Pfizer

1Q Revenues: $12.8 billion (-2%)

1Q Earnings: $3.1 billion (+3%)

Comments: Innovative Health sales were $7.4 billion in the quarter, up 5% driven by key brands including Ibrance and Eliquis, the addition of Xtandi revenues in the U.S. resulting from the September 2016 acquisition of Medivation, as well as Lyrica and Xeljanz, both primarily in the U.S., offset by lower revenues for Enbrel due to continued biosimilar competition, as well as Viagra in the U.S., primarily due to lower market demand. Global Prevnar 13/Prevenar 13 revenues declined 7% operationally. In the U.S., Prevnar 13 revenues decreased 9% due to the continued decline in the Adult indication, partially offset by the timing of government purchases for the pediatric indication. Essential Health sales were $5.4 billion, down 10%, primarily from a 23% operational decline from Peri-LOE Products, including Pristiq in the U.S., which lost marketing exclusivity in March 2017, Lyrica in most Europe markets and Zyvox in Europe and in the U.S., a 68% decline in HIS revenues, reflecting its February 2017 divestiture, and a 5% operational decline from Legacy Established Products (LEP).