Pfizer Takes Impairment Charges On Velsipity And Prevnar 13

 
• By Jessica Merrill
  
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While its new ulcerative colitis drug remains on track to be a blockbuster-sized commercial product, Pfizer said, it took $2.8bn in charges in Q4, including ones related to Velsipity and its pneumococcal vaccine Prevnar 13.

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Pfizer reported fourth quarter financials in line with expectations • Source: Shutterstock

Pfizer Inc.’s fourth quarter sales and earnings were largely in line with the lower expectations management already laid out to investors in December, but the company took roughly $2.8bn in asset impairment charges out of the income line, including $1.4bn related to its new S1P modulator Velsipity (etrasimod) and $964m related to Prevnar 13. Another $366m was related to in-process R&D, reflecting updated commercial forecasts mainly due to competitive pressures.

Key Takeaways

  • Pfizer’s fourth quarter sales and earnings were largely in line with the lower expectations management already laid out to investors in December.

The charge for Velsipity was based on “a change in development plans for additional indications and overall revenue expectations,” chief...

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