare sales were up 4% to $953 million. Global oncology sales were $609 million, up 10%. Established product sales were down 7%, due to declining Lipitor sales in developed markets, the loss of exclusivity for Celebrex and Detrol LA in the U.S., and Aricept in Canada. Innovative Product sales were up 6% driven by Lyrica and recently launched products, including Eliquis globally and Xeljanz, primarily in the U.S. Revenues in emerging markets increased 7%, driven by Lipitor, primarily in China, as well as Prevenar and Enbrel. This was offset primarily by generic competition for Celebrex, the expiration of the co-promotion term for Enbrel in the U.S. and Canada, the termination of the Spiriva collaboration in certain countries, as well as other product exclusivity losses in certain markets. Results in the quarter include an unfavorable impact of foreign exchange of $449 million, or 3%. R&D expenses were up 15% to $2.0 billion in the quarter.