Pfizer Inc. plans to increase research and development spending for the remainder of the year in an ambitious plan to accelerate the delivery of potential blockbuster treatments to market.
The drugmaker raised projections for spending on research to $7.7 billion to $8.1 billion from $7.4 billion and $7.9 billion previously. With a 26% increase in net income, Pfizer expects between 25 and 30 drugs from its pipeline to be approved through 2022.
Sales of Pfizer’s off-patent brands and generic drugs fell in the last quarter, and sales of Lyrica, its fibromyalgia drug, dipped 3% to $1.2 billion. Pfizer also lost trademark exclusivity for Viagra, and sales for that drug fell 47% over the past year to $185 million.
Source: The Wall Street Journal, July 31, 2018