CEO Albert Bourla says Pfizer creating largest off-patent drug makerFinance | 30 Oct 2019 11:02 am
Pfizer Chief Executive Albert Bourla told analysts on a conference call that Pfizer wants to work with policymakers on “common-sense solutions” to high drug prices that would reduce patients’ out-of-pocket costs.
Bourla said he can’t “imagine Congress would stand in the way of innovation,” a reference to proposed bills that would reduce drugmakers’ revenue.
Pfizer created its consumer health joint venture with GlaxoSmithKline on August 1, resulting in a much-bigger company with more scale; Pfizer owns 32 percent of that business, which will eventually go public.
Pfizer also is creating a huge drug company by combining its Upjohn off-patent branded drug unit with generic pharmaceutical company Mylan, a deal that should close in mid-2020.
“We’ll be the largest off-patent drug company in the world,” Bourla said in an interview, noting that Mylan offers a pipeline of off-patent pills, patches and other drug forms and Pfizer’s global marketing network will boost their sales.
Pfizer will own 57 percent of that company, which will market Pfizer brands including Viagra and pain drug Lyrica.
Pfizer raised its guidance and now expects full-year earnings in the range of US$2.94 to US$3 per share, up from its July forecast for US$2.76 to US$2.86, and revenue between US$51.2 billion and US$52.2 billion, up from US$50.5 billion to US$52.5 billion.-AP