Pfizer Announces It's Splitting Up Its Drug Business
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DAVID GREENE, HOST:
NPR's business news starts with changes for Pfizer.
The world's largest drug maker is getting ready for a split. Pfizer says it's planning on dividing its business into separate units for brand-name drugs and generics. The company's generics have a far lower profit margin than drugs protected by patents. This morning, Pfizer released its second quarter earnings, which came in just above analyst's expectations. Many analysts have been calling on the company to completely spin off its generic business, but that wouldn't happen for a few years.