Sunday September 23rd, 2018 10:21AM

Pfizer reorganizes to handle aging consumers and patents

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — The drugmaker Pfizer, facing an aging population and shifting risks from the loss of patents, is reshaping its structure into three businesses.

The divisions, announced Wednesday, include Innovative Medicines, which will focus on biological science and a new hospital medicines business. An Established Medicines business will include sales for older drugs like the cholesterol pill Lipitor that have lost patent protection.

Lastly, the Consumer Healthcare business will handle over-the-counter medicines.

Innovative Medicines will bring in most of the company's revenue. Pfizer said the growth potential for that business is strong, due in part to an aging population that will create a growing demand for new medicines.

Pfizer Inc., based in New York, expects a significant reduction in the impact of patent protection losses after 2020 following the loss of exclusivity in the U.S. for the pain medicine Lyrica, which is anticipated to occur around December.

CEO Ian Read said in a prepared statement that the reorganization represents a "natural evolution" for Pfizer given the strength of the products they are currently selling and drugs that are in late-stage clinical development.

Read said earlier this year that he expects Pfizer to win 25 to 30 approvals for new medicines or new uses for existing ones through 2022.

The reorganization announced Wednesday will occur at the start of fiscal 2019. The company said it doesn't expect the moves to affect 2018 guidance.

Shares of Pfizer climbed 2 cents to $37.45 before markets opened Wednesday.

  • Associated Categories: Associated Press (AP), AP Health, AP Business, AP Health - Senior Health, AP Business - Industries, AP Business - Health Care
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Bosnian Muslims to bury 35 Srebrenica massacre victims
Thousands of Bosnian Muslims have gathered in Srebrenica on the 23rd anniversary of Europe's worst massacre since World War II to hold prayers and attend the funeral for 35 recently identified victims
7:27AM ( 20 minutes ago )
NATO allies offer trainers, seek to set disputes aside
Canada is offering to lead NATO's new military training mission in Iraq, as the world's biggest security alliance seeks to prove it remains relevant despite deep trans-Atlantic divisions over trade, Iran and climate change
7:21AM ( 26 minutes ago )
Trump claims Germany 'totally controlled' by Russia
President Donald Trump is claiming a pipeline project has made Germany "totally controlled" by and "captive to Russia" during a combative breakfast that kicked off what was already expected to be a fraught NATO summit
7:19AM ( 28 minutes ago )
Associated Press (AP)
Oklahoma fast-tracking medical marijuana, but with pushback
Oklahoma pushes ahead on medical marijuana after voters in the traditionally conservative state approved one of least restrictive laws in the U.S.
6:33PM ( 13 hours ago )
Drug company's lawsuit could derail Nevada execution
The convicted Nevada inmate slated to die by a three-drug lethal injection combination never before used in the U.S. has said repeatedly he wants his sentence carried out and he doesn't care about pain and suffering
6:12PM ( 13 hours ago )
Lawsuits alleging Roundup caused cancer can move forward
Hundreds of lawsuits alleging Roundup weed killer caused cancer have cleared a big hurdle
5:22PM ( 14 hours ago )
AP Health
The Latest: Merkel defends Germany's independence
German Chancellor Angela Merkel is defending her country's independence following comments from President Donald Trump suggesting that Berlin was operating under Russian influence
6:57AM ( 50 minutes ago )
UK police say they've spoken to surviving nerve-agent victim
British police say they have spoken briefly to the surviving victim of a nerve-agent poisoning in southwest England as they try to uncover how he and his girlfriend were exposed to the deadly toxin
6:54AM ( 53 minutes ago )
China vows retaliation for $200 billion US tariff threat
China's government has vowed to take 'firm and forceful measures' against US threats to expand tariff hikes to a new range of goods including fish sticks and French doors
6:48AM ( 1 hour ago )
AP Business
New flu vaccine only a little better than traditional shot
Government study shows newer flu vaccine was only slightly more effective in seniors than traditional shots
2:05PM ( 2 weeks ago )
New flu vaccine works a little better than traditional shot
Government study shows newer flu vaccine was only slightly more effective in seniors than traditional shots
1:18PM ( 2 weeks ago )
The Latest: Health official says 6 dead in coalition strike
A senior Houthi-linked health official says the Saudi-led coalition has bombed a bus carrying civilians, killing six people on the outskirts of the Yemeni city of Hodeida
7:48AM ( 3 weeks ago )
AP Health - Senior Health
Bosnian Muslims to bury 35 Srebrenica massacre victims
Thousands of Bosnian Muslims have gathered in Srebrenica on the 23rd anniversary of Europe's worst massacre since World War II to hold prayers and attend the funeral for 35 recently identified victims
7:27AM ( 20 minutes ago )
NATO allies offer trainers, seek to set disputes aside
Canada is offering to lead NATO's new military training mission in Iraq, as the world's biggest security alliance seeks to prove it remains relevant despite deep trans-Atlantic divisions over trade, Iran and climate change
7:21AM ( 26 minutes ago )
Trump claims Germany 'totally controlled' by Russia
President Donald Trump is claiming a pipeline project has made Germany "totally controlled" by and "captive to Russia" during a combative breakfast that kicked off what was already expected to be a fraught NATO summit
7:19AM ( 28 minutes ago )
Abe visiting flood-hit western Japan as deaths reach 176
176 confirmed dead after last week's heavy rains in western Japan as Prime Minister Shinzo Abe visits a hard-hit city
7:17AM ( 31 minutes ago )
Trump pardons 2 ranchers whose case sparked land debate
Rugged individualists to some, dangerous arsonists to others, a father and son who were convicted of intentionally setting fires on public land in Oregon were pardoned by President Donald Trump
7:16AM ( 32 minutes ago )