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Financial Review
Pfizer Inc. and Subsidiary Companies
2015 Financial Report
23
2014 v. 2013
See the Revenues—Overview section of this Analysis of the Consolidated Statements of Income for a discussion of performance of worldwide
revenues.
Geographically,
• in the U.S., revenues decreased $1.2 billion or 6% in 2014, compared to 2013, reflecting, among other things:
lower Alliance revenues, primarily due to Enbrel, reflecting the expiration of the co-promotion term of the collaboration agreement in
October 2013 (down approximately $1.3 billion in 2014), and Spiriva, reflecting the final-year terms, and termination on April 29, 2014,
of the co-promotion collaboration, which, per the terms of the collaboration agreement, resulted in a decline of our share of Spiriva
revenue (down approximately $395 million in 2014); and
lower revenues from Detrol LA due to loss of exclusivity (down approximately $321 million in 2014), Celebrex due to loss of exclusivity
in December 2014 (down approximately $198 million), and lower revenues from Lipitor (down approximately $191 million in 2014),
partially offset by:
the strong performance of Lyrica (up approximately $352 million in 2014) as well as the growth of Prevnar, Xeljanz, Eliquis, Xalkori and
Inlyta (collectively, up approximately $760 million in 2014).
• in our international markets, revenues decreased $778 million, or 2%, in 2014, compared to 2013, primarily due to the unfavorable impact
of foreign exchange of approximately $912 million in 2014, or 3%. Operationally, revenues increased slightly by $134 million, in 2014
compared to 2013 reflecting, among other things:
higher operational revenues for Lipitor in China, Lyrica in developed markets, Enbrel outside Canada, and the performance of recently
launched products Eliquis, Xalkori, and Inlyta (collectively, up approximately $941 million in 2014); and
the operational growth of Prevenar and Xeljanz (collectively, up approximately $228 million in 2014),
partially offset by:
the operational decline of certain products, including Norvasc, Zithromax, Xalabrands, Detrol, Effexor and Chantix/Champix, in
developed international markets, and Sutent in China (collectively, down approximately $320 million in 2014);
lower revenues as a result of the loss of exclusivity and subsequent multi-source generic competition for Viagra in most major
European markets and Lyrica in Canada (collectively, down approximately $248 million in 2014);
lower Alliance revenues (down approximately $218 million in 2014, excluding Eliquis), primarily due to the expiration of the co-
promotion term of the collaboration agreement for Enbrel in Canada, the ongoing termination of the Spiriva collaboration agreement in
certain countries, the loss of exclusivity for Aricept in Canada and the termination of the co-promotion agreement for Aricept in Japan in
December 2012; and
the continued erosion of branded Lipitor in most international developed markets (down approximately $197 million in 2014).
In 2014, international revenues represented 62% of total revenues, compared to 61% in 2013. Excluding foreign exchange, international
revenues in 2014 represented 62% of total revenues, compared to 62% in 2013.
For additional information about operating segment revenues, see the “Analysis of Operating Segment Information” section of this Financial
Review.