U.S. Markets close in 5 hrs 56 mins

Pfizer Announces Big Reorganization As It Continues Trying to Sell Consumer Biz

Armie Margaret Lee

announced on Wednesday morning that it is reorganizing into three businesses: innovative medicines, established medicines and consumer healthcare. "This new structure represents a natural evolution of these businesses given the ongoing strength of our in-market products and our late-stage pipeline and the expected significant reduction in the impact of patent protection losses post-2020 following the loss of exclusivity for Lyrica in the U.S which is expected to occur in or after December 2018," said Pfizer chairman and CEO Ian Read. Pfizer said the reorganization will take effect at the start of 2019.