2013 revenue: $51.584 billion
2012 revenue: $58.986 billion
Pfizer's ($PFE) cholesterol-lowering drug Lipitor has also become its revenue-lowering drug. The one-time top-selling med racked up $2.3 billion in sales last year, surpassing blockbuster status by more than two times. But wait, what were its sales in 2011? Oh right, $9.577 billion. And that goes all the way to explaining the fact that Pfizer has moved down two spots on this list.
The drugmaker still has some products that are performing well. Lyrica, its seizure and pain drug, for example, brought in $4.6 billion in global sales last year, up more than 10%. New drugs like Xalkori, a targeted lung cancer treatment, and Xeljanz, a recently approved anti-inflammatory drug, also saw growth, but that is still nothing like Lipitor.
The drugmaker was able to cut, spin and squeeze itself into higher earnings for 2013, but revenues continue to fall, and it is projecting revenue this year in the range of $49.2 billion to $51.2 billion. CEO Ian Read has slimmed the company down appreciably in the last several years, selling the nutrition business and spinning off its animal health unit into Zoetis ($ZTS), a move that bagged $2.2 billion for the drugmaker. Along the way, plenty of employees have been let go.
Last summer, Read restructured the internal workings of the company, dividing it into three separate business units, each with its own leadership and financials. Two are focused on "innovative" drugs and a third on what he refers to as Pfizer's "value" business, an operation that comprises a hodgepodge of efforts like emerging markets and biosimilars that the company believes will eventually help turn the corner as its moves further and further away from Lipitor.
-- Eric Palmer (email | Twitter)
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