Just two weeks ago, in fact, Pfizer ceo Ian Read was crowing about having purchased King, which had $1.8 billion in 2009 revenue. “With the addition of King’s talented colleagues and innovative products and technology, Pfizer will offer patients who are in need of pain relief and pain management a broader spectrum of treatment options,” he said in a statement. “…We believe we are in a position to quickly capitalize on the benefits offered by the combination with King, including a strengthened portfolio, immediate incremental revenues and an anticipated contribution to steady earnings growth and shareholder value.” Perhaps Read will need a painkiller by the time this is sorted out…
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