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Ian Read at Pfizer (NYSE:PFE) has announced that the company will be divided into three parts. Here's the press release. Let's see what sense we can make of it:

Today, Pfizer is announcing plans to move forward to internally separate its commercial operations into three business segments, two of which will include Innovative business lines and a third which will include the Value business line...

One of the Innovative business segments ... will generally include products across multiple therapeutic areas that are expected to have market exclusivity beyond 2015. The therapeutic areas include Inflammation and Immunology, CV/Metabolic, Neuroscience and Pain, Rare Diseases and Women's/Men's Health ... the other Innovative business segment will include Vaccines, Oncology and Consumer Healthcare...

The Value business segment ... will include products that generate strong, consistent cash flow, and will be positioned to provide patients access to effective, lower-cost, high-value treatments. In addition to products that have lost market exclusivity, it will generally include mature, patent-protected products that are expected to lose exclusivity through 2015 in most major markets, biosimilars and current and future established products collaborations...

I'm not at all sure that I understand this yet. I can see why the "Value" business segment exists separately, although I think that it's unfortunately named. You can either infer that the other two don't have value, or make the connection with "cheap/generic" as in a store's "value line" of products.

But I'm not getting the distinction between the other two so well. It's not broken down by biologics/small molecules, or by specialty marketing/wider market -- not from what I can see. And putting vaccines, oncology, and consumer health into one bunch sounds like a random draw of tiles out of a bag.

No doubt there will be many more explanations to come, and I look forward to seeing how many of them are coherent. For now, it looks like more uncertainly and disruption -- which is not quite what Pfizer seems to need.

Disclosure: None.

Source: Pfizer Rearranges