Despite the fact that Pfizer does not have any imminent plans to release a blockbuster drug in 2011, according to Pfizer CEO Ian Read, the company will still likely reach its financial goals this year.
Pfizer is perhaps best known for developing the popular cholesterol drug Lipitor. The US-based pharmaceutical company plans to reach revenue of $65-$67 billion dollars with per-share earnings of about $1.09-$1.24. As the less-than-stellar economy continues to affect the pharmaceutical industry, Pfizer will also continue to promote its products in Spain.
In February 2011, the CEO of Pfizer announced steps to stimulate Pfizer’s R&D division. Some of these steps include reducing R&D development by nearly $3 billion in 2012. More specifically, the company will focus on areas that offer the best possibilities for success, give more accountability to research scientists, and use collaborations on an external basis in order to minimize risk and gain access to new technology.
Lipitor Patent to Expire
Although Pfizer will lose the company’s exclusive patent on Lipitor soon, shares in Pfizer are expected to increase due to a new rheumatoid arthritis drug that the company developed. Called Tofacitinib, the drug met its pre-research trial goals in two different studies. There is a chance that the drug will be submitted for approval in 2011 and become an approved drug in 2012.
Key Players - Global Pharmaceutical Industry
- Pfizer, Glaxo Smith Kline, Merck, Sanofi Aventis, Eli Lilly, AstraZeneca, Bristol-Myers Squibb, Wyeth, Roche, Pierre Fabre, Johnson & Johnson, Bayer, Novartis
Key Statistics - Global Pharmaceutical Industry (source: Urch Publishing)
- By 2014, the international pharmaceutical market is predicted to reach over $1 billion.
- Compound yearly growth percentage has been at about 5.0% since 2009.