Pfizer hit by Viagra patent expiration
The expiration of US pharmaceutical company Pfizer’s patent for Viagra in many European countries was a contributing factor to the drop in revenue that it reported yesterday (July 29) when releasing its second-quarter earnings data.
The company’s revenue dipped to $12.8 billion but beat analysts’ predictions.
Sales of its erectile dysfunction drug Viagra fell by 28% outside the US.
In a statement, the New-York based company blamed the decrease on the expiration of the patent for Viagra in “most major European markets”.
In June last year, WIPR reported that a patent related to sildenafil, the compound found in the drug, had expired in several European countries including France and the UK.
The news prompted speculation that around 20 manufacturers were planning to market their own versions of the drug.
In a statement, Pfizer said the decrease was “primarily due to the loss of exclusivity and subsequent launch of multi-source generic competition” for Viagra, as well as Alzheimer’s treatment drug Aricept in Canada and Detrol LA in the US, used to help treat bladder conditions.
Despite the setback, Ian Read, Pfizer’s chief executive, said he was pleased with its operating performance to date.
“Our recently launched products continued to gain traction during the quarter, while our mid and late-stage pipeline continued to progress,” Read added.
