Pfizer to reorganize company into 3 units

Ahead of today’s opening bell, Pfizer announced big plans to reorganize the group. Starting 2019, the company will be split into 3 units: Innovative Medicines, including biosimilar and injectable drugs, and other products aimed at preventing infections in hospitals; Established Medicines, both for branded and off-label drugs; and Consumer Health. Such a reorganization follows Ian Reed’s group’s unsuccessful attempt to sell the Consumer Health unit, which has been estimated at $15bn. Starting as soon as next year, the 2 new Consumer Health and Innovative Medicines units should generate over 75% of the whole group’s revenue. According to a spokesperson, the reorganization is due to the company’s need to refocus assets.

 

(Source: New York Times)