Pfizer's Product Trends For The Week Ending 9/24

Citigroup has issued a report on Pfizer's (NYSE: PFE) product trends for the week ending on 9/24.

In the report, Citigroup writes "Lipitor NRx/TRx Share Was 21.5%(-5bps)/22.0%(-15bps). Lipitor YOY TRx's have declined -12% YTD. PFE took 5% & 6.9% price increases(PI's) on 7/1/10 & 1/1/10 across Lipitor10/ 20/40/80mg strengths. Lipitor 10mg is priced at wholesaler acquisition cost (WAC) $2.83/day, a 43% discount to flat priced 20/40/80mg tabs at $4.04/day.
 Lyrica 4-Week Avg. Total Prescriptions (TRx's) Imply $1.6B US Annual Run Rate. PFE took 5% & 5% PIs on 7/1/10 & 1/1/10,w/ Lyrica 25mg-300mg caps flat priced at $2.23/cap or a $5.58/day premium vs. flat priced BID Savella 12.5/25/50/100mg at $3.35/day & 1x/day Cymbalta 30/60mg at $4.27/day.
Competition: Lyrica received a Complete Response letter for GAD maintenance on12/23/09 & adjunct GAD sNDA was withdrawn. Lyrica accounts for -11% of our 2009 to 2012 incr. pharma sales of -$7.3B.
 Chantix 4-Week Avg. TRx's Imply ~$330M U.S. Run Rate. Rolling 4wk/12wk NRx YOY change of -17%/-15% & TRx of -18%/-18%. On 7/1/09, the FDA added a Black Box warning to the label due to the risk of suicidality. Pricing: Chantix 0.5/1mg tabs are priced at $4.23/day following 5%& 9%PI's on 7/1/10 & 1/1/10. Chantix is -3% of 09-‘12 incr. sales.
 Sutent 4-Wk Average TRx's Imply ~$220M US Run Rate vs. our ‘10E U.S. est. of $300M. Pricing: Sutent 12.5mg/ 25mg/50mg are priced at a daily (WAC) of $75.74/$151.48/$269.65 per cap after 7% PI taken on 1/1/10. Sutent Ph-III breast, lung, prostate & liver cancer data were negative. We have low expectations for approval in add'l indications.
 Pristiq 4-Wk Avg TRx's Imply ~$460M U.S. Run Rate. PFE raised Pristiq 50/100mg tabs price by 5% on 1/1/10, following a 4.8% PI on 6/2/09. PFE took a 9.2% PI on Effexor XR, which lost exclusivity on 7/1/10.
 AriceptXR 23mg Accounts for 3%/1% of all Aricept NRx/TRx. We model US Aricept sales of $660M(-60%) in '11,with Eisai paying PFE a ~25% royalty on US Aricept sales. "

Citigroup maintains its Hold rating and $17 price target for Pfizer, which closed yesterday at $17.23.