Pfizer dropped a bombshell yesterday, saying it would reorganize into three distinct business units, each with its own group president and financial reports. The thinking, of course, is that the company has a breakup in mind. And who wouldn't like to talk about that?
Pfizer is doing some reorganization--the company said Monday that it would split its operations into three distinct units, two focused on "innovative" drugs and a third including so-called "value" business.
Pfizer CEO Ian Read wasn't kidding when he said he'd consider a wholesale split-up of the world's biggest drugmaker. The company said today it would carve its operations into three units, two focused on "innovative" drugs and a third comprising what Read calls Pfizer's "value" business.
Pfizer has been hit hard by patent losses and some of its new drugs are not performing as well as it would like, but something CEO Ian Read is really strong at is buying back shares, and so he says the company will do it again.
Pfizer is cutting the apron strings at Zoetis. Just months after its highly successful IPO, in which Pfizer sold off a 20% stake, the animal health business is set to become fully independent. Pfizer is offering a stock swap to its shareholders, who can exchange $100 in Pfizer shares for roughly $107 worth of Zoetis stock.
Call it a rite of spring. Every year about this time, FiercePharma takes a look at executive compensation in the industry, and we rank the highest-paid CEOs. If you're a regular reader, you'll notice that this year's list is longer than previous editions. And there's a reason for that: curiosity. Check out the report >>
Pfizer's "external partner management" process is not exactly "American Idol" and Pfizer's John F. Kelly is not exactly Simon Cowell, but this year the Pfizer Global Supply (PGS) unit will go through the exercise of turning a handful or two of its more than 200 contractors into stars.
Pfizer CEO Ian Read has given yet another glimpse into the future of the drugmaker as he shapes it into a more efficient pharmaceutical operation. In a disappointing disclosure to those who look for more spinoffs, he said Pfizer will hold onto its consumer health business.
Last year was a tough one for Pfizer ($PFE), having to shoulder a full 12 months without the riches of Lipitor to rely on. Still, CEO Ian Read did the best he could with what he had to work with. And for that, he got a small raise, although nothing like the 44% upgrade he received a year ago.
The spinoff of Pfizer's animal health unit has gone off with such success that it may make some wonder why CEO Ian Read didn't keep it and dump the challenging pharmaceutical business.