In Ian Read’s final year as the company’s CEO, Pfizer managed to grow revenues by just 2% as it adjusted to greater competition to—and diminished sales of—Viagra and other drugs on which the company lost patent exclusivity in 2017. The pharmaceutical giant is now in the midst of a reorganization since announcing in the summer of 2018 that it would separate its business into three parts, one of which (its consumer health division) it plans to merge into a joint venture with GlaxoSmithKline. The moves are designed to position Pfizer for greater sales growth under new CEO Albert Bourla.
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Pfizer also makes and markets a generic formula of its popular patented pill.
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