Pfizer
2Q Revenues: $11.8 billion (-11%)
2Q Earnings: $3.4 billion (-32%)
YTD Revenues: $23.8 billion (-10%)
YTD Earnings: $6.8 billion (-24%)
Comments: Beginning in 2020, Upjohn began managing Pfizer’s Meridian subsidiary, the manufacturer of EpiPen and other auto-injector products, and a pre-existing strategic collaboration between Pfizer and Mylan for generic drugs in Japan. Acquisitions and other business development activities completed in 2019 and in the first half of 2020 impacted financial results. Revenues in the quarter included an estimated unfavorable impact of approximately $500 million, or 4%, due to COVID-19. Biopharma revenues were $9.8 billion, up 6% operationally, primarily driven by Vyndaqel/Vyndamax global revenues of $277 million. Global Eliquis sales were up 19% operationally, primarily driven by continued increased adoption. Ibrance sales in the U.S. were up 11%, primarily driven by increased cyclin-dependent kinase (CDK) class penetration and CDK market share in metastatic breast cancer. International Prevenar 13 sales were up 18% operationally, while sales in the U.S. were down 22% due to unfavorable impact of disruptions to wellness visits due to COVID-19. Inlyta in the U.S. was up 120%, primarily reflecting increased demand. Xtandi sales in the U.S. were up 32%, primarily driven by continued strong demand. International Enbrel sales were down 16% operationally, due to biosimilar competition. Chantix sales in the U.S. were down 21%, due to lower demand resulting from reduced doctor visits. Upjohn revenues totaled $2.0 billion, down 31% operationally, due to significant declines for Lyrica in the U.S. due to multi-source generic competition.
Abbvie
2Q Revenues: $10.4 billion (+26%)
2Q Loss: $739 million (earnings were $741 million 2Q19)
YTD Revenues: $14.7 billion (+52%)
YTD Earnings: $2.3 billion (-29%)
Comments: Revenues from the Immunology portfolio were $5.3 billion, up 8%. U.S. Humira sales were nearly $4 billion, up 5%; International Humira sales were $863 million, down 20% due to biosimilar competition. Skyrizi sales were $330 million. Rinvoq revenues were $149 million. Revenues from the Hematologic Oncology portfolio were $1.6 billion, up 26%. Global Imbruvica sales were $1.3 billion, up 17%, with U.S. revenues of $1.1 billion and international profit sharing of $233 million. Global Venclexta sales were $303 million. Revenues from the Aesthetics portfolio were $481 million with Global Botox Cosmetic sales of $226 million. Results in the quarter and YTD reflect transaction, financing and integration costs related to the Allergan acquisition.
Lilly
2Q Revenues: $5.5 billion (-2%)
2Q Earnings: $1.4 billion (+6%)
YTD Revenues: $11.4 billion (+6%)
YTD Earnings: $2.9 billion (-48%)
Comments: Trulicity revenue was $1.2 billion, up 20% in the quarter, driven by increased demand, partially offset by lower realized prices. Humalog revenue decreased 18% to $555.1 million. Revenue in the U.S. decreased 29 driven primarily by lower realized prices, reflecting a favorable Medicaid adjustment in 2Q19 and an unfavorable Managed Care adjustment in the quarter. Alimta revenue decreased 7% to $539.1 million, primarily driven by decreased demand in the U.S. Taltz revenue increased 12% to $395.2 million driven by increased demand, partially offset by lower realized prices. Humulin revenue decreased 3% to $313.6 million. U.S. revenue decreased 3%, to $214.3 million, driven by lower realized prices due to changes in segment mix. Basaglar revenue was flat at $290.4 million. Jardiance revenue was $262.0 million, up 13% compared with 2Q19, driven by increased demand. Forteo revenue decreased 30% to $252.7 million. U.S. revenue decreased 31%, driven by lower demand and lower realized prices. Cyramza revenue was $256.7 million, up 6%, primarily driven by higher realized prices and increased demand. Acquired in-process R&D expenses were $241.8 million in the quarter associated with upfront payments related to both a business development transaction with a preclinical stage company as well as transactions with AbCellera Biologics Inc., Evox Therapeutics, and Junshi Biosciences....
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