From Earlier: Pfizer To Divest Nutrition Business To Nestlé for $11.85B

Pfizer

today announced that it has entered into an agreement to divest its Nutrition business to Nestlé for $11.85 billion in cash. Pfizer's Nutrition business recorded revenues of approximately $2.1 billion in 2011, an increase of 15% versus 2010. Pfizer will update its 2012 financial guidance to reflect its decision to divest the Nutrition business to Nestlé when it reports its first-quarter 2012 financial results on May 1, 2012. Pfizer expects that all revenues and expenses related to the Nutrition business will be presented as Discontinued operations - net of tax, beginning with the second-quarter of 2012, on a retroactive basis for all periods presented.