You are here

Pfizer R&D Spending Increases To Accelerate Blockbuster Drug Approvals

Drugmaker Aiming for 25–30 New Drugs by 2022

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

More Headlines

Disease Occurs in 1 in 5,000 Male Births in the U.S.
Non-Invasive Therapy for Patients Who are Nonresponsive to Antidepressants
Vials Being Rationed, Only One Manufacturer
Several Health Insurers Now Consider DBS Therapy for Epilepsy a Covered Indication
OCA Meets Primary Endpoint of Improvement in Liver Fibrosis
Scan Could Improve Understanding of Dopamine Function in Schizophrenia
Drug Has Potential Role In Oxidative Stress, Inflammation, and Neurodegeneration
Liver Fluke Infestation Affects Almost 2.5 Million People Globally