Drug giant Pfizer to reorganize into three businesses

Pfizer said on Wednesday This kind of might reorganize into three units, separating its consumer health-care business that will the U.S. drugmaker has been trying to sell since last year.

The news comes a day after the company decided to defer drug cost increases for no more than six months, following criticism coming from President Donald Trump for raising list prices of some medicines.

The units might be Innovative Medicines, Established Medicines in addition to Consumer Healthcare. The company is actually currently split into two units – Innovative Medicines, which includes the consumer business, in addition to Essential Health.

“This kind of design gives us a sharper focus on diverse patients in diverse markets,” Albert Bourla, chief operating officer said.

The Innovative Medicines business will at This kind of point also include biosimilars in addition to a completely new hospital business unit, in addition to together with the Consumer Healthcare business, will account for about three-quarters of the company’s revenue. Pfizer’s 2017 annual revenue was $52.55 billion.

Pfizer said This kind of might still evaluate options for its consumer healthcare business in addition to expects to make a decision in 2018.

The company said in October last year that will This kind of was considering the sale or spin-off of the consumer healthcare business, which is actually worth about $15 billion. In May, Pfizer said that will This kind of had not received an acceptable offer.

The business consists of products ranging coming from Advil to lip balms.

The Established Medicines unit might include the majority of the company’s off-patent brands, including Viagra in addition to neurological disease treatment Lyrica as well as some generic drugs.

The alterations might be effective at the start of fiscal 2019.

Pfizer shares slipped 0.7 percent.

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