Pfizer
1Q Revenues: $13.1 billion (+2%)
1Q Earnings: $3.9 billion (+9%)
Comments: Biopharma revenues were $9.2 billion in the quarter, up 3% driven by Eliquis (up 32% to $1.0 billion), Ibrance (up 21% to $1.1 billion), Prevnar 13/Prevenar 13 (+8% to $1.5 billion) and Xeljanz (+30% to $423 million). Upjohn revenues were $3.1 billion, down 1%, with growth in China, primarily from Lipitor, Norvasc and Celebrex, partially offset by 3% operational decline in developed markets excluding Japan, primarily driven by lower revenues for: Viagra (-22% to $145 million) and Upjohn’s authorized generic for Viagra in the U.S. resulting from increased generic competition, Lyrica (down 2% to $1.2 billion) due to lower volumes in the U.S., and anticipated generic competition in Europe, and Greenstone, Upjohn’s authorized generic subsidiary, primarily due to continued industry-wide pricing challenges in the U.S. Consumer Healthcare sales were $858 million, down 5%. At the start of the 2019 fiscal year, Pfizer reorganized its commercial operations into three businesses: Pfizer Biopharmaceuticals Group, which includes all of the previous Innovative Health business units (except Consumer Healthcare) as well as a new Hospital business unit includes Pfizer’s contract manufacturing operation, Pfizer CentreOne. Pfizer also incorporated its biosimilar portfolio into its Oncology and Inflammation & Immunology business units and certain legacy established products into the Internal Medicine business unit.