Pfizer is spinning off Upjohn, its division that holds Viagra, and combining it with Mylan, the company behind the EpiPen. However, the restructuring is costing revenue and profitDisappointing sales of a blockbuster cancer drug and declining revenue from a pain relief medication lay behind the quarterly loss reported by Pfizer yesterday. Pfizer, valued at $216 billion, is the largest healthcare company in the United States. Founded in 1849, it has long had close links with Britain and discovered Viagra, the erectile dysfunction drug, at its research site in Sandwich, Kent. It is spinning off Upjohn, its division that holds Viagra, Lyrica, its pain relief medication, and Lipitor, its popular cholesterol drug, and other off-patent blockbusters and combining

Source: The Times January 28, 2020 17:48 UTC