pfizer inc (PFE) Key Developments
Pfizer Inc. Announces Consolidated Financial Results for the Second Quarter and Six Months of 2015; Provides Earnings Guidance for the Full Year 2015
Jul 28 15
Pfizer Inc. announced consolidated financial results for the second quarter and six months of 2015. For the quarter, the company reported revenue of $11.853 million against $12.773 million a year ago. Adjusted income was $3.525 million against $3.769 million a year ago. Adjusted diluted EPS was $0.56 against $0.58 a year ago. Reported net income was $2.626 million or $0.42 per diluted share against $2.912 million or $0.45 per diluted share a year ago. Reported revenues decreased $920 million, or 7%, which reflects operational growth of $125 million, or 1%, more than offset by the unfavorable impact of foreign exchange of $1.0 billion, or 8%. Excluding the impact of foreign exchange, adjusted diluted EPS increased by approximately 6%.
For the six months, the company reported revenue of $22.717 million against $24.126 million a year ago. Adjusted income was $6.721 million against $7.434 million a year ago. Adjusted diluted EPS was $1.07 against $1.15 a year ago. Reported net income was $5.002 million or $0.80 per diluted share against $5.241 million or $0.81 per diluted share a year ago.
For the year of 2015, the company now expects adjusted revenues in a range of $45 to $46 billion as compared to $44 to $46 billion expected earlier; effective tax rate is expected to be approximately 25.0%; Diluted EPS is expected to be in a range of $1.38 to $1.47 as compared to $1.32 to $1.47 expected earlier; and adjusted diluted EPS is expected to be in a range of $2.01 to $2.07 as compared to $1.95 to $2.05 expected earlier.
Pfizer Announces Expansion of Lease Agreement with Massachusetts Institute of Technology
Jul 23 15
Pfizer announced the expansion of its lease agreement with a subsidiary of Massachusetts Institute of Technology, creating a unified Pfizer campus in Kendall Square (KSQ). With this expansion, Pfizer has leased the full 500,000 square feet at 610 Main Street in Kendall Square. This space will continue to house the R&D activities that relocated to 610 Main Street in 2014, and will enable the consolidation of Pfizer's three other leased spaces in Cambridge into the one campus. This most recent lease addition secures an added 130,000 square feet of space for potential expansion in the future and will be available for sub-tenancy in 2017. Once the three remote sites are consolidated, 610 Main Street will house approximately 1,000 Pfizer employees. Pfizer's R&D efforts in Cambridge will continue to focus on rare diseases, cardiovascular and metabolic disease, inflammation and immunology, neuroscience, and advanced bio-therapeutic technologies. The expanded 370,000-plus square foot KSQ research center will help foster a strong laboratory culture, with experimentation and collaboration in the heart of Cambridge's Kendall Square innovation hub, featuring labs and an open design to help foster breakthrough productivity and innovation that will potentially advance Pfizer's pipeline.
Pfizer to Close its Navi Mumbai Plant
Jul 15 15
Pfizer has decided to close its plant situated at Thane Belapur Road, K.U. Bazar P.O., Navi Mumbai - 400705 with effect from September 16, 2015. The decision to close the Plant is based on an assessment of its long term viability and its ability to achieve the needed production. There has practically been no production activity at this plant since 2013, and the closure will not impact the supply of any of Company medicines to patients. The decision to close the plant is based on an assessment of its long term viability and its ability to achieve the needed production.
Pfizer Launches Center of Excellence Precision Medicine in Santiago, Chile
Jul 9 15
Pfizer has launched the Center of Excellence Precision Medicine (CEMP) in Santiago, Chile. The CEMP will be focus on developing new technologies for the molecular diagnosis of cancer. The centre is the result of a joint effort between the Chilean Center of Excellence incentive programme of the Production Development Corporation (Corfo), which provided USD 7 million in funds, and Pfizer, which invested USD 14 million.
Pfizer Inc. Announces the Enrollment of the First Patient in Phase 2b Clinical Trial of its Investigational Staphylococcus Aureus
Jul 7 15
Pfizer Inc. announced the enrollment of the first patient in a Phase 2b clinical trial of its investigational Staphylococcus aureus (S. aureus) multi-antigen vaccine (PF-06290510) in adults undergoing elective spinal fusion surgery. The purpose of the study, named STRIVE (STaphylococcus aureus SuRgical Inpatient Vaccine Efficacy), is to evaluate the safety and efficacy of the vaccine to determine if it prevents postoperative invasive S. aureus infections in patients undergoing elective spinal surgery. Surgical Site Infections (SSIs) are a significant and growing concern. SSIs caused by S. aureus account for approximately 20% of all SSIs in the U.S., and are associated with an estimated annual treatment cost of $12.3 billion in the U.S.2,3 Patients who suffer such infections due to antibiotic resistant (MRSA) or antibiotic sensitive (MSSA) S.aureus have worse clinical outcomes, including increased mortality in comparison with non-infected patients.