Pfizer CEO Ian Read says proceeds from the sale of the animal health and nutrional business units will be reinvested in stock buy backs and to advance its top 3 drug candidates in its pipeline. Analysts seemed to be buoyed by the news that management will focus resources on the pipeline and core business as it promised. The sales of the two units could bring as much as $22 billion.
The 3 drugs - crizotinib for lung cancer, blood-thinner apixaban, and tofacitinib for rheumatoid arthritis - could add as much as $3 billion to revenues in the next 4 years to help offset some of the ill-effects when Lipitor reaches its patent expiration date later this year. See PharmaGossip and Fierce Biotech.
Posted by Bruce Lehr July 8th 2011.