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Pfizer to split into three units, separates consumer healthcare

Reuters 

(Reuters) - Inc said on Wednesday it would reorganize into three units, separating its business that the U.S. drugmaker has been trying to sell since last year.

The comes a day after the company decided to defer drug price increases for no more than six months, following criticism from U.S. for raising list prices of some medicines.

The units would be Innovative Medicines, Established Medicines and The company is currently split into two units - Innovative Medicines, which includes the consumer business, and Essential

"This design gives us a sharper focus on diverse patients in diverse markets," Albert Bourla, said.

The Innovative Medicines business will now also include biosimilars and a new hospital business unit, and together with the business, will account for about three-quarters of the company's revenue. Pfizer's 2017 annual revenue was $52.55 billion.

said it would still evaluate options for its consumer healthcare business and expects to make a decision in 2018.

The company said in October last year that it was considering the sale or of the consumer healthcare business, which is worth about $15 billion. In May, said that it had not received an acceptable offer.

The business consists of products ranging from to lip balms.

The Established Medicines unit would include the majority of the company's off-patent brands, including Viagra and treatment Lyrica as well as some generic drugs.

The changes would be effective at the start of fiscal 2019.

Pfizer shares were flat at $37.40 in premarket trading.

(Reporting by in Bengaluru; Editing by and Sweta Singh)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 11 2018. 18:35 IST
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