Acquisition Helps Pfizer Profit Jump 9%

Aug. 3, 2010
Revenue was favorably impacted by addition of the legacy Wyeth products

Pfizer, the world's biggest drugmaker, reported on August 3 a 9% jump in profit in its second quarter, helped by its purchase of rival Wyeth last year.

Net income rose to $2.475 billion from $2.261 billion a year earlier on the back of a 58% jump in sales to $17.327 billion, said the maker of the blockbuster drugs Lipitor for cholesterol and Viagra for erectile dysfunction.

The revenue jump was "favorably impacted" mostly by "the addition of the legacy Wyeth products," said Pfizer, whose acquisition of the fellow pharmaceutical firm was completed in October last year.

Most of Pfizer's premier drugs, including Lipitor and pain drug Lyrica, enjoyed strong sales together with Wyeth products such as anti-inflammatory drug Enbrel.

Pfizer, said Jeff Kindler CEO, anticipated continued new product launches and expansion in China and other key emerging markets. Kindler said the company also wanted to strengthen its existing product lines, such as vitamin and infant formula products.

"We believe that these actions, in addition to a modest level of business development, will continue to support consistent, solid financial results," he said.

Pfizer also said it expected to hit the upper end of its forecast range for full-year earnings -- 95 cents to $1.10 a share on revenue of $67-$69 billion for 2010.

For 2012, Pfizer predicted it would earn $1.58- $1.73 per share on revenue of $65.2- $67.7 billion.

"Based on our year-to-date performance, continued confidence in the business, progress on both our cost-reduction initiatives and the Wyeth integration as well as our future outlook, we are reaffirming our 2010 financial guidance and our 2012 financial targets," said Frank D'Amelio, company chief financial officer.

Copyright Agence France-Presse, 2010

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