Reading Into Pfizer's Changes: First Steps For New CEO
Pfizer Inc.'s new CEO Ian Read came out of the gates strong during the company's year-end financial presentation Feb. 1, with news that investors greeted warmly: additional, unexpected cuts to R&D and further R&D reorganization, a $5 billion share buyback program, and assurance that all options are on the table when it comes to Pfizer's diversified portfolio of businesses.
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The naturalized US citizen's M&A method means mixing money and medicines in a tax-efficient manner. Interactive timeline tracks major acquisitions and divestitures during Read's tenure.
GlaxoSmithKline is counting on new products like Breo Ellipta and Anoro Ellipta to extend its legacy in respiratory disease beyond Advair Diskus, which could face generic competition within the next five years. But GSK may need to wage a battle on the reimbursement front before it can claim commercial success – a challenge highlighted by Express Scripts’ unexpected decision to put Advair and Breo on its not covered list for 2014.
The Big Pharma intends to loosen its leash on its former animal health business come June when Pfizer shareholders will be given an option to swap their shares for Zoetis stock. Meanwhile, Pfizer continues its strategy to shift its focus back to the core pharmaceutical business.