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US drugmaker Pfizer says it will split business into three units

The three new units are innovative medicines, established medicines and consumer healthcare

Reuters  |  Bengaluru 

Photo courtesy: Reuters
Photo courtesy: Reuters

said on Wednesday that it would split its business into three units and one of them would include a new segment.

The three new units are innovative medicines, and The company said the business and consumer healhcare would together comprise about three—quarter of its revenue based on 2017 results.

“This new structure represents a natural evolution of these businesses, given the ongoing strength of our in-market products and our late-stage pipeline and the expected significant reduction in the impact of patent protection losses post—2020,” Pfizer’s Chief Executive Officer Ian Read said.

ALSO READ: Pfizer rolls back drug price hikes temporarily after talking with Trump

The move comes a day after the company decided to defer drug price increases for no more than six months, after US. President criticized and other US drugmakers for raising list prices of some medicines.

The unit would include the majority of the company’s off-patent brands, including Viagra and neurological disease treatment Lyrica.

ALSO READ: Pfizer hits an over two-year high ahead of March quarter results

said a loss of exclusivity for blockbuster fibromyalgia treatment Lyrica is expected to occur in or after December 2018. The changes would come into effect at the start of fiscal 2019.

First Published: Wed, July 11 2018. 22:43 IST