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Examining Pfizer’s Performance by Geography in Q2 2018

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Pfizer’s performance

Pfizer (PFE) reported a rise in revenue in international markets during the second quarter. Lower sales from its US markets offset this rise.

The chart above compares Pfizer’s revenues since the first quarter of 2017.

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Performance in US markets

US markets reported revenue of ~$6.22 billion in the second quarter. The Innovative Health segment reported a rise of 3% in revenue to ~$4.58 billion, while the Essential Health segment reported a ~14% fall in revenue to $1.65 billion.

The rise in the Innovative Health segment was driven by a 5% rise in vaccines sales, a 5% rise in oncology sales, a 33% rise in inflammation and immunology sales, and a 1% rise in consumer healthcare sales. The rise was partially offset by a 2% fall in internal medicine sales and an 8% fall in rare disease sales.

The fall in the Essential Health segment’s revenue was driven by a 21% fall in sterile injectable pharmaceuticals sales and a 20% fall in legacy established products sales, and it was offset by a 58% rise in peri-LOE (loss of exclusivity) sales and $63 million worth of biosimilar sales.

Performance in international markets

Pfizer reported revenue of ~$7.24 billion in international markets in the second quarter. The Innovative Health segment reported a rise of 8% in operating revenue to ~$3.70 billion, while the Essential Health segment reported a rise of 1% in operating revenue to ~$3.54 billion in the quarter.

The rise in the Innovative Health segment was driven by a 30% rise in oncology sales, a 16% rise in vaccines sales, a 24% rise in internal medicine sales, a 6% rise in rare disease sales, and a 9% rise in consumer healthcare sales. It was partially offset by a 5% fall in inflammation and immunology sales.

The rise in the Essential Health segment was driven by an 8% rise in sterile injectable pharmaceuticals sales, a 9% rise in Legacy established products sales, a rise of over 100% in revenue from Pfizer One, and a 27% rise in biosimilar sales. The rise was partially offset by a 9% fall in peri-LOE sales.

The Invesco Dynamic Pharmaceuticals ETF (PJP) holds 5.0% in Pfizer, 5.0% in Amgen (AMGN), 5.2% in Gilead Sciences (GILD), and 4.2% in AbbVie (ABBV).

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