Pfizer Consumer Health True To Form Pending Move To JV With GSK
Pfizer consumer health sales up 4% to $3.6bn in 2018 as it prepares to move business into JV with GSK anticipated to close in the second half of 2019. Following 2% growth in 2017, a flat year in 2016 and a dip in 2015, Pfizer's view is confirmed of consumer health as a reliable revenue stream but not a strong growth driver.
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Big pharmas' agreement could put consumer health where Pfizer wants, entirely in its rear-view mirror, and points GSK toward what it wants, more research and development funding freed up for the pharmaceutical ingredient operations that are its chief revenue drivers. All-equity deal, giving GSK 68% control and expected to close in 2019 second half, also likely will boost investors' confidence in the firms as both have been dogged by pressure to sell, spin-off or otherwise divest their consumer businesses.
Pfizer’s chief executive officer Ian Read is to step down after eight years at the helm of the US pharma giant and take on the role of executive chairman. On 1 January 2019, he will be succeeded by chief operating officer Albert Bourla, who won the “unanimous support” of Pfizer’s board.