Pfizer shows strong EU drug sales in ‘transitional period’

Pfizer has highlighted the strong sales of some drugs but reported a decrease in net income during what the company describes as a “transition period”.

The world’s largest drugs company said that Lipitor, the world’s best selling drug, demonstrated strong sales in Europe, with worldwide sales of the blood pressure drug increasing by nine per cent. Pfizer said it has targeted sales of $13 billion (seven billion pounds) by the end of the year for Lipitor alone.

Pfizer also recorded strong EU sales for Lyrica, its anti-epileptic drug. The company said that the drug had acquired a 13 per cent market share in the total European anti-epileptic market. Furthermore, fesoterodine, an investigational compound for overactive bladder syndrome, is under consideration from the European Medicines Evaluation Agency.

However, Pfizer’s chairman and chief executive officer, Hank McKinnell, said the company would lose approximately a third of its healthcare revenues between 2004 and 2008.

He remarked: “Many companies could not survive such a profound loss of revenue. The strong performance of our in-line product portfolio and the large potential of our new-product pipeline demonstrate our ability to generate substantial new revenues to create the next-generation Pfizer.”

“Our second-quarter 2006 performance is quite encouraging. I’m pleased to report that we are making substantial progress in creating the next-generation Pfizer,” he added.

Earlier this week, the UK’s Medicines and Healthcare products Regulatory Agency recalled a batch of Lipitor after it was found to be counterfeit – a recurrence of the same problem reported last July. The agency said there was no probable risk to patients but that they should return the affected batch nonetheless.

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