Pfizer gets a UK tonic

By DAILY MAIL REPORTER
Updated:

 

Briton Ian Read has taken over at Pfizer, the world's largest pharmaceuticals company, after its chief executive stepped down citing the pressure of the job.

Jeffrey Kindler said he was retiring due to the 'extremely demanding' nature of the position, adding that he wanted to 'recharge my batteries'.

Pfizer's share price has underperformed that of rivals under Kindler - despite his landmark £43bn takeover of rival Wyeth - due in part to a series of hold-ups with research projects.

Read's first task will be to shore up the company against lost revenues when its anti-cholesterol drug Lipitor goes 'generic' next year, allowing rivals to produce their own versions of the treatment.

Lipitor pulls in some £7.3bn in annual sales for Pfizer, but Read - who has been with the company for 32 years - must convince investors that the firm has other commercial successes up its sleeve.

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