Each of the new business segments will address both developed markets and emerging markets.
The split will be implemented in January 2014, except in countries where union consultation will be necessary.
The two Innovative Business segments will cover branded drugs that are expected to have market exclusivity beyond 2015:
• The Innovative Products Group, with Geno Germano as Group President, will include products across multiple therapeutic areas such as inflammation/immunology, CV/metabolic, neuroscience/pain, rare diseases and women’s/men’s health.
• The Vaccines, Oncology and Consumer Healthcare Group, led by Amy Schulman, will cover these three specialist areas.
The Value Products group, with John Young as Group President, will cover lower-cost products that generate consistently strong cash flow, including: off-patent products; products facing patent expire in 2015; biosimilars; and current and future established product collaborations.
The current emerging markets division, led by Olivier Brandicourt, will be divided between the three new business segments.
Pfizer’s CEO, Ian Read (pictured), said: “This represents the next steps in Pfizer’s journey to further revitalize our innovative core, enhance the value of our consumer and off-patent established brands and maximise the use of our capital.
“Through this evolution, we will enable greater independence and focus for the Innovative and Value businesses. Our new commercial operating model will provide each business with an enhanced ability to respond to market dynamics, greater visibility and focus, and distinctive capabilities optimised to deliver value to patients and shareholders in the coming years.”