Pfizer Q2 doubles

Source: Healthcare Digital

Date :24/07/2008 04:43:42

A favorable currency exchange rate and lower costs boosted the world's largest drugmaker, Pfizer Inc.

For the quarter, Pfizer reported net income of US$2.8 billion, an increase of 119 percent compared with US$1.3 billion a year earlier.

Diluted EPS increased 128 percent to US$0.41, compared with US$0.18 in the prior-year quarter.

Pfizer attributed the increases to lower restructuring charges from cost-reduction initiatives and favorable income tax adjustments.

“These positive factors were partially offset by increased in-process research and development expenses associated with the acquisitions of Serenex Inc and Encysive Pharmaceuticals Inc, which both closed in the second quarter 2008,” Pfizer said.

Currency impact

Revenues rose nine percent to US$12.1 billion, from US$11.1 billion in 2007, as international growth offset a slip in revenue in the US.

International revenues increased 18 percent to US$7.4 billion, while US revenues fell two percent to US$4.8 billion.

Pfizer said that its revenues reflect the positive impact of foreign exchange, as they increased by approximately US$800 million, or seven percent. The solid performance of many key products, including the cholesterol drug Lipitor and pain medication Lyrica, boosted revenues, the company said.