Pfizer has lost its patent on erectile dysfunction blockbuster Viagra in the U.K. and Europe and so looks to lose a big piece of the $1 billion in sales it generates outside the U.S. But that doesn't mean the plant in Ireland that manufactures it is slated for any cutbacks.
Pfizer ($PFE) has been quelling fears in Ireland about the Ringaskiddy facility in Cork which manufactures Viagra because the company earlier closed another plant in Ireland after it lost its patent on Lipitor. Pfizer spokeswoman Karen O'Keeffe, however, tells in-PharmaTechnologist.com that the U.S. drugmaker is even looking at boosting its operations in the country. She pointed out that it recently invested $200 million at its Grange Castle biotech plant in Dublin and is having Irish plants manufacture four of its new drugs for worldwide distribution. "Ireland remains a key strategic location for Pfizer with many of [its] leading and new medicines manufactured here," she said.
Workers are naturally nervous because Pfizer has made cuts in the country during other patent losses. Last month it told workers it will close the plant at Little Island that made Lipitor and move production to Ringaskiddy by September 2014. Pfizer said it would try to sell the plant to another drugmaker, potentially saving jobs there.
There is no question that Pfizer will see a big impact from the loss of the Viagra patent throughout the U.K. and Europe. Teva Pharmaceutical Industries ($TEVA) and other generic drugmakers already have product in the market to grab market share. Viagra brought in more than $2 billion in revenue last year according to financial filings. But sales of its sixth best selling drug last quarter were $461 million, down from $491 million in the same quarter a year ago, a 7% fall. Through litigation Pfizer has extended the patent for Viagra in the U.S. to 2020, but half of Pfizer's Viagra sales occur in international markets.
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