Pfizer to divide firm into three businesses

Pfizer has unveiled plans to restructure the company into three business units, separating biosimilars, generics and OTC medicines. Biosimilars will be housed in the US firm’s ‘Innovative Medicines’ division, alongside a new hospital business unit for anti-infectives and sterile injectables; an ‘Established Medicines’ segment will incorporate “certain generics” with Pfizer’s off-patent solid oral-dose legacy brands, “operating with substantial autonomy within Pfizer”; and a ‘Consumer Healthcare’ division will include the company’s OTC medicines. The changes will come into effect at the start of 2019.