2Q Revenues: $11.8 billion (-11%)
2Q Earnings: $3.4 billion (-32%)
YTD Revenues: $23.8 billion (-10%)
YTD Earnings: $6.8 billion (-24%)
Comments: Beginning in 2020, Upjohn began managing Pfizer’s Meridian subsidiary, the manufacturer of EpiPen and other auto-injector products, and a pre-existing strategic collaboration between Pfizer and Mylan for generic drugs in Japan. Acquisitions and other business development activities completed in 2019 and in the first half of 2020 impacted financial results. Revenues in the quarter included an estimated unfavorable impact of approximately $500 million, or 4%, due to COVID-19, partially offset by increased U.S. demand for certain sterile injectable products and increased adult demand for Prevenar 13 in certain international markets.
Biopharma revenues were $9.8 billion, up 6% operationally, primarily driven by Vyndaqel/Vyndamax global revenues of $277 million. Global Eliquis sales were up 19% operationally, primarily driven by continued increased adoption. Ibrance sales in the U.S. were up 11%, primarily driven by increased cyclin-dependent kinase (CDK) class penetration and CDK market share in metastatic breast cancer. International Prevenar 13 sales were up 18% operationally, while sales in the U.S. were down 22% due to unfavorable impact of disruptions to wellness visits due to COVID-19. Inlyta in the U.S. was up 120%, primarily reflecting increased demand. Xtandi sales in the U.S. were up 32%, primarily driven by continued strong demand. International Enbrel sales were down 16% operationally, due to biosimilar competition. Chantix sales in the U.S. were down 21%, due to lower demand resulting from reduced doctor visits. Upjohn revenues totaled $2.0 billion, down 31% operationally, due to significant declines for Lyrica in the U.S. due to multi-source generic competition.