Pfizer Turns to Emerging Markets for Growth
Pfizer, which is struggling to remain competitive amid generic competition for many of its products, Wednesday said it hopes to expand its sales in Asia and other emerging markets.
The world's largest drugmaker also said in a release, ahead of a meeting with industry analysts, that it will establish a new business unit focusing on cancer drugs and aims to significantly boost the number of its drugs in late-stage trials by late next year.
Pfizer in the past year has cut more than 10,000 jobs and is paring other costs to keep earnings growing amid generic competition for antidepressant Zoloft, blood pressure treatment Norvasc and its Zyrtec antihistamine. It is also bracing for the U.S. patent expiration, possibly by 2010, for its Lipitor cholesterol fighter.
Pfizer shares were up nearly 1 percent in premarket trading.