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Pfizer earnings down 19%

Pfizer earnings down 19%
AFP
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First Published: Wed, Jul 22 2009. 05 20 PM IST
Updated: Wed, Jul 22 2009. 05 20 PM IST
New York: US pharmaceutical giant Pfizer said on Wednesday its second-quarter profits fell 19% to $2.26 billion as it lost exclusivity for some of its leading drugs.
The earnings amounted to 48 cents a share, a penny ahead of Wall Street estimates.
Revenues fell 9% to $10.98 billion, hurt in part by a stronger US dollar, said Pfizer, maker of the blockbuster cholesterol treatment Lipitor and erectile dysfunction treatment Viagra.
“Our results this quarter demonstrate our ability to continue to deliver solid operational performance despite a challenging and dynamic economic and operating environment,” said chairman and chief executive Jeff Kindler.
Kindler said the company is focused on its pending acquisition of rival Wyeth and added: “We remain focused on meeting our commitments — generating revenues consistent with our expectations and continuing to streamline our cost structure.”
Pfizer said results were hurt by the loss of US exclusivity for its allergy treatment Zyrtec in January 2008, allowing generic drugmakers to offer alternatives.
Pfizer also lost US exclusivity for cancer treatment Camptosar in February 2008 and in Japan for high blood pressure drug Norvasc in July 2008.
The company cited revenue declines for Lipitor, as a result of continued intense competition, and for Chantix/Champix, a drug to help quit smoking.
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First Published: Wed, Jul 22 2009. 05 20 PM IST