Pfizer Edges Past Estimates

On the bright side, sales of Lyrica jumped to $1.16 billion last year from just $291 million in 2005. A treatment for epilepsy and certain types of nerve pain, Lyrica beat Pfizer's original target of $900 million. The company expects to hear from the Food and Drug Administration later this year on its request for Lyrica as a treatment for fibromyalgia. Sales of the schizophrenia drug Geodon fell short of the company's goal of $800 million, but last year's sales of $758 million still rose 29% from 2005.

Among other drugs, sales of the impotence treatment Viagra gained 1% to $1.66 billion. Viagra was one of nine Pfizer drugs with more than $1 billion in sales last year. New entrants to the blockbuster club were Lyrica and the Detrol family of bladder-control drugs, whose sales rose 11% to $1.1 billion.

Pfizer also promised a "full court press" this year for marketing Exubera, the inhaled insulin, including direct-to-consumer advertising in the second half. Although Exubera was approved by the FDA 12 months ago, its full-scale launch was delayed due to inhaler manufacturing problems and to Pfizer's decision to spend more time on educating doctors and patients. Pfizer is expanding its marketing efforts to primary care doctors after having first focused on diabetes specialists.

"We used this time to understand the fundamental drivers of this market," said Ian Read, president of worldwide pharmaceutical operations. Read predicted peak annual sales of $2 billion, although he conceded that such big sales wouldn't be achieved as early as Pfizer had forecast.

Despite setbacks among experimental drugs and the assault of generic drugs, Pfizer executives predict solid financial health for the next few years even though sales will remain flat through 2008.

The proceeds of the consumer-products sale plus "strong cash flow from operations over the next several years," will enable the company "to make key investments in new products and technologies and to support a strong dividend and an active share purchase program," said Vice Chairman David Shedlarz.