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Published on 4 February 2010

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Pfizer posts unexpected revenue

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Drugmaker Pfizer has seen its fourth-quarter revenue hit $16.54 billion (£11.85 billion), $500 million above what analysts were expecting amid the recession.

Ten of its drugs saw double-digit sales jumps, and Lipitor, the world’s top-selling drug, saw sales hold steady at $3.2 billion.

Pfizer announced a 34% rise in revenue but profit was held down by $3.2 billion in acquisition and restructuring charges and higher costs generally.

Its net income was $767 million, nearly triple the $266 million the world’s biggest drugmaker earned a year earlier. Results then were hit by a £2.3 billion charge to settle federal charges when Pfizer marketed painkiller Bextra and other drugs for unapproved uses.

The firm has already axed about 4,200 jobs. It makes Viagra and cholesterol fighter Lipitor, and paid $68 billion to get Wyeth’s vaccines, biologic drugs and consumer health staples such as Centrum vitamins and pain relievers Advil and Anacin.

The figures also revealed generic competition continues to hurt blood pressure drug Norvasc.

Copyright Press Association 2010
Pfizer



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