Oct 11: US-based drug maker Pfizer Inc. on Wednesday announced that the company is reviewing strategic alternatives for its Consumer Healthcare business.
According to the company, a range of options will be considered, including a full or partial separation of the Consumer Healthcare business from Pfizer through a spin-off, sale or other transaction, and Pfizer may ultimately determine to retain the business. The current move is part of Pfizer’s continuing efforts to allocate resources and capital to best serve patients and maximize value for its shareholders, the company said.
Pfizer Consumer Healthcare is one of the largest OTC health care products businesses in the world with 2016 revenues of approximately $3.4 billion, operating in more than 90 countries globally. Consumer healthcare markets two of the ten top selling consumer healthcare brands globally – Centrum and Advil.
“Pfizer Consumer Healthcare is a leading player in the largest OTC categories, with iconic brands, robust retail partnerships, global reach and strong fundamentals,” said Ian Read, Pfizer Chairman and Chief Executive Officer. “By exploring strategic options, we can evaluate how best to fuel the future success and expansion of Consumer Healthcare while simultaneously unlocking potential value for our shareholders,” he added.
Pfizer Consumer Healthcare develops, manufactures and markets leading non-prescription medicines, vitamins, and personal care products.
Pfizer has engaged Centerview Partners LLC, Guggenheim Securities LLC and Morgan Stanley & Co. LLC as financial advisors for the strategic review process. The company expects that any decision regarding strategic alternatives for Pfizer Consumer Healthcare would be made during 2018.