Pfizer expects $1.9bn loss due to patent expirations
US-based pharmaceutical company Pfizer today reported an increase in year-on-year revenue for the second quarter but projected nearly a $2 billion loss in 2018 due to patent expirations.
The company filed revenues of $13.5 billion for Q2 2018, representing 2% in operational growth.
But Pfizer’s filing also included an expected $1.9 billion loss due to recent and expected generic and biosimilar competition for some products that have either recently lost or are expected to lose patent protection.
The company added that it assumes no generic competition for its Lyrica (pregabalin) product until June 2019. This is in line with a six-month patent-term extension granted by the US Food and Drug Administration for paediatric exclusivity.
Lyrica is used in the treatment of fibromyalgia, diabetic nerve pain, spinal cord injury nerve pain, and partial onset seizures in adults.
The majority ($8.27 billion) of the company’s Q2 revenue comes from the innovative health business units, with the remaining $5.19 billion deriving from its essential health business units.
Pfizer’s recent filing reflects an increase of 4% over Q2 of 2017, when it filed $12.9 billion in revenue.
Earlier this month, Pfizer announced that it will organise the company into three businesses, including an off-patent branded and generic established medicines arm.
The other two units will focus on science-based innovative medicines and consumer healthcare.
These changes to Pfizer’s structure will be effective at the beginning of the 2019 fiscal year.
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