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How Pfizer’s Rare Disease Franchise Stands after 2Q17

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BeneFix’s revenue trends

In 2Q17, Pfizer’s (PFE) BeneFix generated revenues of ~$153 million, which reflected an ~16% decline on a year-over-year (or YoY) basis and 3% growth on a quarter-over-quarter basis. In 1H17, BeneFix generated revenues of ~$302 million, which reflected an ~18% decline on a YoY basis. 

In 2Q17, BeneFix’s market share in the US declined due to the increased adoption of extended half-life treatment options like Biogen’s Alprolix. The decrease of drug prices in the UK market also attributed to the decline in net revenues for BeneFix. BeneFix is used to control and prevent bleeding in individuals with hemophilia B.

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Genotropin’s revenue trends

In 2Q17, Pfizer’s Genotropin generated revenues of ~$135 million, which reflected an ~11% decline YoY and 30% growth quarter-over-quarter. In 1H17, Genotropin reported revenues of around $238 million, which reflected a 14% decline on a YoY basis. 

Genotropin is used for the treatment of children with growth failure due to deficiency of growth hormone, Prader-Willi syndrome, Turner’s syndrome, and idiopathic short stature. The drug is also used in adults with either adult onset or childhood onset of growth hormone deficiency.

Refacto AF/Xyntha’s revenue trends

In 2Q17, Pfizer’s Refacto AF generated revenues of around $139 million, which represents a 1% decline on a quarter-over-quarter basis. In 2Q16, Refracto AF had generated revenues of around $139 million. In 1H17, Refacto AF generated revenues of ~$269 million compared to $268 million in 1H16. 

Refacto AF witnessed operational growth in 2Q17 and 1H17, primarily due to increased demand from emerging markets. Refacto AF/Xyntha is used for the prevention and control of bleeding in individuals with hemophilia A.

Somavert’s revenue trends

In 2Q17, Pfizer’s Somavert generated revenues of around $61 million, which reflected ~3% growth on a YoY basis and 9% growth on a quarter-over-quarter basis. In 1H17, Somavert reported revenues of ~$117 million, which reflects ~3% growth on a YoY basis. The drug is used for the treatment of individuals with acromegaly who did not respond to surgery or radiation therapy.

Pfizer’s peers in the rare disease drugs market include Alexion Pharmaceuticals (ALXN), Biogen, Novartis (NVS), and Vertex Pharmaceuticals (VRTX). The growth in sales of Pfizer’s rare disease drugs could boost the iShares Russell 1000 Value ETF (IWD). Pfizer constitutes ~1.7% of IWD’s total portfolio holdings.

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