Pfizer Inc. PFE, -0.59% announced Wednesday a plan to reorganize into three businesses, including a new hospital business unit for anti-infectives and sterile injectables. The new hospital medicines unit will be part of Innovative Medicines, which will also include all of the current innovative health units and biosimilars. The other units will be Established Medicines, which will include most off-patent solid oral dose legacy grands, including Lyrica, Lipitor and Viagra, and certain generic medicines; and Consumer Healthcare, which will include all over-the-counter medicines. The changes will be effective at the beginning of fiscal 2019. The company said the changes come with the expected “significant reduction in the impact of patent protection losses post-2020 following the loss of exclusivity for Lyrica in the U.S., which is expected to occur in or after December 2018.” Pfizer said the changes aren’t expected to affect capital allocation priorities or 2018 financial guidance. The stock slipped 0.4% in premarket trade. It has gained 3.3% year to date through Tuesday, while the SPDR Health Care Select Sector ETF XLV, -0.79% has climbed 5.2% and the Dow Jones Industrial Average DJIA, -0.88% has tacked on 0.8%.
See Full Story Pfizer will reorganize into three internal divisions
The drugmaker is also reviewing options for its consumer health business, which includes Advil and ChapStick.