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Friday April 20, 8:14 am ET
Pfizer 1st-Quarter Profit Falls 18 Percent on 1-Time Charges, Weak Sales of Exubera
NEW YORK (AP) -- Pfizer Inc., the world's largest drug maker, said Friday its profit fell 18 percent in the first quarter, hurt by one-time charges and disappointing sales of diabetes drug Exubera. Adjusted results beat Wall Street expectations by a wide margin.
Net income grew to $3.39 billion, or 48 cents per share, from $4.11 billion, or 56 cents per share, a year ago. Excluding one-time items, the company reported adjusted profit of $4.8 billion, or 68 cents per share, up from $4.35 billion, or 59 cents per share, last year.
Revenue rose 6 percent to $12.47 billion from $11.75 billion last year, as sales of the company's best selling drug, cholesterol reducer Lipitor, grew 8 percent to $3.36 billion.
Analysts surveyed by Thomson Financial expected earnings per share, excluding charges and gains, of 57 cents on revenue of $11.77 billion.
"With regard to our near-term performance, apart from the impact of losing U.S. exclusivity for Norvasc six months earlier than expected and the uncertainty created by a recent adverse lower court decision regarding Lipitor patent protection in Canada, Pfizer's projected overall performance for 2007 and 2008 remains on track," said Jeffrey Kindler, chairman and chief executive officer.
Friday April 20, 8:14 am ET
Pfizer 1st-Quarter Profit Falls 18 Percent on 1-Time Charges, Weak Sales of Exubera
NEW YORK (AP) -- Pfizer Inc., the world's largest drug maker, said Friday its profit fell 18 percent in the first quarter, hurt by one-time charges and disappointing sales of diabetes drug Exubera. Adjusted results beat Wall Street expectations by a wide margin.
Net income grew to $3.39 billion, or 48 cents per share, from $4.11 billion, or 56 cents per share, a year ago. Excluding one-time items, the company reported adjusted profit of $4.8 billion, or 68 cents per share, up from $4.35 billion, or 59 cents per share, last year.
Revenue rose 6 percent to $12.47 billion from $11.75 billion last year, as sales of the company's best selling drug, cholesterol reducer Lipitor, grew 8 percent to $3.36 billion.
Analysts surveyed by Thomson Financial expected earnings per share, excluding charges and gains, of 57 cents on revenue of $11.77 billion.
"With regard to our near-term performance, apart from the impact of losing U.S. exclusivity for Norvasc six months earlier than expected and the uncertainty created by a recent adverse lower court decision regarding Lipitor patent protection in Canada, Pfizer's projected overall performance for 2007 and 2008 remains on track," said Jeffrey Kindler, chairman and chief executive officer.