NEW YORK — Pfizer Inc. said Thursday that it may sell its animal health and nutrition businesses in the next two years so it can focus on expanding its low-cost pharmaceuticals unit.
Pfizer, which has faced pressure to eliminate some business units and return more cash to shareholders, said the moves will allow investors to get more value for the businesses. The company also will consider transactions including as spinoffs and may pursue different strategies for each business. Any transactions could take one to two years to complete, Pfizer said. It does not expect to provide any further updates until 2012.
The businesses brought Pfizer $5.5 billion in revenue in 2010, about 8 percent of its total. The animal health unit, with $3.6 billion in sales, makes vaccines, medicines, diagnostics and other items to prevent and treat diseases in livestock and pets. The nutrition unit, posting annual revenue of $1.9 billion, makes infant and pediatric products.
The New York drugmaker plans to focus on its established products business, which makes drugs that are off-patent or are losing patent protection. Sales of those products are growing quickly, particularly in emerging pharmaceutical markets.
Pharmaceutical companies are turning more attention to those emerging markets as growth in larger markets slows down and as more top-selling drugs lose patent protection. For example, Pfizer’s cholesterol drug Lipitor, the world’s top-selling drug, loses U.S. patent protection in November. Its sales surpassed $10.7 billion last year.
