Pfizer storms ahead

Pfizer has unveiled plans to file 15 new drug applications over the next five years, including treatments for diabetes, pain, HIV/AIDS, women's health, heart disease and smoking cessation.

However, the company admits that its future is linked to the outcome of healthcare policy debates currently occurring in all major markets, and particularly patient access to medicines. 'These debates have major implications for the physician-patient relationship, intellectual property rights and continuing medical innovation,' said Hank McKinnell, Pfizer chairman and ceo.

Full year revenues for Pfizer in 2001 were expected to reach $26bn (€29.48bn), fuelled by key drugs Lipitor for cholesterol and Zoloft for depression. Lipitor – the world's best selling medicine – has sales forecast to reach $6.5bn (€7.37bn) for the year.

'Over the next three years, we project industry-leading earnings growth,' said McKinnell. 'We are confident of our ability to support a strong and expanding product portfolio that will sustain our position at the top of the global research-based pharmaceutical industry.' The company is increasing r&d investment to $5.3bn (€6.01bn) this year.

Despite the delays on a few experimental drugs, Pfizer said it had made significant progress with US regulators in advancing its pipeline. The FDA has granted conditional approval for Vfend, a new drug to treat serious fungal infections.

The company also filed an application to sell its Spiriva drug to treat chronic obstructive pulmonary disease. The drug is being co-developed with German company Boehringer Ingelheim Pharmaceuticals.