Pfizer announces three-pronged pursuit of growth
From the beginning of 2019, Pfizer (NYSE: PFE) will be split into three units.
The US pharma giant announced on Wednesday that its operations will be divided into an Innovative Medicines business – to include biosimilars and a new hospital arm for anti-infectives and sterile injectables – as well as an off-patent branded and generic Established Medicines unit operating with substantial autonomy within Pfizer, and a Consumer Healthcare division.
In May, Pfizer announced that it had not received an acceptable offer for its Consumer Healthcare business, and the Financial Times attributes the failure to sell this unit as the reason for the reorganization, though evidently this was not mentioned by the group chairman and chief executive, Ian Read, in his statement.
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