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Published on 24 January 2008

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Pfizer announces 70% fall in profit

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Pfizer has announced a steep fall in fourth-quarter profits, but claims it is well positioned to see growth during 2008.

Net income for the three months to 31 December fell 70% to $2.88bn, compared with $9.45bn for the same period the year before.

The company, which is the world’s largest pharmaceutical firm, added that revenue climbed 4% to $13.07bn from $12.60bn, as international sales helped offset the loss of patent protection on its blood pressure drug Norvasc (amlodipine besylate), and antidepressant Zoloft (sertraline).

Sales of its anticholesterol drug Lipitor (atorvastatin) increased by 3% to $3.4bn as the weaker dollar negated a slowdown in US sales.

CEO Jeff Kindler said: “We are executing against a broad plan to position Pfizer to deliver long-term value.

“Our new products – Lyrica (pregabalin), Chantix (varenicline), and Sutent (sunitinib) – are performing well. We are continuing to strengthen our senior leadership team and enhance accountability.

“We are shifting investments into high-priority therapeutic areas, revamping our R&D operations and acquiring new compounds and technologies that we believe are especially promising. These actions taken together have made Pfizer a stronger company than it was a year ago, and we look forward to continued progress in 2008.”

Copyright © PA Business 2008

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