We describe annular films flowing and thinning along vertical fibers. According to the film thickness and to the radius of the fiber, two different kinds of behaviour can be observed: i) when the film is thick, drops develop because of the Rayleigh instability and flow downward. Some of them grow by swallowing the other ones, and quickly fall, leaving behind them a thick film which breaks in turn into droplets. ii) For a thin film on a large fiber, the instability cannot grow because of the flow. We present a quantitative study of the conditions under which drops do not appear, and show that these conditions are compatible with a scenario of nonlinear saturation of the Rayleigh instability.