Pfizer’s (PFE) CEO Ian Read on Q2 2014 Results – Earnings Call Transcript

Source: Seeking Alpha


Pfizer Inc. (NYSE:PFE)

Q2 2014 Earnings Conference Call

July 29, 2014 10:00 AM ET


Chuck Triano – SVP of IR

Ian Read – Chairman and CEO

Frank D’Amelio – CFO

Mikael Dolsten – President of Worldwide Research and Development

Albert Bourla – President of Vaccines, Oncology and Consumer

Geno Germano – President of Global Innovative Pharma

John Young – President of Established Pharma

Doug Lankler – General Counsel


Chris Schott – JPMorgan

Vamil Divan – Credit Suisse

Tim Anderson – Sanford Bernstein

Jami Rubin – Goldman Sachs

John Boris – SunTrust Robinson

David Risinger – Morgan Stanley

Colin Bristow – Bank of America

Marc Goodman – UBS

Seamus Fernandez – Leerink

Jeff Holford – Jefferies

Alex Arfaei – BMO Capital Markets

Andrew Baum – Citi

Mark Schoenebaum – ISI Group

Steve Scala – Cowen


Good day, everyone and welcome to Pfizer’s Second Quarter 2014 Earnings Conference Call. Today’s call is being recorded. At this time, I would like to turn the call over to Mr. Chuck Triano, Senior Vice President of Investor Relations. Please go ahead, sir.

Chuck Triano

Thank you, operator. Good morning and thank you for joining us today to review Pfizer’s second quarter 2014 performance. I am joined today in by our Chairman and CEO, Ian Read; Frank D’Amelio, our CFO; Mikael Dolsten, President of Worldwide Research and Development; Albert Bourla, President of Vaccines, Oncology and Consumer; Geno Germano, President of Global Innovative Pharma; John Young, President of Established Pharma and Doug Lankler, General Counsel.

The slides that will be presented on the call can be viewed at, by clicking on the link for Pfizer Quarterly Corporate Performance Second Quarter 2014, which located in the Investor Presentations section in the lower right hand corner of this page.

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Before we start, I would like to remind you that our discussions during the call will include forward-looking statements and that actual results could differ materially from those projected in the forward-looking statements. The factors that could cause actual results to differ are discussed in Pfizer’s 2013 Annual Report on Form 10-K and in our reports on Forms 10-Q and 8-K.

Discussion during the call will also include certain financial measures that were not prepared in accordance with Generally Accepted Accounting Principles. Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in Pfizer’s current report on Form 8-K dated today.

We will now make prepared remarks and then we will move to a question and answer session. With that, I will now turn the call over to Ian Read. Ian?

Ian Read

Thank you Chuck and thank you all for joining our call this morning. I will begin with some brief comments from the quarter. Overall we saw good performance and strong operational growth in a number of areas including Lyrica in developed markets, Prevnar primarily in the U.S. and in emerging markets and Celebrex worldwide.

Our recently launched brands are making solid gains. Eliquis grew sequentially 50% quarter-on-quarter on a global basis while Xeljanz posted sequential growth quarter roughly 30% primarily in the U.S. With the continuation of this momentum these products are on a trajectory to become meaningful contributors to our underlying business in the coming quarters. We also are looking continued uptake with Xalkori and Inlyta globally.

Revenues in our consumer business increased 15% operationally primarily due to the recent launch of Nexium 24HR in the U.S. in late May. We also saw strong companywide performance within the emerging markets, revenue increased 11% operationally compared to the year ago quarter driven by growth in China, Venezuela, Argentina and Brazil.

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Despite to somewhat slower start to the year, each of our businesses is performing well in the face of ongoing product losses of exclusivity for innovative businesses and continued pricing pressures and changing market dynamics effecting our established business.

I would also point out the negative impact of LOEs and the revenue loss resulting from the exploration of some co-promoted revenues was 1.7 billion for the first six months. This impact mass the companywide operational revenue growth from all other products during the first half of the year which was 3% overall.

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