Pfizer net earnings dips by 79% in Q2 to $2,912 million

Pfizer Inc, a second largest pharmaceutical company in the world after Novartis, has suffered heavy setback during the second quarter ended June 2014 on account of one time income received from sell of animal health business, Zoetis Inc.,  for a consideration of $10.4 billion in the last period. The net profit declined by 79.3 per cent to $2,912 million from $14,095 million in the corresponding quarter of last year. Its revenues also declined by 1.5 per cent to $12,773 million from $12,973 million due to multi-source generic competition for Celebrex in the US and destocking by wholesaler and retailer.

The company began managing its commercial operations through a new global commercial structure consisting of three operating segments viz., Global Innovative Pharmaceuticals Segment (GIP), Global Vaccines, Oncology and Consumer Healthcare segment (VOC) and Global Established Pharmaceutical segment (GEP).

Generic Celebrex patent litigation with Pfizer

Under the terms of the agreement, Mylan will begin selling product at the earliest market formation, however in any case not later than December 2014. All other terms and conditions of the settlement and license agreement are confidential, and the agreement itself is subject to review by the US Department of Justice and the Federal Trade Commission.