Stat of the day: $499m

Pfizer's sales of Viagra in Q4, a fall of 9%

by Elizabeth Anderson
Last Updated: 09 Oct 2013
One of the reasons behind pharmaceutical company Pfizer’s decision to close its UK research centre was the number of drugs with patents that are expiring. This year cholesterol drug Lipitor will lose its exclusivity rights – leaving the company open to competition from generic drug manufacturers.

Viagra also faces losing its US patent in the next few years - although results from last quarter suggest the drug is already losing out to competitors such as Cialis, after Q4 sales fell by 9% to $499m.

In an attempt to cut costs, Pfizer will now significantly reduce its research budget by making the majority of its 2,400 staff at its facility in Sandwich, Kent, redundant.  The pharmaceutical company’s had a base in Kent for more than 55 years, and the site is famous for discovering the Viagra drug in the first place, along with HIV/AIDS medicine.

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